CONFERENCE COMMITTEE REP. NO. 106

 

Honolulu, Hawaii

                 , 2015

 

RE:    H.B. No. 241

       S.D. 1

       C.D. 1

 

 

 

Honorable Joseph M. Souki

Speaker, House of Representatives

Twenty-Eighth State Legislature

Regular Session of 2015

State of Hawaii

 

Honorable Donna Mercado Kim

President of the Senate

Twenty-Eighth State Legislature

Regular Session of 2015

State of Hawaii

 

Sir and Madam:

 

     Your Committee on Conference on the disagreeing vote of the House of Representatives to the amendments proposed by the Senate in H.B. No. 241, S.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO SPECIAL PURPOSE REVENUE BONDS TO ASSIST SEAWATER AIR CONDITIONING PROJECTS ON OAHU,"

 

having met, and after full and free discussion, has agreed to recommend and does recommend to the respective Houses the final passage of this bill in an amended form.

 

     The purpose of this measure is to support the development of a renewable and efficient energy system in the state by extending, from June 30, 2015, to June 30, 2020, the authorization to issue special purpose revenue bonds to assist Honolulu Seawater Air Conditioning LLC in financing the design and construction of a seawater air conditioning district cooling system on Oahu.

 

     Your Committee on Conference notes that, over the years, the Legislature has authorized the issuance of millions of dollars in special purpose revenue bonds for the downtown Honolulu seawater air conditioning project.  However, disruptions in the financial markets and permitting and regulatory reviews that took longer than expected have delayed the sale of these special purpose revenue bonds.  Your Committee on Conference finds that extending the authorization to issue special purpose revenue bonds for this project is in the best environmental and economic interest of the state and is an important element in providing economically feasible project financing for Honolulu Seawater Air Conditioning.

 

     However, your Committee on Conference notes that, as currently drafted, the time period authorizing the issuance of special purpose revenue bonds for Honolulu Seawater Air Conditioning LLC exceeds the five-year statutory limitation on the issuance of such bonds.  Accordingly, your Committee on Conference has amended this measure by amending the date by which the authorization to issue the special purpose revenue bonds will lapse from June 30, 2020, to June 26, 2020.

 

     As affirmed by the record of votes of the managers of your Committee on Conference that is attached to this report, your Committee on Conference is in accord with the intent and purpose of H.B. No. 241, S.D. 1, as amended herein, and recommends that it pass Final Reading in the form attached hereto as H.B. No. 241, S.D. 1, C.D. 1.

 

Respectfully submitted on behalf of the managers:

 

ON THE PART OF THE SENATE

 

ON THE PART OF THE HOUSE

 

____________________________

MIKE GABBARD, Chair

 

____________________________

DEREK S.K. KAWAKAMI, Co-Chair

____________________________

BRICKWOOD GALUTERIA, Co-Chair

 

____________________________

NICOLE E. LOWEN, Co-Chair