STAND. COM. REP. NO.  1082

Honolulu, Hawaii

                , 2007

RE:   H.B. No. 1902

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fourth State Legislature

Regular Session of 2007

State of Hawaii

Sir:

     Your Committee on Finance, to which was referred H.B. No. 1902 entitled:

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

begs leave to report as follows:

     The purpose of this bill is to authorize the issuance of special purpose revenue bonds in a total amount not to exceed $400,000,000 as follows:

     (1)  $260,000,000 to assist the Hawaiian Electric Company,

          Inc., with its capital improvement projects;

     (2)  $25,000,000 to assist the Maui Electric Company,

          Limited, with its capital improvement projects; and

     (3)  $115,000,000 to assist the Hawaii Electric Light

          Company, Inc., with its capital improvement projects.

     The Hawaiian Electric Company, Inc., Maui Electric Company, Limited, and Hawaii Electric Light Company, Inc., testified in support of this bill.

     As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1902 and recommends that it pass Third Reading.

Respectfully submitted on behalf of the members of the Committee on Finance,

____________________________

MARCUS R. OSHIRO, Chair