REPORT TITLE:
Health Care Facilities


DESCRIPTION:
Authorizes the issuance of special purpose revenue bonds to
assist Wahiawa-Central Oahu Health Center, Inc., a not-for-profit
Hawaii Corporation.  (SD1)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                        972
HOUSE OF REPRESENTATIVES                H.B. NO.           H.D. 1
TWENTIETH LEGISLATURE, 1999                                S.D. 1
STATE OF HAWAII                                            
                                                             
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                   A  BILL  FOR  AN  ACT

AUTHORIZING THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS FOR
   NOT-FOR-PROFIT CORPORATIONS THAT PROVIDE HEALTH CARE
   FACILITIES.



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

 1      SECTION 1.  The legislature finds and declares that it is in
 
 2 the public interest to encourage the development of health care
 
 3 in the State.  The legislature further finds that Wahiawa-Central
 
 4 Oahu Health Center, Inc., a not-for-profit Hawaii corporation, is
 
 5 engaged in the development of a health care facility, and thereby
 
 6 serves the public.
 
 7      The legislature further finds that Wahiawa-Central Oahu
 
 8 Health Center, Inc., is engaged in the planning, design, and
 
 9 construction of a patient-focused facility that includes but is
 
10 not limited to the following:
 
11      (1)  Outpatient diagnostics facilities;
 
12      (2)  Emergency room facilities with observation beds; and
 
13      (3)  An ambulatory surgical unit.
 
14      The legislature further finds that Wahiawa-Central Oahu
 
15 Health Center, Inc., may be assisted through the issuance of
 
16 special purpose revenue bonds because its health care facility is
 
17 a health care project pursuant to part II, chapter 39A, Hawaii
 
18 Revised Statutes.
 

 
Page 2                                                     972
                                     H.B. NO.           H.D. 1
                                                        S.D. 1
                                                        

 
 1      The legislature finds and declares that the issuance of
 
 2 special purpose revenue bonds under this Act is in the public
 
 3 interest and for the public health, safety, and general welfare
 
 4 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 $40,000,000, in one or more
 
 9 series, for the purpose of assisting Wahiawa-Central Oahu Health
 
10 Center, Inc., a not-for-profit Hawaii corporation, or a Hawaii
 
11 nonprofit affiliate of Wahiawa-Central Oahu Health Center, Inc.,
 
12 with financing one or more of the following:
 
13      (1)  Acquisition or leasing of land for a new facility;
 
14      (2)  Planning, design, construction, and operation of a new
 
15           health care facility; or
 
16      (3)  Acquisition and installation of additional capital
 
17           equipment for use in connection with Wahiawa-Central
 
18           Oahu Health Center, Inc., facilities.
 
19      The legislature finds and determines that the activities and
 
20 facilities of Wahiawa-Central Oahu Health Care, Inc., and its
 
21 affiliates constitute a health care project as defined in part
 
22 II, chapter 39A, Hawaii Revised Statutes, and the financing
 
23 thereof is of assistance to a health care facility.
 

 
Page 3                                                     972
                                     H.B. NO.           H.D. 1
                                                        S.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 authority to issue special
 
 4 purpose revenue bonds to assist nonprofit corporations that
 
 5 provide health care facilities to the general public.
 
 6      SECTION 4.  The department of budget and finance is
 
 7 authorized to issue from time to time refunding special purpose
 
 8 revenue bonds in such principal amounts as the department shall
 
 9 determine to be necessary to refund the special purpose revenue
 
10 bonds authorized in section 2.  In making this determination, the
 
11 department shall comply with federal law relating to the
 
12 exemption from federal income taxation of the interest on bonds
 
13 of the nature authorized under this section.
 
14      SECTION 5.  The authorization to issue special purpose
 
15 revenue bonds under this Act shall lapse on June 30, 2003.
 
16      SECTION 6.  This Act shall take effect upon its approval.