Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-First State Legislature

Regular Session of 2002

State of Hawaii

Sir:

Your Committee on Energy and Environmental Protection, to which was referred H.B. No. 2094 entitled:

begs leave to report as follows:

The purpose of this bill is to authorize the Department of Budget and Finance to issue special purpose revenue bonds to facilitate three wind power projects on Maui and the Big Island. Specifically, the bill authorizes the issuance of special purpose revenue bonds not to exceed $55,000,000, and in the amounts of:

1. $25,000,000.00;

2. $15,000.000.00; and

3. $15,000,000.00

to assist Pacific Wind Energy LLC in the construction of three wind energy conversion systems facilities on Maui, and at South Point and North Kohala on the island of Hawaii.

The Sierra Club, Hawaii Chapter, and the Pacific Wind Energy LLC testified in support of the measure.

Your Committee finds that assisting the development of wind power is an appropriate use of special purpose revenue bonds. Wind power projects are in the public interest because they diversify our power supply, produce clean power, and reduce Hawaii's reliance on imported fossil fuels to generate electricity.

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 H.B. No. 2094, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 2094, H.D. 1, and be referred to the Committee on Finance.