Report Title:
The Queen's Health Systems; Special Purpose Revenue Bonds
Description:
Appropriates funds to finance the costs of construction improvements and for equipping health care facilities using special purpose revenue bonds.
THE SENATE |
S.B. NO. |
325 |
TWENTY-SECOND LEGISLATURE, 2003 |
||
STATE OF HAWAII |
||
|
A BILL FOR AN ACT
relating to special purpose revenue bonds.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that the delivery of health care to the people of the State of Hawaii is of paramount importance.
The legislature finds and declares that the issuance of special purpose revenue bonds under this Act is in the public interest and is for the public health, safety, and general welfare.
SECTION 2. Pursuant to part II, chapter 39A, Hawaii Revised Statutes, the department of budget and finance, with the approval of the governor, is authorized to issue special purpose revenue bonds in a total amount not to exceed $200,000,000 in one or more series for the purpose of assisting The Queen's Health Systems, a Hawaii nonprofit corporation, and one or more of its nonprofit affiliates to finance the costs of construction of, improvements to, and equipping of health care facilities, including but not limited to the following:
(1) Renovation of existing health care facilities;
(2) Construction of new health care facilities;
(3) Acquisition of equipment;
(4) Acquisition of assets, including land and improvements;
(5) Acquisition and installation of information systems and technology; and
(6) Other related projects for The Queen's Health Systems and its affiliated nonprofit affiliations.
The authorization is in addition to any special purpose revenue bonds authorized under any other Act for the purpose of assisting The Queen's Health Systems and its nonprofit affiliates. The legislature hereby finds and determines that the activities and facilities of The Queen's Health Systems and its nonprofit affiliates constitutes a "project" as defined in chapter 39A, Hawaii Revised Statutes, and the financing thereof is assistance to healthcare facilities.
SECTION 3. The department of budget and finance is authorized from time to time to issue special purpose revenue bonds in whatever principal amounts the department shall determine to be necessary to refund the special purpose revenue bonds authorized in section 2, and to refund any special purpose revenue bonds authorized in this section, regardless of whether the outstanding special purpose revenue bonds or the refunding special purpose revenue bonds have matured or are the subject of redemption or whether the refunding special purpose revenue bonds shall be bonds for the multi-project programs described in section 2. In making this determination, the department of budget and finance shall comply with federal law relating to the exemption from federal income taxation of the interest on bonds of the nature authorized by section 2.
SECTION 4. The authorization to issue special purpose revenue bonds under this Act shall lapse on June 30, 2008.
SECTION 5. This Act shall take effect upon its approval.
INTRODUCED BY: |
_____________________________ |