REPORT TITLE:
Health Care Facilities


DESCRIPTION:
Authorizes the issuance of special purpose revenue bonds to
assist Pacific Sports Medicine and Research Center, Inc., a not-
for-profit Hawaii corporation, or a Hawaii nonprofit affiliate of
same.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                            973         
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 Sports
 
 4 Medicine & Research Center Inc., a not-for-profit Hawaii
 
 5 corporation, is engaged in the development of a health care
 
 6 facility in the Koa Ridge area of central Oahu, and thereby
 
 7 serves the public.
 
 8      The legislature further finds that Pacific Sports Medicine &
 
 9 Research Center, Inc., is engaged in the planning, design, and
 
10 construction on a portion of a three hundred ten acre patient
 
11 focused facility.
 
12      The legislature further finds that Pacific Sports Medicine &
 
13 Research Center, Inc., may be assisted through the issuance of
 
14 special purpose revenue bonds because its health care facility is
 
15 a health care project pursuant to part II, chapter 39A, Hawaii
 
16 Revised Statutes.
 
17      The legislature finds and declares that the issuance of
 
18 special purpose revenue bonds under this Act is in the public
 

 
Page 2                                         973         
                                     H.B. NO.           
                                                        
                                                        

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

 
 
 
Page 3                                         973         
                                     H.B. NO.           
                                                        
                                                        

 
 1 Revised Statutes, relating to the authority to issue special
 
 2 purpose revenue bonds to assist nonprofit corporations that
 
 3 provide health care facilities to the general public.
 
 4      SECTION 4.  The department of budget and finance is
 
 5 authorized to issue from time to time refunding special purpose
 
 6 revenue bonds in such in principal amounts as the department
 
 7 shall determine to be necessary to refund the special purpose
 
 8 revenue bonds authorized in section 2.  In making this
 
 9 determination, the department shall comply with federal law
 
10 relating to the exemption from federal income taxation of the
 
11 interest on bonds of the nature authorized under this section.
 
12      SECTION 5.  The authorization to issue special purpose
 
13 revenue bonds under this Act shall lapse on June 30, 2003.
 
14      SECTION 6.  This Act shall take effect upon its approval.
 
15 
 
16                           INTRODUCED BY:_________________________