Bill Text: HI HB1731 | 2014 | Regular Session | Introduced
Bill Title: SPRB; Sewage Processing ($)
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2014-02-19 - The committee(s) on FIN recommend(s) that the measure be deferred. [HB1731 Detail]
Download: Hawaii-2014-HB1731-Introduced.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
1731 |
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TWENTY-SEVENTH LEGISLATURE, 2014 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
AUTHORIZING THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS for the processing of sewage into SEWAGE DERIVED FUEL.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The growth of the State's population increases the amount of sewage. Waste treatment is becoming increasingly expensive for the State and the counties. The current technology of burning of fossil fuels to produce electricity contributes immensely to climate change and global warming.
An alternative technology processes sewage by drying it and extracting solids therefrom to produce a product that can be burned to produce energy. The energy produced in this manner is environmental friendly and renewable.
The purpose of this Act is to authorize the issuance of special purpose revenue bonds to create sewage derived fuel.
The legislature finds and declares that the issuance of special purpose revenue bonds under this Act is in the public interest and for the public health, safety, and general welfare.
SECTION 2. Pursuant to part IV, chapter 39A, Hawaii Revised Statutes, the department of budget and finance, with the approval of the governor, is authorized to issue special purpose revenue bonds in a total amount not to exceed $50,000,000, in one or more series, for the purpose of assisting , a corporation, for processing sewage to create sewage derived fuel. The legislature hereby finds and determines that a facility for processing sewage into fuel constitutes a project as defined in part IV, chapter 39A, Hawaii Revised Statutes, and the financing thereof is assistance to a processing enterprise.
SECTION 3. The special purpose revenue bonds and the refunding special purpose revenue bonds issued under this Act shall be issued pursuant to part IV, chapter 39A, Hawaii Revised Statutes, relating to the power to issue special purpose revenue bonds to assist processing enterprises.
SECTION 4. The department of budget and finance is authorized, from time to time, including times subsequent to June 30, 2019, to issue special purpose revenue bonds in whatever principal amounts the department shall determine to be necessary to refund the special purpose revenue bonds authorized in section 2 and to refund special purpose revenue bonds authorized in this section, regardless of whether the outstanding special purpose revenue bonds or refunding special purpose revenue bonds have matured or are the subject of redemption or whether the refunding special purpose revenue bonds shall be bonds for the multi-project programs described in section 2. In making this determination, the department shall comply with federal law relating to the exemption from federal income taxation of the interest on bonds of the nature authorized by this section.
SECTION 5. The authorization to issue special purpose revenue bonds under this Act shall lapse on June 30, 2019.
SECTION 6. This Act shall take effect on July 1, 2014.
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INTRODUCED BY: |
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Report Title:
SPRB; Sewage Processing
Description:
Authorizes the issuance of special purpose revenue bonds to assist a processing enterprise to process sewage to create sewage derived fuel.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
