STAND. COM. REP. NO.  1052

 

Honolulu, Hawaii

                , 2007

 

RE:   H.B. No. 1912

 

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fourth State Legislature

Regular Session of 2007

State of Hawaii

 

Sir:

 

     Your Committee on Finance, to which was referred H.B. No. 1912 entitled:

 

"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO ASSIST BIODIESEL PROJECTS FOR ELECTRICAL GENERATION ON THE ISLAND OF MAUI,"

 

begs leave to report as follows:

 

     The purpose of this bill is to authorize the issuance of special purpose revenue bonds in a total amount not to exceed $55,000,000 for BlueEarth Maui Biodiesel, LLC, to plan, design, and construct a biodiesel refinery on Maui to supply a renewable source of electrical generation fuel which will replace a portion of the petroleum-based feedstocks presently being used for electricity generation. 

 

     The Department of Business, Economic Development, and Tourism, BlueEarth Biofuels, LLC, Maui Electric Company, Ltd., Hawaiian Electric Company, and Hawaii Electric Light Company testified in support of this bill.  The Department of Budget and Finance provided comments.

 

     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. 1912 and recommends that it pass Third Reading.

 

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

 

 

 

 

____________________________

MARCUS R. OSHIRO, Chair