Authorizes the issuance of general obligation bonds to the Department of Hawaiian Home Lands to finance the planning, designing, and construction of a water pump storage hydroelectric facility in the Kohala Mountains on Hawaii Island. Requires the Department of Hawaiian Home Lands to conduct a feasibility study and report the results to the Legislature. Requires the Department of Hawaiian Home Lands to conduct an Environmental Impact Statement and submit an annual progress report to the Legislature. Effective 7/1/2050. (SD1)