Hawaii Revised Statutes Division 1. Government § 269-194

(a) There is established outside the state treasury the power purchase costs trust fund to be administered by the department.  The department shall establish and maintain two separate accounts within the fund, the first account to be utilized for the deposit of all revenues received from power purchase charges transferred by the electric utility and the second account to be utilized for the deposit of revenues received from reserve fees transferred by the electric utility.  The electric utility shall transfer to the department for deposit into the applicable account in the fund all revenues collected in connection with a covered power purchase agreement from:

(b) Moneys in the fund shall be held by the department in trust for the benefit of the obligees of covered power purchase agreements to the extent of the amounts owed to the obligees.  The department's payments from the fund shall be made without appropriation or allotment, as provided in section 37-40.

(c) If a step-in agreement is terminated as described in section 269-192(d), the fund shall cease to receive any revenues from the power purchase charges collected by the electric utility or its successor related to the terminated covered power purchase agreement and the department, as directed by the electric utility, shall pay to the electric utility or its successor the remainder of any revenues in the fund attributable to power purchase charges associated with the terminated covered power purchase agreement related to the step-in agreement, which shall be considered moneys of the electric utility or its successor.

(d) The department shall be under no obligation to make payment to any obligee in excess of the moneys in the fund.  Any default or failure by the department to make payments pursuant to the terms of a step-in agreement under this part shall not result in any recourse by the electric utility or an obligee to any funds of the State.  An obligee of a covered power purchase agreement shall have only the benefit of revenues derived from power purchase charges and the reserve fees collected and on deposit in the fund.  In any action concerning a breach by the department of a step-in agreement, the sole and exclusive remedy available to an obligee and the electric utility against the department shall be a court order directing specific performance by the department of the step-in agreement, and under no circumstances shall the department be liable for any costs, expenses, or any other monetary relief or compensatory damages for a failure to comply with the terms of a step-in agreement.