HI SB1003

Authorizes the issuance of general obligation bonds to the Agribusiness Development Corporation (ADC) to finance the purchase of agricultural land in Kau, Hawaii Island, identified as tax map key (3) 9-6-5:63.

Directs the ADC to acquire the specified parcel from the Ellis Jacob Hester Trust to support local farmers through land leasing options, increased agricultural production, and infrastructure enhancements.

Appropriates funds for fiscal year 2025-2026 to complete the land purchase, with any unencumbered moneys lapsing on June 30, 2028.

Establishes that the appropriation shall not lapse at the end of the fiscal biennium, allowing extended use of funds for the capital improvement project.

Takes effect on July 1, 2050.