Bill Text: HI SB2544 | 2010 | Regular Session | Amended

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

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Bill Title: SPRB; Honolulu Seawater Air Conditioning LLC

Spectrum: Strong Partisan Bill (Democrat 10-1)

Status: (Passed) 2010-05-05 - (S) Act 80, 5/5/2010 (Gov. Msg. No. 538). [SB2544 Detail]

Download: Hawaii-2010-SB2544-Amended.html

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STAND. COM. REP. NO. 2481

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 2544

       S.D. 2

 

 

 

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fifth State Legislature

Regular Session of 2010

State of Hawaii

 

Madam:

 

     Your Committee on Ways and Means, to which was referred S.B. No. 2544, S.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO ASSIST HONOLULU SEAWATER AIR CONDITIONING LLC PROJECTS ON THE ISLAND OF OAHU,"

 

begs leave to report as follows:

 

     The purpose of this measure is to extend from June 30, 2010, to June 28, 2015, the authorization for the Department of Budget and Finance to issue special purpose revenue bonds to finance the Honolulu Seawater Air Conditioning, LLC, projects on Oahu.

 

     Your Committee finds that in 2005, the Legislature authorized up to $48,000,000 in special purpose revenue bonds for Honolulu Seawater Air Conditioning, LLC.  The project to be funded by the bonds is a renewable energy project that demonstrates the State's commitment to a sustainable and energy efficient future.  Since that time, the financial markets have become volatile, making the sale of bonds difficult and costly to the State.  Your Committee believes that by extending the time during which the Department of Budget and Finance may issue the special purpose revenue bonds, the State will be able to sell the bonds at a future date when the financial markets recover.

 

     Your Committee has amended this measure by changing its effective date to June 29, 2099, to facilitate further discussion.

 

     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 S.B. No. 2544, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 2544, S.D. 2.

 

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

 

		____________________________ DONNA MERCADO KIM, Chair