HI SB479

Amends Section 271G-17.5, Hawaii Revised Statutes, to add exceptions to the requirement that water common carriers obtain prior Public Utilities Commission approval before issuing securities and entering into long-term leases exceeding three years.

Exempts land leases from governmental entities from commission approval, 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 to be determined by the commission in its most recently approved rate case or ratemaking proceeding from requiring prior commission approval.

Changes "may" to "shall" in provisions stating that water carriers cannot issue securities or enter into long-term leases if the commission determines the proposed purpose will have a material adverse effect on operations.

Takes effect July 1, 2050.