REPORT TITLE:
SPRB; HRTP Inc.


DESCRIPTION:
Issues $15,000,000 in special purpose revenue bonds for Hilo
Residency Training Program, Inc.  (HB635 HD1)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                        635
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 HEALTH.



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 also finds that Hilo Residency Training
 
 4 Program, Inc., a not-for-profit Hawaii corporation, is engaged in
 
 5 the development of a health care facility in Hilo and thereby
 
 6 serves the public.
 
 7      The legislature further finds that Hilo Residency Training
 
 8 Program, Inc., may be assisted through the issuance of special
 
 9 purpose revenue bonds because its health care facility is a
 
10 health care project pursuant to part II, chapter 39A, Hawaii
 
11 Revised Statutes.
 
12      The legislature finds and declares that the issuance of
 
13 special purpose revenue bonds under this Act is in the public
 
14 interest and for the public health, safety, and general welfare
 
15 of the State.
 
16      SECTION 2.  Pursuant to part II, chapter 39A, Hawaii Revised
 
17 Statutes, the department of budget and finance, with the approval
 
18 of the governor, is authorized to issue special purpose revenue
 
19 bonds in a total amount not to exceed $15,000,000, in one or more
 
20 series, for the purpose of assisting Hilo Residency Training
 

 
Page 2                                                     635
                                     H.B. NO.           H.D. 1
                                                        
                                                        


 1 Program, Inc., in financing, refinancing, or both, of one or more
 
 2 of the following:
 
 3      (1)  Retirement of outstanding debt on Hilo Residency
 
 4           Training Program, Inc.'s existing health care
 
 5           facilities;
 
 6      (2)  Retirement of outstanding debt and purchase of leases
 
 7           on the existing equipment used in connection with Hilo
 
 8           Residency Training Program, Inc.'s existing health care
 
 9           facilities;
 
10      (3)  Planning, design, construction, and operation of new
 
11           additions to Hilo Residency Training Program, Inc.'s
 
12           existing health care facilities;
 
13      (4)  Acquisition and installation of additional equipment
 
14           and other assets for use in connection with Hilo
 
15           Residency Training Program, Inc.'s existing health care
 
16           facilities; and
 
17      (5)  Renovation or repair of Hilo Residency Training
 
18           Program, Inc.'s existing health care facilities.
 
19 The legislature finds and determines that the activity and
 
20 facilities of Hilo Residency Training Program, Inc., constitute a
 
21 project as defined in part II, chapter 39A, Hawaii Revised
 
22 Statutes, and the financing thereof is assistance to a health
 
23 care facility.
 

 
Page 3                                                     635
                                     H.B. NO.           H.D. 1
                                                        
                                                        


 1      SECTION 3.  The special purpose revenue bonds issued under
 
 2 this Act shall be issued pursuant to part II, chapter 39A, Hawaii
 
 3 Revised Statutes, relating to the power to issue special purpose
 
 4 revenue bonds to assist health care facilities.
 
 5      SECTION 4.  The department of budget and finance is
 
 6 authorized to issue from time to time refunding special purpose
 
 7 revenue bonds in such principal amounts as the department shall
 
 8 determine to be necessary to refund the special purpose revenue
 
 9 bonds issued in section 2.  In making this determination, the
 
10 department shall comply with federal law relating to the
 
11 exemption from federal income taxation of the interest on bonds
 
12 of the nature authorized under this section.
 
13      SECTION 5.  The authorization to issue special purpose
 
14 revenue bonds under this Act shall lapse on June 30, 2002.
 
15      SECTION 6.  This Act shall take effect upon its approval.