KAILUA-KONA — A bill that would authorize the state Department of Budget and Finance to issue up to $50 million in special purpose revenue bonds to assist in developing a Kona Jet Center at the south end of Ellison Onizuka Kona International Airport at Keahole passed another hurdle Tuesday. The Senate Ways and Means Committee recommended the measure advance with amendments.
The move sets the bill up for a final vote on the Senate floor. If it passes, it will cross to the House.
Details about the specific amendments weren’t available.
The original version of the bill, which passed out of the Senate Transportation Committee on Feb. 6, would authorize the Department of Budget and Finance to issue up to $50 million in special purpose revenue bonds to assist Keahole FBO I LLC in the planning, design, construction, equipping and operation of a Kona Jet Center, which would include a 36,000-square-foot hangar, a 7,000-square-foot fixed-base operation and a 50,000-gallon fuel facility, as well as up to 6 acres of ramp for its clients.
Special-purpose revenue bonds allow the state to offer financing that helps private capital improvement projects considered to be in the public interest.
The bonds aren’t state funds and instead are bought by private investors. Matthew Clayton of AV8 Partners, which is developing the Kona Jet Center, previously said their investors are interested in working directly with them. They would only use as much capital raised through the bonds as needed.