STAND. COM. REP. NO.249-02
RE: H.B. No. 2128
Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twenty-First State Legislature
Regular Session of 2002
State of Hawaii
Your Committee on Energy and Environmental Protection, to which was referred H.B. No. 2128 entitled:
"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS FOR PROJECTS ON THE ISLAND OF HAWAII,"
begs leave to report as follows:
The purpose of this bill is to extend the authorization to issue special purpose revenue bonds for Hui 'Enekinia Hawai'i's cogeneration facility on the Big Island to June 30, 2007.
The bill also provides more flexibility to Hui 'Enekinia Hawai'i in structuring their business venture and also allows the refunding of the special purpose revenue bonds.
Your Committee received favorable testimony from Hui 'Enekinia Hawai'i, unfavorable testimony from the Hawai'i County Council, and comments from the Department of Budget and Finance.
Your Committee finds that the Hui 'Enekinia Hawai'i's cogeneration facility will produce thermal energy such as steam, hot water and heat. The use of thermal fluid output from this facility would be utilized by existing and planned businesses for manufacturing and processing enterprises with attendant economic benefits to the community.
Your Committee has adopted the recommendation of the Department of Budget and Finance and has amended the bill by allowing the refunding of the special purpose revenue bonds. Your Committee also made technical changes that have no substantive effect.
As affirmed by the record of votes of the members of your Committee on Energy and Environmental Protection that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2128, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 2128, H.D. 1, and be referred to the Committee on Finance.
Respectfully submitted on behalf of the members of the Committee on Energy and Environmental Protection,
HERMINA M. MORITA, Chair