Report Title:

SPRBs; Hawaiian Electric Company; Kamoku-Pukele

Description:

Authorizes the issuance of SPRBs to assist Hawaiian Electric Company in financing the planning, design, and construction of infrastructure for an underground Kamoku-Pukele electric utility transmission facility.

THE SENATE

S.B. NO.

591

TWENTY-SECOND LEGISLATURE, 2003

 

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

relating to the issuance of special purpose revenue bonds to assist utilities serving the general public in providing electric energy or gas.

 

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

SECTION 1. The legislature finds and declares that the issuance of special purpose revenue bonds under this Act is in the public interest and for the public health, safety, and general welfare.

SECTION 2. Pursuant to part VI, chapter 39A, Hawaii Revised Statutes, the department of budget and finance, with the approval of the governor, is authorized to issue special purpose revenue bonds in a total amount not to exceed $10,000,000, in one or more series, for the purpose of assisting Hawaiian Electric Company, a Hawaii corporation, in financing the planning, design, and construction of infrastructure for an underground Kamoku-Pukele electric utility transmission facility. The legislature hereby finds and determines that the planning, design, and construction of infrastructure for an underground Kamoku-Pukele electric utility transmission facility constitutes a project as defined in part VI, chapter 39A, Hawaii Revised Statutes, and the financing thereof is assistance to a utility serving the general public in providing electric energy or gas.

SECTION 3. The special purpose revenue bonds and the refunding special purpose revenue bonds issued under this Act shall be issued pursuant to part VI, chapter 39A, Hawaii Revised Statutes, relating to the power to issue special purpose revenue bonds to assist utilities serving the general public in providing electric energy or gas.

SECTION 4. The department of budget and finance is authorized, from time to time, including times subsequent to June 30, 2006, to issue special purpose revenue bonds in whatever principal amounts the department shall determine to be necessary to refund the special purpose revenue bonds authorized in section 2 and to refund special purpose revenue bonds authorized in this section, regardless of whether the outstanding special purpose revenue bonds or refunding special purpose revenue bonds have matured or are the subject of redemption or whether the refunding special purpose revenue bonds shall be bonds for the multi-project programs described in section 2. In making this determination, the department shall comply with federal law relating to the exemption from federal income taxation of the interest on bonds of the nature authorized by this section.

SECTION 5. The authorization to issue special purpose revenue bonds under this Act shall lapse on June 30, 2006.

SECTION 6. This Act shall take effect upon its approval.

INTRODUCED BY:

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