HI SB963

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.

Surf center will include research, development, manufacturing, and testing facilities, plus a surf and aquatic film studio, selected through a public process completed in 2020.

Expected benefits include supporting local surf-related businesses, providing world-class film studio facilities, offering an artificial surf training facility, and creating employment opportunities.

Department may issue refunding bonds after June 30, 2026 to refinance outstanding bonds, subject to federal tax-exemption requirements.

Bond issuance authorization expires June 30, 2026; Act takes effect July 1, 2021.