HI HB1319

Authorizes the Department of Budget and Finance to issue special purpose revenue bonds totaling up to $700,000,000 to assist Hawaiian Electric Company, Inc., and its subsidiaries Maui Electric Company, Limited, and Hawaii Electric Light Company, Inc.

Bonds shall be distributed as follows: up to $400,000,000 for Hawaiian Electric Company, Inc.; up to $150,000,000 for Maui Electric Company, Limited; and up to $150,000,000 for Hawaii Electric Light Company, Inc.

Bond proceeds shall finance multi-project capital improvement programs for acquisition of land or construction/acquisition of facilities related to production, transmission, or distribution of electricity, subject to Public Utilities Commission approval.

All benefits or savings realized from issuing these bonds must be apportioned to ratepayers.

Authorization to issue bonds lapses on June 30, 2024; the Act takes effect on July 1, 2019.