STAND. COM. REP. NO.  849

Honolulu, Hawaii

                , 2009

RE:   H.B. No. 426

      H.D. 1

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fifth State Legislature

Regular Session of 2009

State of Hawaii

Sir:

     Your Committee on Finance, to which was referred H.B. No. 426 entitled:

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

begs leave to report as follows:

     The purpose of this bill is to promote renewable energy development in Hawaii by authorizing the issuance of up to $30,000,000 in special purpose revenue bonds to assist Honolulu Seawater Air Conditioning, LLC, in designing and constructing the district cooling project.

     Honolulu Seawater Air Conditioning, LLC, Hawaii Renewable Energy Alliance, and the Hawaii Building and Construction Trades Council, AFL-CIO, supported this bill.

     Your Committee has amended this measure by:

     (1)  Changing its effective date to July 1, 2009; and

     (2)  Making technical, nonsubstantive amendments for style, clarity, and consistency.

     As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 426, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 426, H.D. 1.

Respectfully submitted on behalf of the members of the Committee on Finance,

____________________________

MARCUS R. OSHIRO, Chair