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HI SB998

Bill

Official Source

Status

Engrossed

3/5/2019

Primary Sponsor

Glenn Wakai

Click for details

Origin

Senate

2019 Regular Session

AI Summary

  • Authorizes the Department of Budget and Finance to issue special purpose revenue bonds for Hawaiian Electric Company, Inc.; Maui Electric Company, Limited; and Hawaii Electric Light Company, Inc. to fund multi-project capital improvement programs (specific total amount left blank in bill text).

  • Bond proceeds may be used for acquisition of land or construction/acquisition of facilities related to production, transmission, or distribution of electricity, with Public Utilities Commission approval required for any financed project.

  • Authorizes the Department to issue refunding bonds after June 30, 2024, to refinance the special purpose revenue bonds issued under this Act in compliance with federal tax-exemption requirements.

  • Requires any benefits or savings realized from bond issuance to be apportioned to ratepayers.

  • Authorization to issue bonds lapses on June 30, 2024; Act takes effect on July 1, 2050.

Legislative Description

Relating To Special Purpose Revenue Bonds For Hawaiian Electric Company, Inc.; Maui Electric Company, Limited; And Hawaii Electric Light Company, Inc.

Appropriation ($)

Last Action

Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with none voting aye with reservations; Representative(s) Thielen voting no (1) and Representative(s) Belatti, Yamane excused (2).

3/20/2019

Committee Referrals

Finance3/20/2019
Energy & Environmental Protection3/7/2019
Ways and Means2/15/2019
Commerce, Consumer Protection, and Health1/24/2019

Full Bill Text

No bill text available