Bill Text: HI SB841 | 2024 | Regular Session | Introduced
Bill Title: Relating To Water Common Carriers.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2023-12-11 - Carried over to 2024 Regular Session. [SB841 Detail]
Download: Hawaii-2024-SB841-Introduced.html
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THE SENATE |
S.B. NO. |
841 |
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THIRTY-SECOND LEGISLATURE, 2023 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to WATER common carriers.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 271G-17.5, Hawaii Revised Statutes, is amended to read as follows:
"[[]§271G-17.5[]]
Issuance of securities[; execution of leases]. A water common carrier may, on securing the
prior approval of the public utilities commission, and not otherwise, issue
stocks and stock certificates, bonds, notes, and other evidences of indebtedness,
payable at periods of more than twelve months after the date thereof, [and
enter into long-term leases of more than three years and leverage leases,]
for the following purposes and no other, namely:
(1) For
the acquisition of property; [or]
(2) For
the construction, completion, extension, or improvement of or addition to its
facilities or service; [or]
(3) For the discharge or lawful refunding of its obligations; or
(4) For
the reimbursement of moneys actually expended from income or from any other
moneys in its treasury not secured by or obtained from the issue of its stocks
or stock certificates, or bonds, notes, or other evidences of indebtedness, for
any of the aforesaid purposes, except maintenance of service, replacements, and
substitutions not constituting capital expenditure in cases where the water
carrier has kept its accounts for [such] expenditures in [such] a
manner as to enable the commission to ascertain the amount of moneys so
expended and the purposes for which the expenditures were made, and the sources
of the funds in its treasury applied to the expenditures.
As used herein, "property" and
"facilities" mean property and facilities used in all operations of a
water carrier whether or not included in its regulated operations or rate
base. A water carrier may not issue
securities [nor enter into long-term leases of more than three years and
leverage leases,] to acquire property or to construct, complete, extend or
improve or add to its facilities or service, if the commission determines that
the proposed purpose will have a material adverse effect on its
operations. No carrier shall repurchase
or reissue its own common stock without prior commission approval.
All stock and every stock certificate, and
every bond, note, or other evidence of indebtedness of a water carrier not
payable within twelve months, issued without an order of the commission
authorizing the same, then in effect, shall be void. [In addition, all long-term leases of more
than three years and all leverage leases entered into by a water carrier
without an order of the commission authorizing the same then in effect shall be
void.]"
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act shall take effect upon its approval.
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INTRODUCED BY: |
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Report Title:
Common Carriers; Water Carriers; Public Utilities Commission; Long Term Leases
Description:
Removes the requirement that water common carriers secure prior approval of the Public Utilities Commission to enter into long term leases of more than three years and leverage leases.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
