STAND. COM. REP. NO. 1436

 

Honolulu, Hawaii

                  

 

RE:    H.B. No. 1902

       S.D. 1

 

 

 

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fourth State Legislature

Regular Session of 2007

State of Hawaii

 

Madam:

 

     Your Committee on Ways and Means, to which was referred H.B. No. 1902, S.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO ASSIST UTILITIES SERVING THE GENERAL PUBLIC,"

 

begs leave to report as follows:

 

     The purpose of this measure is to authorize the issuance of special purpose revenue bonds to assist public utilities that provide electricity.

 

This measure assists the utilities with capital improvement projects that are used to provide electrical energy that serves the public health, safety, and general welfare.

 

     Comments in support of this measure were submitted by the Hawaiian Electric Company, the Maui Electric Company, Limited, and the Hawaii Electric Light Company, Inc.

 

     Your Committee finds that proceeds from the sale of the special purpose revenue bonds will be used to finance multi-project capital improvement construction programs that will serve approximately ninety-five per cent of the State's population.  Your Committee further finds that the construction of generating units on Oahu funded by the sale of bonds will also be capable of running on biofuel.

 

     As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1902, S.D. 1, and recommends that it pass Third Reading.

 

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

 

 

 

____________________________

ROSALYN H. BAKER, Chair