STAND. COM. REP. NO.  731

 

Honolulu, Hawaii

                , 2011

 

RE:   H.B. No. 855

      H.D. 1

 

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Sixth State Legislature

Regular Session of 2011

State of Hawaii

 

Sir:

 

     Your Committee on Finance, to which was referred H.B. No. 855 entitled:

 

"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO ASSIST PACIFIC POWER AND WATER COMPANY, INC., IN THE DEVELOPMENT OF HYDROPOWER FACILITIES IN HAWAII,"

 

begs leave to report as follows:

 

     The purpose of this bill is to assist in the development of clean and renewable energy by authorizing $25,000,000 in special purpose revenue bonds to assist Pacific Power and Water Company, Inc., in the development of hydropower facilities in Hawaii.

 

     Pacific Power and Water Company, Inc. supported this bill.  A concerned individual opposed this measure.  The Department of Budget and Finance provided comments.

 

     Your Committee has amended this bill by:

 

     (1)  Deleting the authorized amount of the special purpose revenue bonds;

 

     (2)  Changing its effective date to July 1, 2030, to encourage further discussion; and

 

     (3)  Making technical, nonsubstantive amendments for clarity, consistency, and style.

 

     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. 855, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 855, H.D. 1.

 

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

 

 

 

 

____________________________

MARCUS R. OSHIRO, Chair