STAND. COM. REP. NO.  1641-08

Honolulu, Hawaii

                , 2008

RE:   S.B. No. 2034

      H.D. 2

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fourth State Legislature

Regular Session of 2008

State of Hawaii

Sir:

     Your Committee on Finance, to which was referred S.B. No. 2034, H.D. 1, entitled:

"A BILL FOR AN ACT AUTHORIZING THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO ASSIST OCEANLINX HAWAII LLC,"

begs leave to report as follows:

     The purpose of this bill is to encourage the development of efficient renewable energy systems in the state by authorizing the issuance of special purpose revenue bonds in an amount not to exceed $20,000,000 to assist Oceanlinx Hawaii LLC with the planning, design, and construction of the hydrokinetic or ocean wave energy power generation facility off-shore of Maui.

     Oceanlinx Hawaii LLC, Hawaiian Electric Company, Inc., Maui Electric Company, Ltd., and Hawaii Electric Light Company, Inc., supported this bill.

     Your Committee has amended this bill by:

(1)  Changing the effective date to July 1, 2008; and

     (2)  Making technical, nonsubstantive amendments for style, clarity, and consistency.

     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 S.B. No. 2034, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 2034, H.D. 2.

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

____________________________

MARCUS R. OSHIRO, Chair