STAND. COM. REP. NO. 1767

Honolulu, Hawaii

RE: H.B. No. 1319

H.D. 2

S.D. 2

Honorable Ronald D. Kouchi

President of the Senate

Thirtieth State Legislature

Regular Session of 2019

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred H.B. No. 1319, H.D. 2, S.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO SPECIAL PURPOSE REVENUE BONDS FOR ELECTRIC PUBLIC UTILITIES,"

begs leave to report as follows:

The purpose and intent of this measure is to authorize the Department of Budget and Finance to issue special purpose revenue bonds for the purpose of assisting Hawaiian Electric Company, Inc., including its subsidiaries Maui Electric Company, Limited, and Hawaii Electric Light Company, Inc., for capital improvement projects.

Your Committee received written comments in support of this measure from Hawaiian Electric Company, Inc., and Ulupono Initiative.

Your Committee received written comments on this measure from the Department of Budget and Finance.

Your Committee finds that assisting the Hawaiian Electric Company's efforts to finance multi-project capital improvement projects will facilitate the production, storage, and provision of renewable energy in the State.

Your Committee has amended this measure by:

(1) Changing the special purpose revenue bond authorization amount to an unspecified sum;

(2) Changing the distribution amounts of the special purpose revenue bonds issued pursuant to this measure to unspecified sums; and

(3) Changing the effective date to July 1, 2050, to facilitate further discussion on the measure.

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. 1319, H.D. 2, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 1319, H.D. 2, S.D. 2.

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

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DONOVAN M. DELA CRUZ, Chair