Report Title:

Renewable Energy in State Facilities; Rev Bonds

Description:

Requires the installation of renewable energy systems in state facilities and authorizes the issuance of revenue bonds for the financing thereof.

THE SENATE

S.B. NO.

490

TWENTY-SECOND LEGISLATURE, 2003

 

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

relating to renewable energy.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. The State's energy objectives for its facilities, as set forth in chapter 226, Hawaii Revised Statutes, include increased energy self-sufficiency and the reduction or avoidance of greenhouse gas emissions from energy supply and use. The use of renewable energy technologies in state-owned facilities supports these objectives and would help the State to attain greater energy independence, while fighting global warming.

The financing of implementing renewable energy programs in state facilities could be accomplished by the sale of revenue bonds. Funds that would otherwise be spent by the State to buy electricity would be used to pay down the bonds. The use of bond revenues to finance the acquisition and installation of renewable energy systems in government facilities is currently being undertaken by the City of San Francisco.

The purpose of this measure is to establish a requirement that renewable energy systems be installed in state facilities and to authorize the financing thereof through the issuance of revenue bonds.

SECTION 2. Chapter 27, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:

"§27-   Renewable energy systems in state facilities; revenue bonds. (a) The department of accounting and general services shall identify, evaluate, prioritize, and implement projects for the acquisition, construction, rehabilitation, installation, or improvement of solar and other renewable and distributed energy facilities and equipment, and energy efficiency measures in state facilities.

(b) The department of accounting and general services, with the approval of the governor, may issue from time to time revenue bonds in amounts not exceeding the total amount of bonds authorized to be issued by the legislature, and in no event exceeding the aggregate amount of $          , as may be necessary to carry out the purposes of subsection (a). All revenue bonds shall be issued pursuant to part III of chapter 39.

(c) The revenue bonds shall be payable solely from and secured solely by the revenues derived from the renewable energy systems for which the revenue bonds are issued. The department may pledge revenues derived from the renewable energy systems financed by the proceeds of the revenue bond sales to the punctual payment of the principal, interest, and redemption premiums, if any, on the revenue bonds.

(d) The department shall establish a special fund, into which all revenues, income, and receipts derived from the renewable energy systems for which the revenue bonds are issued shall be paid."

SECTION 3. New statutory material is underscored.

SECTION 4. This Act shall take effect upon its approval.

INTRODUCED BY:

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