Bill Text: HI HB2407 | 2014 | Regular Session | Introduced

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Bill Title: Special Purpose Revenue Bonds; Processing Enterprises; Tires; Recycling ($)

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2014-01-27 - Referred to EEP, FIN, referral sheet 7 [HB2407 Detail]

Download: Hawaii-2014-HB2407-Introduced.html

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HOUSE OF REPRESENTATIVES	H.B. NO.	2407
TWENTY-SEVENTH LEGISLATURE, 2014
STATE OF HAWAII

A BILL FOR AN ACT

 

 

Relating to the issuance of special purpose revenue bondS to assist tire shredding or recycling businesses.

 

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 

     SECTION 1.  The legislature finds there are an estimated five hundred thousand to one million used vehicle tires generated in Hawaii each year, many improperly dumped on the side of roads and at illegal dump sites, spoiling the natural beauty of the islands and causing environmental damage like fires, increased mosquito breeding, and contamination of the air, water, and soil.  When it rains, toxic substances such as fuels, metals, oils, and coolants are flushed into waterways.  Mercury is particularly dangerous, even in very small quantities, because when it is released to the atmosphere it returns to earth as rainfall, endangering aquatic life and public health.

     The purpose of this Act is to authorize the issuance of special purpose revenue bonds to strengthen the tire recycling and shredding industry in Hawaii so that used tires are properly disposed of, thereby protecting the health of Hawaii residents and the environment.

     The legislature finds and declares that the issuance of special purpose revenue bonds under this Act is in the public interest and for the public health, safety, and general welfare.

     SECTION 2.  Pursuant to part IV, chapter 39A, Hawaii Revised Statutes, the department of budget and finance, with the approval of the governor, is authorized to issue special purpose revenue bonds in a total amount not to exceed $           in one or more series, for the purpose of assisting individuals or companies engaged in the business of shredding or recycling tires.  The legislature hereby finds and determines that assisting individuals or companies engaged in the business of shredding or recycling tires constitute a project as defined in part IV, chapter 39A, Hawaii Revised Statutes, and the financing thereof is assistance to a processing enterprise.

     SECTION 3.  The special purpose revenue bonds and the refunding special purpose revenue bonds issued under this Act shall be issued pursuant to part IV, chapter 39A, Hawaii Revised Statutes, relating to the power to issue special purpose revenue bonds to assist processing enterprises.

     SECTION 4.  The department of budget and finance is authorized, from time to time, including times subsequent to June 30, 2019, to issue special purpose revenue bonds in whatever principal amounts the department shall determine to be necessary to refund the special purpose revenue bonds authorized in section 2 and to refund special purpose revenue bonds authorized in this section, regardless of whether the outstanding special purpose revenue bonds or refunding special purpose revenue bonds have matured or are the subject of redemption or whether the refunding special purpose revenue bonds shall be bonds for the multi-project programs described in section 2.  In making this determination, the department shall comply with federal law relating to the exemption from federal income taxation of the interest on bonds of the nature authorized by this section.

     SECTION 5.  The authorization to issue special purpose revenue bonds under this Act shall lapse on June 30, 2019.

     SECTION 6.  This Act shall take effect on July 1, 2014.

 

INTRODUCED BY:	_____________________________

 

 

Report Title:

Special Purpose Revenue Bonds; Processing Enterprises; Tires; Recycling

 

Description:

Authorizes the issuance of special purpose revenue bonds to assist individuals or companies engaged in the business of shredding or recycling tires.

 

 

 

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