STAND. COM. REP. NO.  1648-08

Honolulu, Hawaii

                , 2008

RE:   S.B. No. 3190

      H.D. 1

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. 3190 entitled:

"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO ASSIST SOPOGY INC., IN THE DEVELOPMENT OF RENEWABLE ENERGY ON THE ISLAND OF OAHU,"

begs leave to report as follows:

     The purpose of this bill is to decrease Hawaii's dependence on oil and increase its use of renewable resources by authorizing special purpose revenue bonds (SPRBs), not to exceed $35,000,000, to be issued to assist Sopogy, Inc., to plan, build, and operate a solar farm power plant on Oahu.

     Sopogy, Inc., High Technology Development Corporation, and Hawaii Renewable Energy Alliance testified in support of this bill.

     Your Committee has amended this bill by:

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

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

     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. 3190, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 3190, H.D. 1.

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

____________________________

MARCUS R. OSHIRO, Chair