Bill Text: HI SB485 | 2010 | Regular Session | Amended
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
Report Title:
Special Purpose Revenue Bonds; Carbon Diversion Inc.
Description:
Authorizes the issuance of special purpose revenue bonds to assist Carbon Diversion Inc. (SD2)
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THE SENATE |
S.B. NO. |
485 |
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TWENTY-FIFTH LEGISLATURE, 2009 |
S.D. 2 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO ASSIST CARBON DIVERSION INC.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that it is in the public interest to encourage the development of cogeneration facilities that make electric energy available to members of the general public by the sale of electric energy to an electric utility serving the area. The legislature further finds that Carbon Diversion Inc. is engaged in the development of cogeneration facilities projects that produce electric energy from nonfossil fuel feedstock, utilizing a material reduction process by pressurized pyrolysis and gasification for direct production of energy-related carbon products and fuels, and indirect production of electricity, and that Carbon Diversion Inc. will sell the electric energy it produces to electric utilities serving the public.
The legislature finds that part V of chapter 39A, Hawaii Revised Statutes, permits the State to financially assist industrial enterprises through the issuance of special purpose revenue bonds.
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 of the State.
SECTION 2. Pursuant to part V of chapter 39A, Hawaii Revised Statutes, the department of budget and finance, with the approval of the governor, is authorized to issue in one or more series special purpose revenue bonds in a total amount not to exceed for the purpose of assisting Carbon Diversion Inc., or a partnership in which Carbon Diversion Inc. is a general partner, for the establishment of a cogeneration facility and related energy production facilities. The electrical output of this plant and facilities shall be made available for use by members of the general public by sale to electric utilities serving the public. Thermal fluid output of this plant and related energy production facilities shall be made available for use by members of the general public by sale to existing and planned manufacturing and processing entrepreneurs in the area. The legislature finds and determines that the activities and facilities of Carbon Diversion Inc. constitute a project as defined in part V of chapter 39A, Hawaii Revised Statutes, and that the financing of activities and facilities of Carbon Diversion Inc. is assistance to an industrial enterprise.
SECTION 3. The special purpose revenue bonds and refunding special purpose revenue bonds issued under this Act shall be issued pursuant to part V of chapter 39A, Hawaii Revised Statutes, relating to the authority to issue special purpose revenue bonds and refunding special purpose revenue bonds to assist industrial enterprises.
SECTION 4. The department of budget and finance is authorized to issue from time to time, including times subsequent to June 30, 2014, refunding special purpose revenue bonds in whatever principal amounts as the department shall determine to be necessary to refund the special purpose revenue bonds authorized in section 2, and to refund any special purpose revenue bonds authorized by 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, 2014.
SECTION 6. This Act shall take effect on January 1, 2045.
