HI HB1690

Authorizes the department of budget and finance to issue special purpose revenue bonds totaling up to $700,000,000 for Hawaiian Electric Company, Inc. and its subsidiaries Maui Electric Company, Limited, and Hawaii Electric Light Company, Inc.

Distributes bond authorization 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.

Requires public utilities commission approval for any project financed by the bonds and mandates that any benefits or savings from bond issuance be apportioned to ratepayers.

Authorizes the department to issue refunding bonds to refund the special purpose revenue bonds authorized in the Act, in accordance with federal tax-exemption requirements.

Authorization to issue bonds lapses on June 30, 2029, and the Act takes effect on July 1, 2024.