REPORT TITLE:
Health Care Facilities


DESCRIPTION:
Authorizes the issuance of special purpose revenue bonds to
assist Pacific Cardiac Institute, Inc., a not-for-profit Hawaii
corporation, or a Hawaii nonprofit affiliate of same.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                            970         
HOUSE OF REPRESENTATIVES                H.B. NO.           
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 and declares that it is in
 
 2 the public interest to encourage the development of health care
 
 3 in the State.  The legislature further finds that Pacific Cardiac
 
 4 Institute, Inc., a not-for-profit Hawaii corporation, is engaged
 
 5 in the development of a health care facility in the Koa Ridge
 
 6 area of central Oahu, and thereby serves the public.
 
 7      The legislature further finds that Pacific Cardiac
 
 8 Institute, Inc., is engaged in the planning, design, and
 
 9 construction on a portion of a three hundred ten acre patient-
 
10 focused facility.
 
11      The legislature further finds that Pacific Cardiac
 
12 Institute, Inc., may be assisted through the issuance of special
 
13 purpose revenue bonds because its health care facility is a
 
14 health care project pursuant to part II, chapter 39A, Hawaii
 
15 Revised Statutes.
 
16      The legislature finds and declares that the issuance of
 
17 special purpose revenue bonds under this Act is in the public
 
18 interest and for the public health, safety, and general welfare.
 
19      SECTION 2.  Pursuant to part II, chapter 39A, Hawaii Revised
 

 
Page 2                                         970         
                                     H.B. NO.           
                                                        
                                                        

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

 
Page 3                                         970         
                                     H.B. NO.           
                                                        
                                                        

 
 1 authorized to issue from time to time refunding special purpose
 
 2 revenue bonds in such in principal amounts as the department
 
 3 shall determine to be necessary to refund the special purpose
 
 4 revenue bonds authorized in section 2.  In making this
 
 5 determination, the department shall comply with federal law
 
 6 relating to the exemption from federal income taxation of the
 
 7 interest on bonds of the nature authorized under this section.
 
 8      SECTION 5.  The authorization to issue special purpose
 
 9 revenue bonds under this Act shall lapse on June 30, 2003.
 
10      SECTION 6.  This Act shall take effect upon its approval.
 
11 
 
12                           INTRODUCED BY:_________________________