Report Title:

Maui Memorial Medical Center; Revenue Bonds; Heart, Brain, Spine Center

 

Description:

Authorizes issuance of $150,000,000 in revenue bonds for a heart, brain, and spine center at the Maui memorial medical center.

 


HOUSE OF REPRESENTATIVES

H.B. NO.

2902

TWENTY-FOURTH LEGISLATURE, 2008

 

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT


 

 

RELATING TO THE ISSUANCE OF REVENUE BONDS TO ASSIST THE MAUI REGION OF THE HAWAII HEALTH SYSTEMS CORPORATION.

 

 

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

 


     SECTION 1.  The legislature finds that significant public benefit will be realized through the planning, construction, improvement of, and purchase and replacement of equipment for the Maui memorial medical center, a facility located in the Maui region of the Hawaii health systems corporation.  The legislature further finds that the issuance of revenue bonds under this Act is in the public interest and for the benefit of public health, safety, and welfare.

     SECTION 2.  Pursuant to part III, chapter 39, Hawaii Revised Statutes, the department of budget and finance, with the approval of the governor, is authorized to issue revenue bonds in a total amount of $150,000,000 in addition to the $150,000,000 provided for in section 323F-7, Hawaii Revised Statutes, in one or more series, for the purpose of assisting the Maui region of the Hawaii health systems corporation to finance the construction, improvement, and equipment of its health care facilities, including:

     (1)  Construction of a new heart, brain, and spine center on Maui offering the following services:

         (A)  Cardiovascular services:

               (i)  Interventional cardiology;

             (ii)  Electrophysiology;

             (iii)  Vascular/endovascular;

              (iv)  Heart surgery;

               (v)  Cardiac rehabilitation;

              (vi)  Disease management;

          (B)  Brain services, including interventional neuro radiology;

         (C)  Neurosurgery; and

     (2)  Purchasing of new and replacement equipment for the center.

     SECTION 3.  (a)  Bond terms.  The principal of and interest on the revenue bonds issued pursuant to section 2 shall be payable solely from and secured solely by the revenues produced by the heart, brain, and spine center financed by the bonds.

     (b)  The revenue bonds may also be used to finance capitalized interest on the bonds and any other expenses incidental thereto or connected therewith, including planning, design, engineering, inspection, legal, and fiscal agent fees and costs of the issuance of the revenue bonds.

     (c)  The bonds shall be special, limited obligations of the State, payable exclusively from and secured by a lien on the revenues of the heart, brain, and spine center financed by the bonds.

     (d)  The revenue bonds shall not be secured by the taxing power of the State.  The principal on the bonds and any premiums upon the redemption thereof shall not constitute or evidence a debt of the State, nor a legal or equitable pledge, charge, lien, or encumbrance upon any of its property, or upon any of its income, receipts, or revenues, except the revenues of the heart, brain, and spine center financed by the bonds.

     SECTION 4.  The authorization to issue revenue bonds under this Act shall lapse on June 30, 2012.

     SECTION 5.  This Act shall take effect on July 1, 2008.

 

INTRODUCED BY:

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