HI HB635

Authorizes the Department of Budget and Finance to issue special purpose revenue bonds (amount not specified in text) to assist the Honolulu Board of Water Supply in upgrading Nuuanu reservoir #4 to meet state dam safety standards.

Identifies the Nuuanu hydroelectricity project as essential infrastructure that will generate renewable hydroelectric energy, provide energy storage for off-peak solar or wind supplies, and increase groundwater recharge through stormwater capture.

Permits the issuance of refunding bonds through June 30, 2022, allowing the department to refinance outstanding bonds in compliance with federal tax exemption requirements.

Authorization to issue bonds under this Act expires on June 30, 2022.

Effective date is January 28, 2081.