STAND. COM. REP. NO.  149-10

Honolulu, Hawaii

                , 2010

RE:   H.B. No. 2628

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fifth State Legislature

Regular Session of 2010

State of Hawaii

Sir:

     Your Committee on Energy & Environmental Protection, to which was referred H.B. No. 2628 entitled:

"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO ASSIST HONOLULU SEAWATER AIR CONDITIONING LLC PROJECTS ON THE ISLAND OF OAHU,"

begs leave to report as follows:

     The purpose of this bill is to extend the authorization to issue special purpose revenue bonds for Honolulu Seawater Air Conditioning, LLC (HSWAC) due to the turmoil in the financial markets over the last two years, which prevented the sale of bonds.

     The Department of Business, Economic Development, and Tourism; HSWAC; Hawaii Renewable Energy Alliance; Hawaii Laborers' Union, and Hawaii Building and Construction Trades Council, AFL-CIO, testified in support of this bill.

     As affirmed by the record of votes of the members of your Committee on Energy & Environmental Protection that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2628 and recommends that it pass Second Reading and be referred to the Committee on Finance.

Respectfully submitted on behalf of the members of the Committee on Energy & Environmental Protection,

____________________________

HERMINA MORITA, Chair