S.B. 1208 Summary

• Authorizes the Department of Budget and Finance to issue special purpose revenue bonds not to exceed $9,000,000 to assist Twin Bridge Farms, Inc. in purchasing land identified by tax map key 6-7-001:026.

• Bonds shall be issued pursuant to part X, chapter 39A, Hawaii Revised Statutes, which governs special purpose revenue bonds for agricultural enterprises.

• Authorizes the Department of Budget and Finance to issue refunding bonds after June 30, 2023, in amounts necessary to refinance the original bonds and any subsequent refunding bonds, subject to federal tax law requirements.

• Authorization to issue special purpose revenue bonds lapses on June 30, 2023.

• Act takes effect on July 1, 2018.