STAND. COM. REP. NO. 1042_______

                                 Honolulu, Hawaii
                                                   , 1999

                                 RE: H.B. No. 1617
                                     H.D. 1




Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twentieth State Legislature
Regular Session of 1999
State of Hawaii

Sir:

     Your Committee on Finance, to which was referred H.B. No.
1617 entitled: 

     "A BILL FOR AN ACT AUTHORIZING THE ISSUANCE OF SPECIAL
     PURPOSE REVENUE BONDS FOR NOT-FOR-PROFIT CORPORATIONS THAT
     PROVIDE HEALTH CARE FACILITIES,"

begs leave to report as follows:

     The purpose of this bill is to assist in the development of
a health care facility in the Koa Ridge area of central Oahu by
authorizing the issuance of special purpose revenue bonds to
assist Pacific Saging Center, Inc., a Hawaii nonprofit
corporation, in the acquisition, planning, design, construction,
and operation of its facility.

     The Central Oahu Physician Hospital Organization, Wahiawa
General Hospital, and a private physician testified in support of
the bill.

     Your Committee has amended the bill by making technical,
nonsubstantive amendments for purposes of style and clarity.

     As affirmed by the record of votes of the members of your
Committee on Finance that is attached to this report, your
Committee is in accord with the intent and purpose of H.B. No.
1617, as amended herein, and recommends that it pass Third
Reading in the form attached hereto as H.B. No. 1617, H.D. 1.


 
 
 
                                 STAND. COM. REP. NO. 1042_______
                                 Page 2

 
                                   Respectfully submitted on
                                   behalf of the members of the
                                   Committee on Finance,



                                   ______________________________
                                   DWIGHT Y. TAKAMINE, Chair