HB 372 Summary

• Amends Hawaii Revised Statutes Section 271G-17.5 to remove the requirement that common water carriers obtain prior approval from the Public Utilities Commission before executing long-term leases exceeding three years or leverage leases.

• Retains the requirement for PUC approval for water carriers to issue stocks, bonds, notes, and other evidences of indebtedness payable more than twelve months after issuance.

• Clarifies that "property" and "facilities" in the statute include all property and facilities used in a water carrier's operations, whether or not included in regulated operations or the rate base.

• Makes void any long-term leases of more than three years or leverage leases previously issued without PUC authorization.

• Takes effect July 1, 2023.