SB 3280 Summary

• Authorizes the Department of Budget and Finance to issue special purpose revenue bonds not exceeding $4,000,000 to assist Saint Joseph School, a Hawaii nonprofit corporation, with planning, designing, constructing, renovating, acquiring, equipping, and improving educational facilities.

• Bonds may be issued in one or more series and can be combined with other authorized bond issues under Hawaii Revised Statutes Part VIII, Chapter 39A.

• Authorizes the Department of Budget and Finance to issue refunding bonds after June 30, 2027 to refund outstanding special purpose revenue bonds, subject to federal tax-exemption requirements.

• Authorization to issue special purpose revenue bonds lapses on June 30, 2027.

• Effective date is July 1, 2022.