HI SB1412

Authorizes the Department of Budget and Finance to issue special purpose revenue bonds not to exceed $95,000,000 to assist HK Management LLC in financing surf industry center facilities in Kalaeloa, Oahu.

Permits bonds to fund planning, designing, constructing, renovating, acquiring, equipping, and improving surf industry center facilities including research, development, manufacturing, testing facilities, and surf and aquatic film studio.

Authorizes refunding of special purpose revenue bonds at any time, including after June 30, 2026, in compliance with federal tax-exemption requirements for bond interest.

Establishes June 30, 2026 as the expiration date for the authorization to issue special purpose revenue bonds under this Act.

Takes effect on July 1, 2021.