REPORT TITLE:
SPRB North HI Comm. Hospital


DESCRIPTION:
Issues special purpose revenue bonds totaling $20,000,000 for
assisting North Community Hospital, Inc. with financing and
refinancing for certain projects.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                        
THE SENATE                              S.B. NO.           717
TWENTIETH LEGISLATURE, 1999                                
STATE OF HAWAII                                            
                                                             
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                   A  BILL  FOR  AN  ACT

RELATING TO SPECIAL PURPOSE REVENUE BONDS.



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

 1      SECTION 1.  The legislature finds and declares that the
 
 2 issuance of special purpose revenue bonds under this Act is in
 
 3 the public interest and for the public health, safety, and
 
 4 general welfare.
 
 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 $20,000,000, in one or more
 
 9 series, for the purpose of assisting North Hawaii Community
 
10 Hospital, Inc., with the financing or refinancing, or both, of
 
11 one or more of the following:
 
12      (1)  Retirement of outstanding debt on North Hawaii
 
13           Community Hospital, Inc.'s existing health care
 
14           facilities;
 
15      (2)  Retirement of outstanding debt and purchase of leases
 
16           on the existing equipment used in connection with North
 
17           Hawaii Community Hospital, Inc.'s health care
 
18           facilities;
 
19      (3)  Construction of new additions to North Hawaii Community
 

 
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                                     S.B. NO.           717
                                                        
                                                        

 
 1           Hospital Inc.'s existing health care facilities;
 
 2      (4)  Acquisition and installation of additional capital
 
 3           equipment and other assets for use in connection with
 
 4           North Hawaii Community Hospital, Inc.'s health care
 
 5           facilities; and
 
 6      (5)  Renovation and repair of North Hawaii Community
 
 7           Hospital, Inc.'s existing health care facilities.
 
 8 The legislature finds and determines that the activities and
 
 9 facilities of North Hawaii Community Hospital, Inc., constitute a
 
10 project as defined in part II, chapter 39A, Hawaii Revised
 
11 Statutes, and that the financing thereof is assistance to a
 
12 health care facility. 
 
13      SECTION 3.  The special purpose revenue bonds issued under
 
14 this Act shall be issued pursuant to part II, chapter 39A, Hawaii
 
15 Revised Statutes, relating to the power to issue special purpose
 
16 revenue bonds to assist not-for-profit corporations that provide
 
17 health care facilities to the general public.
 
18      SECTION 4.  The authorization to issue special purpose
 
19 revenue bonds under this Act shall lapse on June 30, 2003.
 
20      SECTION 5.  This Act shall take effect upon approval.
 
21 
 
22                           INTRODUCED BY:  _______________________