STAND. COM. REP. NO.  92-14

Honolulu, Hawaii

                , 2014

RE:   H.B. No. 1951

      H.D. 1

Honorable Joseph M. Souki

Speaker, House of Representatives

Twenty-Seventh State Legislature

Regular Session of 2014

State of Hawaii

Sir:

     Your Committee on Consumer Protection and Commerce, to which was referred H.B. No. 1951 entitled:

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

begs leave to report as follows:

The purpose of this measure is to extend the special purpose revenue bond authorization under Act 113, Session Laws of Hawaii 2009, to Honolulu Seawater Air Conditioning, LLC, for the purpose of design and construction of a seawater air conditioning district cooling system in downtown Honolulu for five more years.

Honolulu Seawater Air Conditioning, LLC, and an individual testified in support of this measure.  The Department of Business, Economic Development, and Tourism, Department of Taxation, and Department of Budget and Finance provided comments on this measure.

     Your Committee has amended this measure by:

     (1)  Adding a new section stating the purpose of this measure;

     (2)  Amending the lapsing date for the authorization to issue the special purpose revenue bonds to June 28, 2019, to comply with the five-year requirement under section 39A-157, Hawaii Revised Statutes;

     (3)  Amending the effective date to take effect on June 29, 2112, to encourage further discussion; and

     (4)  Making technical, nonsubstantive amendments for the purposes of clarity, consistency, and style.

     As affirmed by the record of votes of the members of your Committee on Consumer Protection and Commerce that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1951, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 1951, H.D. 1, and be referred to the Committee on Finance.

Respectfully submitted on behalf of the members of the Committee on Consumer Protection and Commerce,

____________________________

ANGUS L.K. McKELVEY, Chair