STAND. COM. REP. 773

Honolulu, Hawaii

, 2003

RE: H.B. No. 383

H.D. 1

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 383 entitled:

"A BILL FOR AN ACT RELATING TO 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 improve health care services on Oahu by amending Act 180, Session Laws of Hawaii 1999, (Act 180) to extend from June 30, 2003, to June 30, 2008, the authorization to issue special purpose revenue bonds (SPRBs) for the Wahiawa-Central Oahu Health Center, Inc., (WCOHC) or a Hawaii nonprofit affiliate of WCOHC.

WCOHC, Central Oahu Physician Hospital Organization, Wahiawa General Hospital, Wahiawa Hospital Association, Pacific Sports Medicine & Research Center, Inc., Pyrus, Incorporated, Pacific Sportscare, Financial Resource Group, LLC, and Meritage Healthcare Strategies, LLC, supported this bill. The Department of Budget and Finance (B&F) offered comments.

Your Committee has amended this bill by:

(1) Allowing B&F the authority to issue refunding SPRBs subsequent to June 30, 2008, to refund SPRBs and any refunding of SPRBs authorized, regardless of whether the outstanding SPRBs or refunding SPRBs have matured or are the subject of redemption or whether the refunding SPRBs shall be bonds for the multi-project programs described in Act 180; and

(2) 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. 383, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 383, H.D. 1.

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

 

____________________________

DWIGHT Y. TAKAMINE, Chair