REPORT TITLE:
SPRB; No. HI Commun. Hospital


DESCRIPTION:
Authorizes issue of $20,000,000 in special purpose revenue bonds
to assist North Hawaii Community Hospital, Inc. to finance and
refinance certain debt, new construction, acquisition, and repair
of its health care facilities.  (HB1286 HD1)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                        1286
HOUSE OF REPRESENTATIVES                H.B. NO.           H.D. 1
TWENTIETH LEGISLATURE, 1999                                
STATE OF HAWAII                                            
                                                             
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                   A  BILL  FOR  AN  ACT

RELATING TO SPECIAL PURPOSE REVENUE BONDS FOR NORTH HAWAII
   COMMUNITY HOSPITAL, INC.



BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 1      SECTION 1.  The legislature finds and declares that the
 
 2 issuance of special purpose revenue bonds under this Act is in
 
 3 the public interest and for the public health, safety, and
 
 4 general welfare of the State.
 
 5      SECTION 2.  Pursuant to part II, chapter 39A, Hawaii Revised
 
 6 Statutes, the department of budget and finance, with the approval
 
 7 of the governor, is authorized to issue special purpose revenue
 
 8 bonds in a total amount not to exceed $20,000,000 in one or more
 
 9 series for the purpose of assisting North Hawaii Community
 
10 Hospital, Inc., in financing, refinancing, or both, of one or
 
11 more of the following:
 
12      (1)  Retirement of outstanding debt on North Hawaii
 
13           Community Hospital, Inc.'s existing health care
 
14           facilities;
 
15      (2)  Retirement of outstanding debt and purchase of leases
 
16           on the existing equipment used in connection with North
 
17           Hawaii Community Hospital, Inc.'s health care
 
18           facilities;
 

 
Page 2                                                     1286
                                     H.B. NO.           H.D. 1
                                                        
                                                        

 
 1      (3)  Construction of new additions to North Hawaii Community
 
 2           Hospital, Inc.'s existing health care facilities;
 
 3      (4)  Acquisition and installation of additional equipment
 
 4           and other assets for use in connection with North
 
 5           Hawaii Community Hospital, Inc.'s health care
 
 6           facilities; and
 
 7      (5)  Renovation and repair of North Hawaii Community
 
 8           Hospital, Inc.'s existing health care facilities.
 
 9 The legislature further finds and determines that the activity
 
10 and facilities of North Hawaii Community Hospital, Inc.,
 
11 constitute a project as defined in part II, chapter 39A, Hawaii
 
12 Revised Statutes, and the financing thereof is assistance to a
 
13 health care facility.
 
14      SECTION 3.  The special purpose revenue bonds issued under
 
15 this Act shall be issued pursuant to part II, chapter 39A, Hawaii
 
16 Revised Statutes, relating to the power to issue special purpose
 
17 revenue bonds to assist nonprofit corporations that provide
 
18 health care facilities to the general public.
 
19      SECTION 4.  The department of budget and finance is further
 
20 authorized to issue from time to time refunding special purpose
 
21 revenue bonds authorized in any principal amounts that the
 
22 department shall determine to be necessary to refund the special
 
23 purpose revenue bonds authorized in section 2.
 

 
Page 3                                                     1286
                                     H.B. NO.           H.D. 1
                                                        
                                                        

 
 1      SECTION 5.  The authorization to issue special purpose
 
 2 revenue bonds under this Act shall lapse on June 30, 2002.
 
 3      SECTION 6.  This Act shall take effect upon its approval.