HONOLULU, Hawaii, U.S. – A bill to authorize a special purpose revenue bond to help MauiGrown Coffee Inc.’s expansion to the lower slopes of Haleakala has cleared the state Senate Ways and Means Committee.
The bill now advances to third reading in the Senate. On Tuesday, the committee voted 7-0 to recommend passage of the bill, with an amendment.
Committee members adopted a change proposed by the state Department of Budget and Finance to change the bond authorization date from June 30, 2020, to June 30, 2022. The bond would have a value of $13 million.
Department Director Wesley Machida said the amendment would make the bond bill consistent with state law, which does not permit bond authorizations for more than five years.
The bill’s effective date is July 1.
In written testimony, Machida advised lawmakers that if the bill were to become law, then approval of the special purpose revenue bonds and the loan generated by investors would require “further review of the financing proposal to ensure compliance with all federal, state and credit underwriting requirements.”
MauiGrown President James “Kimo” Falconer said he was pleased the bill has advanced.
Brian Perry
