STAND. COM. REP. NO. 1093

Honolulu, Hawaii

RE:    H.B. No. 855

       H.D. 1

       S.D. 1

Honorable Shan S. Tsutsui

President of the Senate

Twenty-Sixth State Legislature

Regular Session of 2011

State of Hawaii

Sir:

     Your Committee on Ways and Means, to which was referred H.B. No. 855, H.D. 1, S.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO ASSIST PACIFIC POWER AND WATER COMPANY, INC., IN THE DEVELOPMENT OF HYDROPOWER FACILITIES IN HAWAII,"

begs leave to report as follows:

     The purpose and intent of this measure is to authorize the issuance of up to $25,000,000 in special purpose revenue bonds to assist Pacific Power and Water Company, Inc. with the planning, permitting, designing, construction, equipping, and operating of hydropower facilities throughout the State.

     Your Committee received comments on this measure from Kalbert K. Young, Director, Department of Budget and Finance.

     Your Committee finds that the development of hydropower facilities throughout the State will promote the use of clean and renewable energy and reduce Hawaii's reliance on imported oil.

     As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 855, H.D. 1, S.D. 1, and recommends that it pass Third Reading.

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

____________________________

DAVID Y. IGE, Chair