H.B. 367 Summary

• Amends Section 269-17, Hawaii Revised Statutes, to require the Public Utilities Commission to complete its review and issue approval or disapproval of public utility security issuance requests within six months of receiving a completed financial application.

• Amends Section 271G-17.5 to apply the same six-month review timeline requirement to water carrier financing requests for securities issuance and long-term leases.

• Changes language in both sections from "may" to "shall" regarding the Commission's authority to deny securities issuance if it determines the purpose will have a material adverse effect on utility operations.

• Restructures the statutory language in both sections by numbering the four permitted purposes for securities issuance and clarifying definitions of "property" and "facilities."

• Effective date: June 30, 3000.