HB635 Summary

• Authorizes the Department of Budget and Finance to issue special purpose revenue bonds not to exceed $6,400,000 to assist the Honolulu Board of Water Supply in upgrading Nuuanu reservoir #4 to meet state dam safety standards.

• Nuuanu reservoir #4 is an essential component 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 captured stormwater.

• Bonds will be issued pursuant to Part XII, Chapter 39A, Hawaii Revised Statutes, which authorizes the state to assist dam and reservoir owners.

• Department of Budget and Finance may issue refunding bonds after June 30, 2023 in whatever amounts necessary to refund the authorized bonds, subject to federal tax exemption requirements.

• Authorization to issue bonds lapses on June 30, 2023; Act takes effect July 1, 2018.