REPORT TITLE:
Health Care Facilities


DESCRIPTION:
Authorizes the issuance of special purpose revenue bonds to
assist Pacific Women's Center, Inc., a not-for-profit Hawaii
corporation, or a Hawaii nonprofit affiliate of same. (SD1)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                        1616
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 Pacific Women's
 
 4 Center, Inc., a not-for-profit Hawaii corporation, is engaged in
 
 5 the development of a health care facility and thereby serves the
 
 6 public.
 
 7      The legislature further finds that Pacific Women's Center,
 
 8 Inc., is engaged in the planning, design, and construction of a
 
 9 patient-focused facility.  The Pacific Women's Center would
 
10 consist primarily of a birthing center with postpartum, nursery,
 
11 labor, and delivery services.
 
12      The legislature further finds that Pacific Women's Center,
 
13 Inc., may be assisted through the issuance of special purpose
 
14 revenue bonds because its health care facility is a health care
 
15 project pursuant to part II, chapter 39A, Hawaii Revised
 
16 Statutes.
 
17      The legislature finds and declares that the issuance of
 
18 special purpose revenue bonds under this Act is in the public
 

 
Page 2                                                     1616
                                     H.B. NO.           H.D. 1
                                                        S.D. 1
                                                        

 
 1 interest and for the public health, safety, and general welfare
 
 2 of the State.
 
 3      SECTION 2.  Pursuant to part II, chapter 39A, Hawaii Revised
 
 4 Statutes, the department of budget and finance, with the approval
 
 5 of the governor, is authorized to issue special purpose revenue
 
 6 bonds in a total amount not to exceed $5,000,000 in one or more
 
 7 series for the purpose of assisting Pacific Women's Center, Inc.,
 
 8 a not-for-profit Hawaii corporation, or a Hawaii nonprofit
 
 9 affiliate of same, with financing one or more of the following:
 
10      (1)  Acquisition or leasing of land for a new facility;
 
11      (2)  Planning, design, construction, and operation of a new
 
12           health care facility; and
 
13      (3)  Acquisition and installation of additional capital
 
14           equipment for use in connection with Pacific Women's
 
15           Center, Inc., facilities.
 
16      The legislature finds and determines that the activities and
 
17 facilities of Pacific Women's Center, Inc. and its affiliates
 
18 constitute a health care project as defined in part II, chapter
 
19 39A, Hawaii Revised Statutes, and the financing thereof is of
 
20 assistance to a health care facility.
 
21      SECTION 3.  The special purpose revenue bonds issued under
 
22 this Act shall be issued pursuant to part II, chapter 39A, Hawaii
 
23 Revised Statutes, relating to the authority to issue special
 

 
Page 3                                                     1616
                                     H.B. NO.           H.D. 1
                                                        S.D. 1
                                                        

 
 1 purpose revenue bonds to assist nonprofit corporations that
 
 2 provide health care facilities to the general public.
 
 3      SECTION 4.  The department of budget and finance is
 
 4 authorized to issue from time to time refunding special purpose
 
 5 revenue bonds in such principal amounts as the department shall
 
 6 determine to be necessary to refund the special purpose revenue
 
 7 bonds authorized in section 2.  In making this determination, the
 
 8 department shall comply with federal law relating to the
 
 9 exemption from federal income taxation of the interest on bonds
 
10 of the nature authorized under this section.
 
11      SECTION 5.  The authorization to issue special purpose
 
12 revenue bonds under this Act shall lapse on June 30, 2003.
 
13      SECTION 6.  This Act shall take effect upon its approval.