S.B. 2702 Summary

• Establishes the Hawaii Aerospace Development Corporation as a public body corporate and instrumentality of the State, placed within the Department of Business, Economic Development, and Tourism, to grow investments and job opportunities in the aerospace industry and develop a skilled aerospace workforce.

• Creates a 7-member board of directors including the DBEDT director, University of Hawaii president, and five members appointed by the governor (with legislative input), to advise on aerospace development statewide and monitor national and global aerospace trends.

• Authorizes the corporation to issue special purpose revenue bonds (not backed by state general funds) to finance aerospace projects and industrial parks, with repayment obligations solely from project revenues.

• Transfers all rights, powers, functions, and duties of the Office of Aerospace Development and Pacific International Space Center for Exploration Systems to the new corporation, including all employees, contracts, equipment, and appropriations.

• Requires annual and semi-annual reports to the legislature on aerospace industry economic impact, job creation, and investments, and establishes an unmanned aerial systems test site advisory board and chief operating officer.