STAND. COM. REP. NO. 755

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 1214

 

 

 

Honorable Donna Mercado Kim

President of the Senate

Twenty-Eighth State Legislature

Regular Session of 2015

State of Hawaii

 

Madam:

 

     Your Committee on Ways and Means, to which was referred S.B. No. 1214 entitled:

 

"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO ASSIST HAWAIIAN ELECTRIC COMPANY, INC., MAUI ELECTRIC COMPANY, LIMITED, AND HAWAII ELECTRIC LIGHT COMPANY, INC.,"

 

begs leave to report as follows:

 

     The purpose and intent of this measure is to authorize the Department of Budget and Finance to issue up to $800,000,000 in special purpose revenue bonds on behalf of Hawaii Electric Company, Inc., Maui Electric Company, Limited, and Hawaii Electric Light Company, Inc., to finance multi-project capital improvement construction programs.

 

     Your Committee received written comments in support of this measure from Hawaiian Electric Company, Inc., Maui Electric Company, Limited, and Hawaii Electric Light Company, Inc.  Your Committee received written comments on this measure from the Department of Budget and Finance.

 

     Your Committee finds that the proceeds of the sale of special purpose revenue bonds will be used by the public utilities to furnish electricity, including costs to cover the acquisition of land or the construction or acquisition of facilities used or related to the production, transmission, or distribution of electricity.  Your Committee further finds that the issuance of these special purpose revenue bonds is in the public interest and will benefit the public health, safety, and general welfare.

 

     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 S.B. No. 1214 and recommends that it pass Third Reading.

 

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

 

 

 

________________________________

JILL N. TOKUDA, Chair