Honolulu Seawater Air Conditioning LLC has been given five extra years to float $48 million in state revenue bonds to help finance its project to cool Downtown Honolulu buildings using cold ocean water off Kaka'ako.

Gov. Linda Lingle signed a bill extending a bond issue deadline from June 30, 2010 to June 28, 2015.

Construction previously was anticipated to begin last year, but a planned pipe layout needed to be rerouted. Then financial market disruptions caused Honolulu Seawater to postpone an initial bond sale.

The developer now expects to break ground in the fourth quarter on the estimated $200 million project, for which the state has approved a total of $145 million in revenue bond financing.