STAND. COM. REP. NO. 672

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 1991

       S.D. 1

 

 

 

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fourth State Legislature

Regular Session of 2007

State of Hawaii

 

Madam:

 

     Your Committee on Ways and Means, to which was referred S.B. No. 1991 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 measure is to support the development of moderate income housing for our seniors in communities that also provide a continuum of health care services.

 

     Specifically, this measure authorizes the issuance of special purpose revenue bonds not to exceed $120,000,000 to assist the Craigside Retirement Residence, a Hawaii non-for-profit corporation, in acquiring the land and the planning, design, and construction of the facility.

 

     Comments in support of the measure were submitted by the President and Chief Executive Officer of Arcadia and Craigside Retirement Residences and Hawaii Long-Term Care Association.

 

     Your Committee finds that development of a retirement community that provides continuing health care for residents is a much needed option for seniors in Hawaii.  Authorizing the issuance of special purpose revenue bonds to assist in the development of Craigside Retirement Residence will help keep the project affordable for seniors who have moderate incomes.

 

     Your Committee has amended this measure by making a technical nonsubstantive change for the purpose of clarity.

 

     As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 1991, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 1991, S.D. 1.

 

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

 

 

 

____________________________

ROSALYN H. BAKER, Chair