There is such a thing as a reasonable idea whose time has not yet come.

That seems to be the case with Senate Bill 1718, which proposes special purpose revenue bonds for the financing of a biofuels plant on Maui.

Agricultural fuels (also known by the terms "biofuels" or "biodiesel" because they're produced from oil-bearing crops) have a role to play in the diversification of Hawai'i's energy sources. Assuming a crop can be found that can yield a good oil supply without tapping out our water reserves, biofuels could become an agricultural product with a viable market, given the costs of oil imports and taxation.

The state, reasonably, also wants to support a new industry that can offer the dual benefits of less dependency on foreign imports and a reason to preserve Hawai'i's agriculture and some open space.

That said, SB 1718 is being shepherded through the Legislature prematurely. It would authorize revenue bonds up to a still unspecified limit for a company called BlueEarth Maui Biodiesel LLC. The bonds would not cost the state money and would give the company access to lower interest rates, savings that executives say will pass on to the ratepayers.

However, the company itself has not filed the articles of organization as a limited liability company. Although its Nevada-based parent does exist, the company has to finish its organization to qualify for the bonds. Even if the effective date of the law is pushed back, having the state sign on with a plan before an entity is organized sets an unwise precedent.

The Maui plant is planned for a site at Pu'unene through a partnership with Maui Electric Co., the Hawaiian Electric Co. subsidiary that will use the fuel to run its power plant. There are details of the setup still in the works to ensure that HECO profits are directed to a community trust that promotes the new industry.

It would make more sense to authorize the bonds after BlueEarth has been organized.

Meanwhile, lawmakers should focus on creating the incentives to support general renewal of agriculture — for all Hawai'i's farmers.