HI HB1413

Authorizes the issuance of special purpose revenue bonds in an amount not to exceed $10,000,000 to assist E Ola Mau Na Leo O Kekaha, a Hawaii domestic 501(c)(3) entity, in acquiring, remediating, and developing the old Kekaha Sugar Mill in Kekaha, Kauai.

The bonds will finance the creation of a smart farming enterprise, tourist and cultural center, community sunshine market, community greenhouse, and community manufacturing and incubator facility at the former mill site.

The proposed project addresses community and island-wide issues related to preservation of a historic cultural site, preservation of agricultural endeavors, and creation of economic drivers on the west side of Kauai following the closure of the Kekaha Sugar Mill.

Bonds shall be issued pursuant to part V, chapter 39A, Hawaii Revised Statutes, and the department of budget and finance may issue refunding bonds subsequent to June 30, 2024, in compliance with federal tax-exemption requirements.

The authorization to issue special purpose revenue bonds expires on June 30, 2024; the Act takes effect on July 1, 2019.