STAND. COM. REP. NO. 2940
RE: H.B. No. 801
Honorable Ronald D. Kouchi
President of the Senate
Twenty-Eighth State Legislature
Regular Session of 2016
State of Hawaii
Your Committee on Transportation and Energy, to which was referred H.B. No. 801, H.D. 1, entitled:
"A BILL FOR AN ACT AUTHORIZING THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS FOR SUNSTRONG LLC, A RENEWABLE ENERGY DEVELOPER SERVING THE GENERAL PUBLIC IN PROVIDING ELECTRIC ENERGY,"
begs leave to report as follows:
The purpose and intent of this measure is to authorize the issuance of special purpose revenue bonds to SunStrong LLC, a renewable energy developer, for the provision of electric energy and installation of renewable energy projects in Hawaii.
Your Committee received testimony in support of this measure from SunStrong LLC. Your Committee received comments on this measure from the Department of Budget and Finance.
Your Committee finds that climate change and its severe effects and shoreline erosion impact the lives and livelihoods of Hawaii's people. There is currently an increasing focus on reducing harmful air emissions from fossil fuels, such as oil and coal, as a possible cause of greenhouse gases, which impact climate change. Hawaii is extremely well-situated to harness strong trade winds and abundant sunlight to provide renewable energy.
Your Committee further finds that SunStrong LLC has considerable experience in installing renewable energy projects using special purpose revenue bonds as a financing instrument.
Your Committee has amended this measure by:
(1) Changing the effective date to July 1, 2016; and
(2) Making technical, nonsubstantive amendments for the purposes of clarity and consistency.
It has come to the attention of your Committee that the requested issuance of a special purpose revenue bonds may more appropriately pertain to assisting industrial enterprises under part V, chapter 39A, Hawaii Revised Statutes. Your Committee defers to your Committee on Ways and Means to determine this issue should the Committee consider this measure for passage.
As affirmed by the record of votes of the members of your Committee on Transportation and Energy that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 801, H.D. 1, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 801, H.D. 1, S.D. 1, and be referred to your Committee on Ways and Means.
Respectfully submitted on behalf of the members of the Committee on Transportation and Energy,
LORRAINE R. INOUYE, Chair