Bill Text: HI SB750 | 2016 | Regular Session | Introduced

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Bill Title: Special Purpose Revenue Bonds; Renewable Energy; Anaergia Incorporated ($)

Spectrum: Partisan Bill (Democrat 13-0)

Status: (Engrossed - Dead) 2016-03-14 - This measure has been deleted from the meeting scheduled on Tuesday 03-15-16 8:30AM in conference room 325. [SB750 Detail]

Download: Hawaii-2016-SB750-Introduced.html

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THE SENATE	S.B. NO.	750
TWENTY-EIGHTH LEGISLATURE, 2015
STATE OF HAWAII

A BILL FOR AN ACT

 

 

RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS to assist ANAErGIA INCORPORATED.

 

 

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

 

     SECTION 1.  (a)  The legislature finds that support for the development of renewable and efficient and secure energy systems in the State, which is geographically isolated from sources of oil, continues to be in the public interest.

     Anaergia Incorporated, a global leader in renewable energy and waste to energy conversion, proposes to build, own, and operate a project located in central Maui that is designed to process up to seven hundred tons per day of municipal solid waste, green waste, and sewage sludge.  The project will include:

     (1)  A material recovery facility to recover recyclable materials like plastic, paper, and glass;

     (2)  An anaerobic digester to convert organics like municipal sludge and food waste to renewable natural gas and compost; and

     (3)  A facility to convert energy crops into renewable natural gas or renewable electricity; and

     (4)  Other process equipment to convert municipal sludge, food waste, green waste, and other organic materials to renewable methane rich biogas which is similar to natural gas.

     (b)  The legislature further finds that the benefits of the development of such facilities include the following:

     (1)  Reduction of greenhouse gas emissions;

     (2)  Reduction of landfill waste streams;

     (3)  Reduction of transportation and disposal costs;

     (4)  Creation of well-paying new jobs in the green tech sector and jobs in construction and related industries;

     (5)  Production of renewable energy for local communities, which reduces Hawaii's net import of energy and increases Hawaii's domestic wealth, self-sufficiency, and energy security;

     (6)  Assistance in meeting Hawaii's renewable energy goals;

     (7)  Containment of dust clouds on fallow lands;

     (8)  Alleviation of R-1 water reuse issues;

     (9)  Enhancement of the State's energy security;

    (10)  Augmentation of recyclable material recovery; and

    (11)  Production of renewable energy and renewable fuels for use in local communities, which reduces Hawaii's net import of fossil fuels and increases Hawaii's energy self-sufficiency.

     SECTION 2.  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 3.  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 $90,000,000, in one or more series, for the purpose of assisting Anaergia Incorporated or a partnership in which Anaergia Incorporated is a general partner, with the establishment of energy production, waste recovery, and related facilities on the island of Maui.  The electrical output of these facilities shall be made available for use by members of the general public by sale to electric utilities serving the public.

     The legislature hereby finds and determines that Anaergia Incorporated's planning, design, and construction of a material recovery facility, an anaerobic digester, and a facility to convert energy crops into renewable natural gas or renewable electricity constitutes a project as defined in part V, chapter 39A, Hawaii Revised Statutes, and the financing thereof is in assistance to an industrial enterprise.

     SECTION 4.  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 5.  The department of budget and finance is authorized, from time to time, including times subsequent to June 30, 2020, 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 3 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 3.  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 6.  The authorization to issue special purpose revenue bonds under this Act shall lapse on June 30, 2020.

     SECTION 7.  This Act shall take effect on July 1, 2015.

 

INTRODUCED BY:	_____________________________

 

 

Report Title:

Special Purpose Revenue Bonds; Renewable Energy; Anaergia Incorporated

 

Description:

Authorizes the issuance of special purpose revenue bonds to assist Anaergia Incorporated with the development of facilities for renewable nonfossil fuel energy production in Maui.

 

 

 

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