STAND. COM. REP. NO. 1150_______

                                 Honolulu, Hawaii
                                                   , 1999

                                 RE: S.B. No. 813
                                     S.D. 2




Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twentieth State Legislature
Regular Session of 1999
State of Hawaii

Sir:

     Your Committee on Energy and Environmental Protection, to
which was referred S.B. No. 813, S.D. 2, entitled: 

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

begs leave to report as follows:

     The purpose of this bill is to obtain lower interest rate
bond financing for capital improvement projects and to reduce gas
rates for the general public by:

     (1)  Authorizing the issuance of $19,600,000 in special
          purpose revenue bonds for capital improvement programs
          for the local furnishing of utility gas by The Gas
          Company; and

     (2)  Authorizing the issuance of refunding special purpose
          revenue bonds.

     Your Committee finds that the issuance of special purpose
revenue bonds and refunding special purpose revenue bonds would
be in the public's interest.

     As affirmed by the record of votes of the members of your
Committee on Energy and Environmental Protection that is attached
to this report, your Committee is in accord with the intent and
purpose of S.B. No. 813, S.D. 2, and recommends that it pass

 
 
                                 STAND. COM. REP. NO. 1150_______
                                 Page 2

 
Second Reading and be referred to the Committee on Consumer
Protection and Commerce.

                                   Respectfully submitted on
                                   behalf of the members of the
                                   Committee on Energy and
                                   Environmental Protection,



                                   ______________________________
                                   HERMINA M. MORITA, Chair