HI SB3015

Authorizes the Department of Budget and Finance to issue special purpose revenue bonds up to $700,000,000 total for Hawaiian Electric Company, Inc. and its subsidiaries (Maui Electric Company, Limited and Hawaii Electric Light Company, Inc.) for multi-project capital improvement programs.

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 through these special purpose revenue bonds, and requires that any benefits or savings be apportioned to ratepayers.

Authorizes the Department of Budget and Finance to issue refunding bonds at any time, including after June 30, 2024, to refund the authorized bonds, provided compliance with federal tax exemption laws.

Allows bond issuance authorization until June 30, 2029, but the Act takes effect on July 1, 2040.