Bill Text: HI SB485 | 2010 | Regular Session | Amended

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Bill Title: Special Purpose Revenue Bonds; Carbon Diversion Inc.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed - Dead) 2009-05-11 - Carried over to 2010 Regular Session. [SB485 Detail]

Download: Hawaii-2010-SB485-Amended.html

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STAND. COM. REP. NO. 801

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 485

       S.D. 2

 

 

 

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. 485, S.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO ASSIST CARBON DIVERSION INC.,"

 

begs leave to report as follows:

 

     The purpose of this measure is to authorize the issuance of special purpose revenue bonds for Carbon Diversion, Inc., or a partnership in which Carbon Diversion, Inc. is a general partner, for the development of cogeneration and energy production facilities.

 

     Your Committee received three written comments on this measure.  The written comments may be reviewed on the Legislature’s website.

 

     Your Committee finds that non-fossil fuel production is important to the State.  Currently, the State relies upon imported petroleum for about ninety per cent of its energy production.  Your Committee also finds that Carbon Diversion, Inc.'s cogeneration and energy production facilities have the capability of converting organic feedstock and other sources of non-fossil fuel into energy.  Your Committee believes that alternative energy sources are vital to reducing the State's dependence on imported oil.

 

     Your Committee has amended the measure by changing the bond authorization amount to an unspecified amount and changing the effective date to January 1, 2045, to facilitate 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. 485, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 485, S.D. 2.

 

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

 

		____________________________ DONNA MERCADO KIM, Chair