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HI SB988

Bill

Official Source

Status

Passed

7/3/2019

Primary Sponsor

Glenn Wakai

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Origin

Senate

2019 Regular Session

AI Summary

  • Authorizes the Department of Budget and Finance to issue special purpose revenue bonds up to $50,000,000 in one or more series to assist Mele Associates, Inc., a renewable energy developer.

  • Bonds will finance the provision of renewable electric energy and installation of renewable energy projects in Hawaii.

  • Bonds are issued under part V, chapter 39A, Hawaii Revised Statutes, and classified as assistance to an industrial enterprise.

  • Department of Budget and Finance may issue refunding bonds after June 30, 2024, to refund the original bonds regardless of maturity status, provided compliance with federal tax exemption laws.

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

Legislative Description

Authorizing The Issuance Of Special Purpose Revenue Bonds For Mele Associates, Inc., A Renewable Energy Developer Serving The General Public In Providing Electric Energy.

Special Purpose Revenue Bonds

Last Action

Act 160, 06/27/2019 (Gov. Msg. No. 1262).

7/3/2019

Committee Referrals

Finance3/20/2019
Energy & Environmental Protection3/7/2019
Ways and Means2/11/2019
Energy, Economic Development, and Tourism1/24/2019

Full Bill Text

No bill text available