REPORT TITLE:
Health Care Facilities


DESCRIPTION:
Authorizes the issuance of special purpose revenue bonds to
assist Pacific Saging Center, Inc., a nonprofit Hawaii
corporation, or a Hawaii nonprofit affiliate of same. (HB1617
HD1)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                        1617
HOUSE OF REPRESENTATIVES                H.B. NO.           H.D. 1
TWENTIETH LEGISLATURE, 1999                                
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 Saging
 
 4 Center, Inc., a Hawaii nonprofit corporation, is engaged in the
 
 5 development of a health care facility in the Koa Ridge area of
 
 6 central Oahu, and thereby serves the public.
 
 7      The legislature further finds that Pacific Saging Center,
 
 8 Inc., is engaged in the planning, design, and construction of a
 
 9 patient-focused facility on a portion of a three hundred ten acre
 
10 parcel.  The development would include such items and activities
 
11 as:
 
12      (1)  Saging center;
 
13      (2)  Child care;
 
14      (3)  Adult care;
 
15      (4)  Mentoring programs; and
 
16      (5)  Activity centers.
 
17      The legislature further finds that Pacific Saging Center,
 
18 Inc., may be assisted through the issuance of special purpose
 
19 revenue bonds because its health care facility is a health care
 

 
Page 2                                                     1617
                                     H.B. NO.           H.D. 1
                                                        
                                                        

 
 1 project pursuant to part II, chapter 39A, Hawaii Revised
 
 2 Statutes.
 
 3      The legislature finds and declares that the issuance of
 
 4 special purpose revenue bonds under this Act is in the public
 
 5 interest and for the public health, safety, and general welfare.
 
 6      SECTION 2.  Pursuant to part II, chapter 39A, Hawaii Revised
 
 7 Statutes, the department of budget and finance, with the approval
 
 8 of the governor, is authorized to issue special purpose revenue
 
 9 bonds in a total amount not to exceed $500,000, in one or more
 
10 series, for the purpose of assisting Pacific Saging Center, Inc.,
 
11 a Hawaii nonprofit corporation, or a Hawaii nonprofit affiliate
 
12 of same, 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; and
 
16      (3)  Acquisition and installation of additional capital
 
17           equipment for use in connection with Pacific Saging
 
18           Center, Inc.'s facilities.
 
19      The legislature finds and determines that the activities and
 
20 facilities of Pacific Saging Center, Inc., and its affiliates
 
21 constitute a health care project as defined in part II, chapter
 
22 39A, Hawaii Revised Statutes, and the financing thereof is of
 
23 assistance to a health care facility.
 

 
Page 3                                                     1617
                                     H.B. NO.           H.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 by this section.
 
14      SECTION 5.  The authorization to issue special purpose
 
15 revenue bonds under this Act shall lapse on June 30, 2002.
 
16      SECTION 6.  This Act shall take effect upon its approval.