HI SB3121

Authorizes the department of budget and finance to issue special purpose revenue bonds not exceeding $63,000,000 to assist PQ Energy LLC and its special purpose entities in developing renewable energy plants within Hawaii.

Establishes that renewable energy plants using gasification and other renewable energy applications to convert bio matter into clean baseload and on-demand energy qualify as industrial enterprise projects under Hawaii Revised Statutes chapter 39A, part V.

Requires electrical output from these facilities to be made available to the general public through sale to electric utilities or to federal, state, or county agencies in Hawaii.

Authorizes the department to issue refunding special purpose revenue bonds after June 30, 2021 to refinance the initial bonds or previously issued refunding bonds, provided compliance with federal income tax exemption requirements.

Authorization to issue bonds lapses on June 30, 2021; Act takes effect July 1, 2016.