REPORT TITLE:
Kuakini Medical Ctr; SPR Bond


DESCRIPTION:
Authorizes special purpose revenue bonds for Kuakini Medical
Center.  (HB877 HD1)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                        877  
HOUSE OF REPRESENTATIVES                H.B. NO.           H.D. 1
TWENTIETH LEGISLATURE, 1999                                
STATE OF HAWAII                                            
                                                             
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                   A  BILL  FOR  AN  ACT

RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS FOR
   KUAKINI MEDICAL CENTER. 


BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 1      SECTION 1.  The legislature finds and declares that the
 
 2 issuance of special purpose revenue bonds under this Act is in
 
 3 the public interest and for the public health, safety, and
 
 4 general welfare of the State.
 
 5      SECTION 2.  Pursuant to part II, chapter 39A, Hawaii Revised
 
 6 Statutes, the department of budget and finance, with the approval
 
 7 of the governor, is authorized to issue special purpose revenue
 
 8 bonds in a total amount not to exceed $30,000,000 in one or more
 
 9 series for the purpose of assisting Kuakini Medical Center and
 
10 any one or more of its not-for-profit affiliates in financing or
 
11 refinancing the costs of construction of, improvements to, and
 
12 equipment for its health care facilities, the purchase of
 
13 tangible assets (including land and improvements), and other
 
14 capital-related projects for Kuakini Medical Center and any one
 
15 or more of its not-for-profit affiliates.  The legislature finds
 
16 and determines that the activities and facilities of Kuakini
 
17 Medical Center and its affiliates constitute projects as defined
 
18 in part II, chapter 39A, Hawaii Revised Statutes, and that the
 
19 financing thereof constitutes assistance to health care
 
20 facilities.
 

 
Page 2                                                     877  
                                     H.B. NO.           H.D. 1
                                                        
                                                        

 
 1      SECTION 3.  The special purpose revenue bonds issued under
 
 2 this Act shall be issued pursuant to part II, chapter 39A, Hawaii
 
 3 Revised Statutes, relating to the power to issue special purpose
 
 4 revenue bonds to assist not-for-profit corporations that provide
 
 5 health care facilities to the general public.
 
 6      SECTION 4.  The authorization to issue special purpose
 
 7 revenue bonds under section 2 of this Act shall lapse on June 30,
 
 8 2003.
 
 9      SECTION 5.  The department of budget and finance is further
 
10 authorized to issue from time to time refunding special purpose
 
11 revenue bonds authorized in such principal amounts as the
 
12 department shall determine to be necessary to refund the special
 
13 purpose revenue bonds:
 
14      (1)  Originally authorized in the amount of $20,000,000 to
 
15           assist Kuakini Medical Center under Act 16, Session
 
16           Laws of Hawaii 1981, First Special Session; and
 
17      (2)  In section 2 of this Act.
 
18 In making this determination, the department shall comply with
 
19 federal law relating to the exemption from federal income
 
20 taxation of the interest on bonds of the nature authorized by
 
21 this section.
 
22      SECTION 6.  The refunding special purpose revenue bonds
 
23 issued under this Act shall be issued pursuant to chapter 39A,
 

 
Page 3                                                     877  
                                     H.B. NO.           H.D. 1
                                                        
                                                        

 
 1 part II, Hawaii Revised Statutes, relating to the power to issue
 
 2 special purpose revenue bonds to assist not-for-profit
 
 3 corporations that provide health care facilities to the general
 
 4 public.
 
 5      SECTION 7.  This Act shall take effect upon its approval.