LOS ANGELES -- A measure authorizing Hawaii's largest electric utility to issue $170 million of tax-exempt revenue bonds to fund capital improvements is on Gov. John Waihee's desk.

The bill allows the state department of budget and finance to issue conduit revenue bonds on behalf of Hawaiian Electric Co. and its two subsidiaries, Hawaii Electric Light Co. and Maui Electric Co. The utilities are wholly owned by Honolulu-based Hawaiian Electric Industries, an investor-owned holding company.

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