HI HB634

Authorizes the Department of Budget and Finance to issue special purpose revenue bonds in an unspecified amount to assist the Honolulu Board of Water Supply in upgrading Nuuanu Reservoir #1 to meet state dam safety standards.

The bond issuance is part of the Nuuanu hydroelectricity project, which will generate renewable hydroelectric energy, provide energy storage for off-peak solar or wind supplies, and increase groundwater recharge through stormwater capture.

Permits refunding of the authorized bonds and subsequent refunding bonds after June 30, 2022, in compliance with federal tax exemption requirements for bond interest.

Authorization to issue bonds expires on June 30, 2022.

Effective date is January 28, 2081.