Representative Jon Riki Karamatsu
Written Comments
House Bill 692, House Draft 2, Senate Draft 1, Conference Draft 1
Tuesday, May 1, 2007
Special Purpose Revenue Bonds; Lapsing; Aloun Farms
I rise in support.
I am in strong support of extending the lapse date of special purpose revenue bonds issued to assist Aloun Farms to June 30, 2010. This company has played a huge role in Hawaii's agricultural industry and sustainability. Aloun Farms plans to use the special purpose revenue bonds to build an agricultural processing plant in the future to strengthen its operations. However, not too long ago, the company's landowner sold the land to a developer that plans to build homes on its land once the lease expires. With the uncertainty of where Aloun Farms will be located in the future, an extension of the special purpose revenue bonds would be very helpful for this important Hawaii agricultural company.
Thank you.
JON RIKI KARAMATSU 