STAND. COM. REP. NO. 1578

Honolulu, Hawaii

, 2005

RE: H.B. No. 1238

H.D. 1

S.D. 2

 

 

Honorable Robert Bunda

President of the Senate

Twenty-Third State Legislature

Regular Session of 2005

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred H.B. No. 1238, H.D. 1, S.D. 1, 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 authorize the issuance of special purpose revenue bonds to assist Honolulu Seawater Air Conditioning LLC to develop a chilled water distribution system to provide air conditioning.

Your Committee finds that this project intending to provide air conditioning to multiple structures in downtown Honolulu advances the State's energy policy of reducing dependence on fossil fuel by using an abundant, infinite, and renewable energy resource, deep, cold seawater. Your Committee further finds that the activities and facilities of Honolulu Seawater Air Conditioning LLC constitutes a project as defined in Part V, Chapter 39A, Hawaii Revised Statutes, and the financing thereof is assistance to an industrial enterprise.

Your Committee has amended this measure by changing the authorized amount of the bonds to be issued to an unspecified amount to facilitate further discussion on this matter.

As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1238, H.D. 1, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 1238, H.D. 1, S.D. 2.

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

____________________________

BRIAN T. TANIGUCHI, Chair