Bill Text: HI HB2595 | 2012 | Regular Session | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Special Purpose Revenue Bonds; Dams and Reservoirs

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2012-06-21 - (H) Act 147, on 6/21/2012 (Gov. Msg. No. 1249). [HB2595 Detail]

Download: Hawaii-2012-HB2595-Amended.html

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STAND. COM. REP. NO. 3303

 

Honolulu, Hawaii

                  

 

RE:    H.B. No. 2595

       H.D. 2

       S.D. 2

 

 

 

Honorable Shan S. Tsutsui

President of the Senate

Twenty-Sixth State Legislature

Regular Session of 2012

State of Hawaii

 

Sir:

 

     Your Committee on Ways and Means, to which was referred H.B. No. 2595, H.D. 2, S.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO SPECIAL PURPOSE REVENUE BONDS TO ASSIST DAM AND RESERVOIR OWNERS,"

 

begs leave to report as follows:

 

     The purpose and intent of this measure is to authorize the State to issue special purpose revenue bonds and use the proceeds from the bonds to assist dam and reservoir owners, upon ratification of a corresponding constitutional amendment.

 

     Your Committee received written comments in support of this measure from the Department of Budget and Finance and Alexander and Baldwin, Inc.

 

     Your Committee finds that reservoirs and dams are essential to the State's water resource infrastructure, especially for farms and ranches in times of little or no rainfall.  This measure will assist dam and reservoir owners by providing the economic means necessary to bring their facilities up to current safety standards.

 

     Your Committee has amended this measure by:

 

     (1)  Changing the effective date to July 1, 2050, to facilitate further discussion on the measure; and

 

     (2)  Making technical nonsubstantive amendments for the purposes of clarity, consistency, and style.

 

     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. 2595, H.D. 2, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 2595, H.D. 2, S.D. 2.

 

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

 

		____________________________ DAVID Y. IGE, Chair