HI SB1214

Authorizes the Department of Budget and Finance to issue up to $80,000,000 in special purpose revenue bonds to assist Hawaiian Electric Company, Inc., Maui Electric Company, Limited, and Hawaii Electric Light Company, Inc. with capital improvement programs.

Bond distribution limits: $70,000,000 for Hawaiian Electric Company, Inc.; $7,500,000 for Maui Electric Company, Limited; and $2,500,000 for Hawaii Electric Light Company, Inc.

Bonds may be used to finance acquisition of land and construction or acquisition of facilities for production, transmission, or distribution of electricity, subject to Public Utilities Commission approval.

Authorizes the department to issue refunding bonds after June 30, 2020, to refinance the original bonds and any subsequent refunding bonds issued under this Act.

Authorization to issue bonds expires June 30, 2020; Act takes effect July 1, 2015.