Act 121, SB284 SD2 HD2 CD1, 06/12/2015

Posted on Jun 12, 2015 in 2015 Acts

RELATING TO THE TRANSIENT ACCOMMODATIONS TAX

Authorizes the B&F to issue $35,000,000 in reimbursable general obligation bonds and to deposit the proceeds into the Turtle Bay conservation easement special fund. Appropriates $35,000,000 out of the Turtle Bay conservation easement special fund for the DLNR to acquire a conservation easement and other real property interests at Turtle Bay, Oahu. Allocates TAT revenues of $1,500,000 annually to the Turtle Bay conservation easement special fund. Provides that a nonprofit land conservation organization shall file an application annually with the BLNR requesting $1,500,000 from the land conservation fund to be used for the reimbursement of debt service on the Turtle Bay reimbursable general obligation bonds. Appropriates $3,000,000 out of the Turtle Bay conservation easement special fund to reimburse the state general fund for payment of debt service on the reimbursable general obligation bonds. Appropriates $500,000 from the TAT revenues to the DLNR to pay for appraisal costs, due diligence costs, and closing costs relating to the acquisition of a conservation easement and other real property interests in Turtle Bay, Oahu. (SB284 CD1)