STAND. COM. REP. NO. 725

Honolulu, Hawaii

RE: S.B. No. 998

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 S.B. No. 998, S.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO SPECIAL PURPOSE REVENUE BONDS FOR HAWAIIAN ELECTRIC COMPANY, INC.; MAUI ELECTRIC COMPANY, LIMITED; AND HAWAII ELECTRIC LIGHT COMPANY, INC,"

begs leave to report as follows:

The purpose and intent of this measure is to authorize the issuance of special purpose revenue bonds to assist Hawaiian Electric Company, Inc.; Maui Electric Company, Limited; and Hawaii Electric Light Company, Inc.; to fund various multi-project capital improvement programs, including costs to cover the acquisition of land or the construction or acquisition of facilities used or related to the production, transmission, or distribution of electricity.

Your Committee received written comments in support of this measure from Hawaiian Electric Company, Inc.; Ulupono Initiative; and Land Use Research Foundation of Hawaii.

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

Your Committee finds that this measure supports the construction of facilities necessary to supply electricity in the State.

Your Committee has amended this measure by:

(1) Changing the appropriations to unspecified amounts; and

(2) 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 S.B. No. 998, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 998, 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