REPORT TITLE:
Health Care Facilities


DESCRIPTION:
Authorizes the issuance of special purpose revenue bonds to
assist Pacific Community Health & Wellness, Inc., a not-for-
profit Hawaii corporation, or a Hawaii nonprofit affiliate of
same.  (HB1621 HD1)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                        1621
HOUSE OF REPRESENTATIVES                H.B. NO.           H.D. 1
TWENTIETH LEGISLATURE, 1999                                
STATE OF HAWAII                                            
                                                             
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                   A  BILL  FOR  AN  ACT

AUTHORIZING THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS FOR
   NOT-FOR-PROFIT CORPORATIONS THAT PROVIDE HEALTH CARE
   FACILITIES.



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

 1      SECTION 1.  The legislature finds that it is in the public
 
 2 interest to encourage the development of health care in the
 
 3 State.  The legislature further finds that Pacific Community
 
 4 Health & Wellness, Inc., a not-for-profit Hawaii corporation, is
 
 5 engaged in the development of a health care facility in the Koa
 
 6 Ridge area of central Oahu, and thereby serves the public.
 
 7      The Pacific Community Health & Wellness, Inc., is engaged in
 
 8 the planning, design, and construction on a portion of a three
 
 9 hundred ten acre patient-focused facility.
 
10      The legislature further finds that Pacific Community Health
 
11 & Wellness, Inc., may be assisted through the issuance of special
 
12 purpose revenue bonds because its health care facility is a
 
13 health care project pursuant to part II, chapter 39A, Hawaii
 
14 Revised Statutes.
 
15      The legislature also finds and declares that the issuance of
 
16 special purpose revenue bonds under this Act is in the public
 
17 interest and for the public health, safety, and general welfare.
 

 
Page 2                                                     1621
                                     H.B. NO.           H.D. 1
                                                        
                                                        

 
 1      SECTION 2.  Pursuant to part II, chapter 39A, Hawaii Revised
 
 2 Statutes, the department of budget and finance, with the approval
 
 3 of the governor, is authorized to issue special purpose revenue
 
 4 bonds in a total amount not to exceed $1,000,000 in one or more
 
 5 series for the purpose of assisting Pacific Community Health &
 
 6 Wellness, Inc., a not-for-profit Hawaii corporation, or a Hawaii
 
 7 nonprofit affiliate of that corporation, with financing one or
 
 8 more of the following:
 
 9      (1)  Acquisition or leasing of land for a new facility;
 
10      (2)  Planning, design, construction, and operation of a new
 
11           health care facility; or
 
12      (3)  Acquisition and installation of additional capital
 
13           equipment for use in connection with Pacific Community
 
14           Health & Wellness, Inc., facilities.
 
15      The legislature finds and determines that the activities and
 
16 facilities of Pacific Community Health & Wellness, Inc., and its
 
17 affiliates constitute a health care project as defined in part
 
18 II, chapter 39A, Hawaii Revised Statutes, and the financing
 
19 thereof is of assistance to a health care facility.
 
20      SECTION 3.  The special purpose revenue bonds issued under
 
21 this Act shall be issued pursuant to part II, chapter 39A, Hawaii
 
22 Revised Statutes, relating to the authority to issue special
 

 
 
 
Page 3                                                     1621
                                     H.B. NO.           H.D. 1
                                                        
                                                        

 
 1 purpose revenue bonds to assist nonprofit corporations that
 
 2 provide health care facilities to the general public.
 
 3      SECTION 4.  The department of budget and finance is
 
 4 authorized to issue from time to time refunding special purpose
 
 5 revenue bonds in such principal amounts as the department shall
 
 6 determine to be necessary to refund the special purpose revenue
 
 7 bonds authorized in section 2.  In making this determination, the
 
 8 department shall comply with federal law relating to the
 
 9 exemption from federal income taxation of the interest on bonds
 
10 of the nature authorized under this section.
 
11      SECTION 5.  The authorization to issue special purpose
 
12 revenue bonds under this Act shall lapse on June 30, 2003.
 
13      SECTION 6.  This Act shall take effect upon its approval.