Report Title:
Kamoku-Pukele Underground Facilities; SPERB
Description:
Authorizes the issuance of special purpose revenue bonds to assist Hawaiian Electric Company in the planning, design, and construction of a Kamoku-Pukele underground electric transmission line.
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THE SENATE |
S.B. NO. |
1218 |
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TWENTY-FIRST LEGISLATURE, 2001 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to special purpose revenue bonds for KAMOKU-PUKELE UNDERGROUND TRANSMISSION LINE.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds and declares that the issuance of special purpose revenue bonds under this Act for the purpose of financing the planning, design, and construction of a Kamoku-Pukele underground electric transmission line is in the public interest and for the public health, safety, and general welfare of the State.
SECTION 2. Pursuant to part VI, chapter 39A, Hawaii Revised Statutes, the department of budget and finance, with the approval of the governor, is authorized to issue special purpose revenue bonds in a total amount not to exceed $10,000,000, in one or more series for the purpose of assisting Hawaiian Electric Company in financing the planning, design, and construction of infrastructure for an underground Kamoku-Pukele electric utility transmission facility. The legislature finds and determines that the activity and facilities of the Hawaiian Electric Company constitute an energy project as defined in part VI, chapter 39A, Hawaii Revised Statutes, and the financing thereof is assistance to a utility serving the general public in providing electric energy or gas.
SECTION 3. The special purpose revenue bonds issued under this Act shall be issued pursuant to part VI, chapter 39A, Hawaii Revised Statutes, relating to the power to issue special purpose revenue bonds to assist utilities serving the general public in providing electric energy or gas.
SECTION 4. The department of budget and finance is further authorized to issue from time to time refunding special purpose revenue bonds authorized in such principal amounts as the department shall determine to be necessary to refund the special purpose revenue bonds authorized in section 2.
SECTION 5. The authorization to issue special purpose revenue bonds under this Act shall lapse on June 30, 2006.
SECTION 6. This Act shall take effect upon its approval.
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INTRODUCED BY: |
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