STAND. COM. REP. NO. 931

Honolulu, Hawaii

, 2005

RE: H.B. No. 1535

H.D. 2

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Third State Legislature

Regular Session of 2005

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 1535, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO ASSIST UTILITIES SERVING THE GENERAL PUBLIC,"

begs leave to report as follows:

The purpose of this bill is to:

(1) Authorize the issuance of up to $160,000,000 in special

purpose revenue bonds (SPRBs) to assist:

(A) Hawaiian Electric Company, Inc. ($100,000,000);

(B) Maui Electric Company, Ltd. ($20,000,000); and

(C) Hawaii Electric Light Company, Inc. ($40,000,000)

in financing multi-project capital improvement programs;

and

(2) Limit the use of SPRBs to those projects that are approved by the Public Utilities Commission.

The Division of Consumer Advocacy of the Department of Commerce and Consumer Affairs, Hawaiian Electric Company, Inc., Hawaii Electric Light Company, Inc., and Maui Electric Company, Ltd., supported this bill.

Your Committee has amended this bill by changing the effective date to July 1, 2010, to facilitate and encourage further discussion on this measure.

As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1535, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 1535, H.D. 2.

Respectfully submitted on behalf of the members of the Committee on Finance,

 

____________________________

DWIGHT TAKAMINE, Chair