HI SB3142

Authorizes the Department of Budget and Finance to issue special purpose revenue bonds not to exceed $50,000,000 to assist Pueo Development, LLC with a master planned development project.

Proposed development on approximately 150 acres of Department of Hawaiian Home Lands in Waiohuli, Maui includes low- and moderate-income housing units, rental housing, elderly care units, alternative energy systems, and infrastructure (roads and utilities).

Bonds issued pursuant to part IX, chapter 39A of Hawaii Revised Statutes relating to low- and moderate-income housing development, with no investment or operational risk to the State or counties.

Authorization to issue bonds lapses on June 30, 2025, and department may issue refunding bonds after that date in compliance with federal tax exemption laws.

Act takes effect July 1, 2020.