STAND. COM. REP. NO.695

Honolulu, Hawaii

, 2001

RE: H.B. No. 1288

H.D. 1

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-First State Legislature

Regular Session of 2001

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 1288 entitled:

"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO ASSIST NOT-FOR-PROFIT CORPORATIONS THAT PROVIDE HEALTH CARE FACILITIES,"

begs leave to report as follows:

The purpose of this bill is to:

(1) Increase a prior authorization for the issuance of special purpose revenue bonds (SPRBs) for a senior citizens life care retirement community in Kahala, Oahu;

(2) Replace the entity of the authorization from the Episcopal Homes of Hawaii, Inc., to the Kahala Senior Living Community, Inc., the new name of the same organization; and

(3) Extend the sunset provision for the issuance of SPRBs relating to health care facilities.

The Kahala Senior Living Community, Inc., testified in support of this measure with amendments. The Department of Budget and Finance (B & F) offered comments.

Your Committee has amended this bill by replacing its entire contents. As amended, this bill:

(1) Repeals the prior authorization to issue SPRBs on behalf of Episcopal Homes of Hawaii, Inc.;

(2) Authorizes the issuance of SPRBs up to $142,000,000 to assist Kahala Senior Living Community, Inc., for the same retirement community; and

(3) Authorizes B & F to issue refunding SPRBs.

As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1288, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 1288, H.D. 1, and be placed on the calendar for Third Reading.

Respectfully submitted on behalf of the members of the Committee on Finance,

____________________________

DWIGHT Y. TAKAMINE, Chair