HI HB338

Authorizes the Department of Budget and Finance to issue special purpose revenue bonds in an unspecified amount to assist Kaiuli Energy LLC in financing the planning, design, and construction of a seawater air conditioning district cooling system serving Waikiki and nearby areas on Oahu.

The seawater air conditioning system would use cold, deep seawater as its primary cooling source to provide more than 90% of the cooling load, reducing potable water use, toxic chemicals, and sewage compared to conventional air conditioning.

Expected benefits include reduced and stable cooling costs for customers, substantial energy savings, lower operating and maintenance costs, millions in construction spending, and long-term job creation.

The authorization to issue special purpose revenue bonds lapses on June 30, 2018.

The Act takes effect on July 1, 2030.