REPORT TITLE:
Health Care Facilities


DESCRIPTION:
Authorizes the issuance of special purpose revenue bonds to
assist Pacific Community Health & Wellness, Inc., a not-for-
profit Hawaii corporation, or a Hawaii nonprofit affiliate of
same.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                            1621        
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
 
 4 Community Health & Wellness, 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 Community Health
 
 9 & Wellness, 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 Community Health
 
13 and Wellness, 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                                         1621        
                                     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 $1,000,000, in one or more
 
 6 series, for the purpose of assisting Pacific Community Health &
 
 7 Wellness, Inc., a not-for-profit Hawaii corporation, or a Hawaii
 
 8 nonprofit affiliate of that corporation, with financing one or
 
 9 more of the 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 Community
 
15           Health & Wellness, Inc., facilities.
 
16      The legislature finds and determines that the activities and
 
17 facilities of Pacific Community Health & Wellness, Inc., and its
 
18 affiliates constitute a health care project as defined in part
 
19 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
 
23 Revised Statutes, relating to the authority to issue special
 
24 purpose revenue bonds to assist nonprofit corporations that
 
25 provide health care facilities to the general public.
 
26      SECTION 4.  The department of budget and finance is
 
27 authorized to issue from time to time refunding special purpose
 
28 revenue bonds in such principal amounts as the department shall
 
29 determine to be necessary to refund the special purpose revenue
 
30 bonds authorized in section 2.  In making this determination, the
 
31 department shall comply with federal law relating to the
 
32 exemption from federal income taxation of the interest on bonds
 
33 of the nature authorized under this section.
 
34      SECTION 5.  The authorization to issue special purpose
 
35 revenue bonds under this Act shall lapse on June 30, 2003.
 
36      SECTION 6.  This Act shall take effect upon its approval.
 
37 
 
38                           INTRODUCED BY:_________________________