STAND. COM. REP. NO. 705

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 392

       S.D. 1

 

 

 

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fifth State Legislature

Regular Session of 2009

State of Hawaii

 

Madam:

 

     Your Committee on Ways and Means, to which was referred S.B. No. 392 entitled:

 

"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO ASSIST HONOLULU SEAWATER AIR CONDITIONING, LLC PROJECTS ON OAHU,"

 

begs leave to report as follows:

 

     The purpose of this measure is to extend the authorization to issue special purpose revenue bonds for Honolulu Seawater Air Conditioning, LLC, for the design and construction of a seawater air conditioning/thermal energy storage district cooling systems on Oahu.

 

     Your Committee finds that the seawater air conditioning district cooling system project will serve more than fourteen million square feet of buildings in the downtown Honolulu area.  This large project involves many lengthy steps, including obtaining an environmental impact assessment, permitting, system design, system engineering, and customer design, and has led to the need for the extension of the authorization to issue these special purpose revenue bonds.  Your Committee further finds that Honolulu Seawater Air Conditioning, LLC, is committed to completing this renewable energy project.

 

     Your Committee amended this measure by changing the effective date to July 1, 2070, to encourage further discussion.

 

     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. 392, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 392, S.D. 1.

 

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

 

		____________________________ DONNA MERCADO KIM, Chair