STAND. COM. REP. 770

Honolulu, Hawaii

, 2003

RE: H.B. No. 378

H.D. 1

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 378 entitled:

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

begs leave to report as follows:

The purpose of this bill is to extend from June 30, 2003, to June 30, 2008, the authorization to issue special purpose revenue bonds for Pacific Community Health & Wellness, Inc., a not-for-profit Hawaii corporation developing a health care facility in Central Oahu.

The Wahiawa Hospital Association, Wahiawa General Hospital, Wahiawa-Central Oahu Health Center, Pacific Sports Medicine and Research Center, Inc., Pyrus, Inc., Pacific Sportscare, Financial Resource Group, LLC, and Meritage Health Care Strategies, LLC, testified in support of this measure. The Department of Budget and Finance testified in support of the intent of this measure.

Your Committee has amended this bill by:

(1) Inserting language to permit the issuance of refunding special purpose revenue bonds after the June 30, 2008 special purpose revenue bond authorization lapse date; and

(2) Making technical, nonsubstantive amendments for purposes of clarity, consistency, and style.

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. 378, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 378, H.D. 1.

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

 

____________________________

DWIGHT Y. TAKAMINE, Chair