HI SB479

Amends Hawaii Revised Statutes § 271G-17.5 to add exceptions to the requirement that water common carriers obtain prior Public Utilities Commission approval before issuing securities or entering long-term leases.

Exempts land leases from governmental entities from PUC approval requirement, provided that either the water carrier or governmental entity submits a letter to the commission outlining lease terms within a reasonable timeframe after execution.

Exempts equipment leases with annual costs below a threshold amount determined by the commission in the most recently approved rate case or ratemaking proceeding from the prior approval requirement.

Changes language to clarify that water carriers "shall not" (rather than "may not") issue securities or enter leases if the commission determines the action would have a material adverse effect on operations.

Effective July 1, 2050.