(a) In connection with the issuance of bonds, the department may apply to the public utilities commission for one or more financing orders, each of which financing orders authorizes the following:

Terms Used In Hawaii Revised Statutes 269-162

  • Department: means the department of business, economic development, and tourism, or any successor by law. See Hawaii Revised Statutes 269-161
  • Electric utilities: means all electric utilities subject to billing, collecting, and remitting the public benefits fee, or the green infrastructure fee, at the time the financing order becomes final, and any other electric utility designated in the financing order. See Hawaii Revised Statutes 269-161
  • Financing costs: means any of the following:

    (1) Principal and interest payable on bonds;

    (2) Any payment required under an ancillary agreement;

    (3) Any amount required to fund or replenish a reserve account or another account established under any indenture, ancillary agreement, or other financing document relating to the issuance of bonds;

    (4) Any redemption or call premium or cost of redeeming or refunding any existing debt of the department in connection with either the issuance of, or the use of proceeds from, bonds;

    (5) Any costs incurred by the department to modify or amend any indenture, financing agreement, security agreement, or similar agreement or instrument securing any bond or any ancillary agreement;

    (6) Any costs incurred by the department to obtain any consent, release, waiver, or approval from any bondholder or of any party to an ancillary agreement that are necessary to be incurred for the department to issue bonds;

    (7) Any costs related to issuing or servicing bonds or related to obtaining a financing order, including servicing fees and expenses, trustee fees and expenses, legal, accounting, or other professional fees and expenses, administrative fees, placement fees, underwriting fees and discounts, capitalized interest and equity, and rating-agency fees; or loan program administration costs as authorized for recovery under a financing order or orders; or

    (8) Any other similar costs incident to the issuance, administration, or servicing of the bonds that the department finds appropriate. See Hawaii Revised Statutes 269-161

  • Financing order: means an order issued at the request of the department by the public utilities commission under this part that has become final as provided by law, and that authorizes the issuance of bonds and the imposition, adjustment from time to time, and collection of green infrastructure fees. See Hawaii Revised Statutes 269-161
  • Green infrastructure fee: means the nonbypassable fees and charges authorized by section 269-166 and in a financing order authorized under this part to be imposed on and collected from all existing and future customers of electric utilities or any successor. See Hawaii Revised Statutes 269-161
  • Green infrastructure property: means the property, rights, and interests created by the public utilities commission under a financing order, including the right to impose, charge, and collect from electric utility customers the green infrastructure fee that shall be used to pay and secure the payment of bonds and financing costs, including the right to obtain adjustments to the green infrastructure fee, and any revenues, receipts, collections, rights to payment, payments, moneys, claims, or other proceeds arising from the rights and interests created by the public utilities commission under any financing order. See Hawaii Revised Statutes 269-161
  • Green infrastructure special fund: means the special fund created pursuant to § 196-65. See Hawaii Revised Statutes 269-161
(1) The imposition, charging, and collection on behalf of the department of the green infrastructure fee, to become effective upon the issuance of the bonds, and the adjustment of the green infrastructure fee on behalf of the department in accordance with an adjustment mechanism requested by the department under this part in amounts sufficient to pay the principal of and interest on bonds and all related financing costs on a timely basis;
(2) The creation of green infrastructure property under the financing order; and
(3) The deposit of the net proceeds of the bonds into the green infrastructure special fund.
(b) The application shall include all of the following:

(1) The principal amount of the bonds proposed to be issued;
(2) An estimate of the date each series of bonds is expected to be issued;
(3) The expected term, not to exceed thirty years, during which term the green infrastructure fee associated with the issuance of each series of bonds is expected to be imposed and collected;
(4) An estimate of the financing costs associated with the issuance of each series of bonds;
(5) An estimate of the amount of the green infrastructure fee revenues necessary to pay principal and interest on the bonds and related financing costs as set forth in the application and the calculation for that estimate, which calculation shall take into account the estimated date or dates of issuance and the estimated principal amount of each series of bonds;
(6) A proposed methodology for allocating the green infrastructure fee among electric utilities and customer classes within each electric utility;
(7) A description of a proposed formulaic adjustment mechanism for the adjustment of the green infrastructure fee to ensure the timely payment of principal and interest on the bonds and related financing costs; and
(8) Any other information required by the public utilities commission.
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