Bill Text: HI SB1440 | 2019 | Regular Session | Amended


Bill Title: Relating To Special Purpose Revenue Bonds For Trevi Systems, Inc., Or Its Related Entity, Kona Coast Water Llc.

Spectrum: Partisan Bill (Democrat 11-0)

Status: (Enrolled) 2019-05-06 - Enrolled to Governor. [SB1440 Detail]

Download: Hawaii-2019-SB1440-Amended.html

THE SENATE

S.B. NO.

1440

THIRTIETH LEGISLATURE, 2019

S.D. 1

STATE OF HAWAII

H.D. 1

 

C.D. 1

 

 

 

A BILL FOR AN ACT

 

 

RELATING TO SPECIAL PURPOSE REVENUE BONDS FOR TREVI SYSTEMS, INC., OR ITS RELATED ENTITY, KONA COAST WATER LLC.

 

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 


     SECTION 1.  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 V, 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 $100,000,000, in one or more series, for the purpose of assisting Trevi Systems, Inc., a Delaware corporation, or its related entity, Kona Coast Water LLC, a Hawaii limited liability company, to finance and refinance the costs relating to the planning, designing, construction, equipping, land leases, and other assets for two or more plants that will desalinate water using one hundred per cent renewable solar energy and supply it to customers on Hawaii island and potentially on other islands, together with solar power plants that will supply one hundred per cent renewable thermal energy and power that is able to be fully dispatched.  The legislature hereby finds and determines that constructing two or more solar plants to desalinate water and dispatch it to customers using one hundred per cent renewable energy constitutes a project as defined in part V, chapter 39A, Hawaii Revised Statutes, and the financing thereof is assistance to an industrial 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 V, chapter 39A, Hawaii Revised Statutes, relating to the power to issue special purpose revenue bonds to assist industrial enterprises.

     SECTION 4.  The department of budget and finance is authorized, from time to time, including times subsequent to June 30, 2024, 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, 2024.

     SECTION 6.  This Act shall take effect on July 1, 2019.



 

Report Title:

Trevi Systems, Inc.; Kona Coast Water LLC; Special Purpose Revenue Bonds; Appropriation

 

Description:

Authorizes the issuance of special purpose revenue bonds to assist Trevi Systems, Inc., or its related entity, Kona Coast Water LLC, to fund the planning, designing, construction, equipping, land leases, and other assets for two or more plants to desalinate water using one hundred per cent renewable solar energy and supply it to customers on Hawaii island and potentially on other islands as well.  (CD1)

 

 

 

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.

 

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