Bill Text: HI SB3008 | 2014 | Regular Session | Amended
Bill Title: Special Purpose Revenue Bonds; Renewable Energy; Anaergia Inc. ($)
Spectrum: Partisan Bill (Democrat 10-0)
Status: (Engrossed - Dead) 2014-04-25 - Conference committee meeting to reconvene on 04-25-14 3:35PM in conference room 225. [SB3008 Detail]
Download: Hawaii-2014-SB3008-Amended.html
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THE SENATE |
S.B. NO. |
3008 |
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TWENTY-SEVENTH LEGISLATURE, 2014 |
S.D. 1 |
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STATE OF HAWAII |
H.D. 1 |
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A BILL FOR AN ACT
RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO ASSIST ANAERGIA INC.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that support for the development of renewable and efficient energy systems in the State, which is geographically isolated from sources of oil, continues to be in the public interest. Anaergia Inc. is a global leader in offering sustainable solutions for the generation of renewable energy and the conversion of waste to resources.
Anaergia Inc. proposes to build, own, and operate:
(1) A material recovery facility to recover recyclable materials like plastic, paper, and glass;
(2) An anaerobic digester to convert organics like municipal sludge and food waste to renewable natural gas and compost; and
(3) A facility to convert energy crops into renewable natural gas or renewable electricity.
These facilities will contribute to the State's energy security, reduce the carbon footprint by the equivalent of 33,000 cars, reduce the State's municipal solid waste, put to use approximately one thousand eight hundred acres of fallow lands, and create up to sixty new jobs.
The legislature further finds that the benefits of the development of such facilities include the following:
(1) Reduction of greenhouse gas emissions;
(2) Reduction of landfill waste streams;
(3) Reduction of transportation and disposal costs;
(4) Creation of local technical and semi-technical jobs;
(5) Production of renewable energy for local communities, which reduces Hawaii's net import of energy and increases Hawaii's domestic wealth, self-sufficiency, and energy security;
(6) Assistance in meeting Hawaii's renewable energy goals;
(7) Containment of dust clouds on fallow lands; and
(8) Alleviation of R-1 water reuse issues.
The legislature further finds that Anaergia Inc.'s work in creating alternative energy for the State is an industrial enterprise defined in part V, chapter 39A, Hawaii Revised Statutes, and may be assisted through the issuance of special purpose revenue bonds. The legislature finds and declares that the issuance of special purpose revenue bonds under this Act is in the public interest and for the public health, safety, and general welfare.
The purpose of this Act is to issue special purpose revenue bonds to assist Anaergia Inc. with the development of facilities for renewable non-fossil fuel energy production on the island of Maui.
SECTION 2. Pursuant to part V, chapter 39A, Hawaii Revised Statutes, the department of budget and finance, with the approval of the governor, is authorized to issue special purpose revenue bonds in a total amount not to exceed $ , in one or more series, for the purpose of assisting Anaergia Inc., or a partnership in which Anaergia Inc. is a general partner, with the establishment of energy production, waste recovery, and related facilities on the island of Maui. The electrical output of these facilities shall be made available for use by members of the general public by sale to electric utilities serving the public.
The legislature hereby finds and determines that Anaergia Inc.'s planning, design, and construction of a material recovery facility, an anaerobic digester, and a facility to convert energy crops into renewable natural gas or renewable electricity constitute a project as defined in part V, chapter 39A, Hawaii Revised Statutes, and the financing thereof is assistance to an industrial enterprise.
SECTION 3. The special purpose revenue bonds and the refunding special purpose revenue bonds issued under this Act shall be issued pursuant to part V, chapter 39A, Hawaii Revised Statutes, relating to the power to issue special purpose revenue bonds to assist industrial enterprises.
SECTION 4. The department of budget and finance is authorized, from time to time, including times subsequent to June 30, 2019, to issue special purpose revenue bonds in whatever principal amounts the department shall determine to be necessary to refund the special purpose revenue bonds authorized in section 2 of this Act and to refund special purpose revenue bonds authorized by this section, regardless of whether the outstanding special purpose revenue bonds or refunding special purpose revenue bonds have matured or are the subject of redemption or whether the refunding special purpose revenue bonds shall be bonds for the multi-project programs described in section 2. In making this determination, the department shall comply with federal law relating to the exemption from federal income taxation of the interest on bonds of the nature authorized by this section.
SECTION 5. The authorization to issue special purpose revenue bonds under this Act shall lapse on June 30, 2019.
SECTION 6. This Act shall take effect on July 1, 2050.
Report Title:
Special Purpose Revenue Bonds; Renewable Energy; Anaergia Inc.
Description:
Authorizes the issuance of special purpose revenue bonds to assist Anaergia Inc. with the development of facilities for renewable non-fossil fuel energy production on Maui. (SB3008 HD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
