HOUSE OF REPRESENTATIVES

H.B. NO.

576

TWENTY-SEVENTH LEGISLATURE, 2013

 

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

RELATING TO THE HAWAII HEALTH SYSTEMS CORPORATION.

 

 

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

 


     SECTION 1.  The purpose of this Act is to address the financing of projects of the Hawaii health systems corporation.  Specifically, this Act establishes provisions concerning the EB-5 program.

     SECTION 2.  Chapter 323F, Hawaii Revised Statutes, is amended by adding a new section to part II to be appropriately designated and to read as follows:

     "§323F-     EB-5 program loan for project.  (a)  For the purpose of this section, the "EB-5 program" means the immigrant investor pilot program authorized under Section 203(b)(5) of the U.S. Immigration and Nationality Act.

     (b)  The corporation may obtain a loan from a foreign national under the EB-5 program to fund a project of the corporation.  In obtaining the loan, the corporation shall comply with all pertinent federal, state, and other laws.

     (c)  Before executing any agreement to obtain a loan under this section, the corporation shall obtain the written approval of the governor.

     (d)  The corporation shall expend the proceeds of a loan obtained under this section for a project only if the legislature has made an appropriation of funds in the amount of the loan for the project.

     (e)  If the corporation obtains a loan under this section, the corporation shall request, in its annual budget submitted to the governor, the amount necessary to repay the loan until fully repaid."

     SECTION 3.  New statutory material is underscored.

     SECTION 4.  This Act shall take effect upon its approval.

 

INTRODUCED BY:

_____________________________

 

 


 


 

Report Title:

Hawaii Health Systems Corporation; EB-5 Loan

 

Description:

Authorizes the HHSC to obtain a loan under the EB-5 program to fund a corporation project.  Requires the governor to approve any EB-5 loan.  Requires a legislative appropriation to expend loan proceeds for the project.  Requires the corporation to include in its annual budget submitted to the governor an amount necessary to repay the EB-5 loan.

 

 

 

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