HI SB2070

Authorizes the Department of Budget and Finance to issue special purpose revenue bonds not exceeding $50,000,000 to assist Hawaiian Legacy Reforestation Initiative, LLC, a Hawaii limited liability company.

Bonds may be issued in one or more series to fund endemic reforestation, ecosystem revitalization, endangered species recovery, carbon credit sequestering, forest product processing, and Hawaii cultural practices.

Financing covers planning, designing, constructing, and equipping facilities for endemic plant deployment, technology systems for forest management, sustainable forest products, and value-added agricultural products.

Department of Budget and Finance authorized to issue refunding bonds after June 30, 2027, to refinance outstanding bonds issued under this Act, subject to federal tax-exemption requirements.

Authorization to issue bonds lapses on June 30, 2027; Act takes effect July 1, 2022.