STAND. COM. REP. NO.  650

Honolulu, Hawaii

                , 2017

RE:   H.B. No. 635

      H.D. 1

Honorable Joseph M. Souki

Speaker, House of Representatives

Twenty-Ninth State Legislature

Regular Session of 2017

State of Hawaii

Sir:

     Your Committees on Energy & Environmental Protection and Water & Land, to which was referred H.B. No. 635 entitled:

"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS FOR THE NUUANU HYDROELECTRICITY PROJECT,"

beg leave to report as follows:

The purpose of this measure is to authorize the issuance of special purpose revenue bonds to the Honolulu Board of Water Supply and the Hawaiian Electric Company, Inc. to upgrade Nuuanu Reservoir #4 to meet State Dam Safety Standards, as part of the Nuuanu Hydroelectricity Project.

The Department of Land and Natural Resources, Honolulu Board of Water Supply, Ulupono Initiative, and an individual supported this measure.  The Department of the Attorney General and Department of Budget and Finance provided comments.

     Your Committees have amended this measure by:

     (1)  Authorizing the issuance of special purpose revenue bonds solely for the Honolulu Board of Water Supply;

     (2)  Changing the amount of the special purpose revenue bond authorization to an unspecified amount; and

     (3)  Changing its effective date to January 28, 2081, to encourage further discussion.

     Should the Committee on Finance deliberate this measure further, your Committees on Energy & Environmental Protection and Water & Land respectfully request that it consider authorizing the issuance of special purpose revenue bonds in a total amount not to exceed $6,400,000 to assist the Honolulu Board of Water Supply in upgrading the Nuuanu reservoir #4 to meet State Dam Safety Standards as part of the Nuuanu Hydroelectricity Project.

     As affirmed by the records of votes of the members of your Committees on Energy & Environmental Protection and Water & Land that are attached to this report, your Committees are in accord with the intent and purpose of H.B. No. 635, as amended herein, and recommend that it pass Second Reading in the form attached hereto as H.B. No. 635, H.D. 1, and be referred to your Committee on Finance.

Respectfully submitted on behalf of the members of the Committees on Energy & Environmental Protection and Water & Land,

____________________________ RYAN I. YAMANE, Chair

____________________________ CHRIS LEE, Chair