STAND. COM. REP. NO. 29

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 993

 

 

 

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fourth State Legislature

Regular Session of 2007

State of Hawaii

 

Madam:

 

     Your Committee on Energy and Environment, to which was referred S.B. No. 993 entitled:

 

"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO ASSIST SEAWATER AIR CONDITIONING PROJECTS ON THE ISLAND OF OAHU,"

 

begs leave to report as follows:

 

     The purpose of this measure is to protect public interests by lessening the State's dependency on fossil fuels and encouraging the development of renewable energy systems.

 

     The measure accomplishes this purpose by authorizing the issuance of $20,000,000 in special purpose revenue bonds to assist Honolulu Seawater Air Conditioning, LLC., in the financing of a seawater air conditioning district cooling system in downtown Honolulu.

 

     Your Committee received testimony in support of this measure from Honolulu Seawater Air Conditioning, LLC., Enterprise Honolulu, World Business Academy, Hawaii Renewable Energy Alliance, and the Hawaii Science and Technology Council.

 

     Your Committee finds that the use of alternative energy production will promote the State's goal of lessening its dependence on fossil fuels.  Your Committee further finds that encouraging the development of seawater air conditioning cooling systems will reduce fossil fuel dependency and ozone-depleting greenhouse gases by replacing traditional high power consuming technologies with a more efficient alternative.

     Your Committee believes that the issuance of special purpose revenue bonds will make the development of these systems more economically feasible and will reduce and stabilize cooling costs for its consumers.

 

     As affirmed by the record of votes of the members of your Committee on Energy and Environment that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 993 and recommends that it pass Second Reading and be referred to the Committee on Ways and Means.

 

Respectfully submitted on behalf of the members of the Committee on Energy and Environment,

 

 

 

____________________________

RON MENOR, Chair