STAND. COM. REP. NO. 1024_______

                                 Honolulu, Hawaii
                                                   , 1999

                                 RE: H.B. No. 970
                                     H.D. 1




Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twentieth State Legislature
Regular Session of 1999
State of Hawaii

Sir:

     Your Committee on Finance, to which was referred H.B. No.
970 entitled: 

     "A BILL FOR AN ACT AUTHORIZING THE ISSUANCE OF SPECIAL
     PURPOSE REVENUE BONDS FOR NOT-FOR-PROFIT CORPORATIONS THAT
     PROVIDE HEALTH CARE FACILITIES,"

begs leave to report as follows:

     The purpose of this bill is to develop a high quality,
community-based cardiac center in Central Oahu by authorizing the
issuance of special purpose revenue bonds to assist Pacific
Cardiac Institute, Inc., a not-for-profit Hawaii corporation, to
develop a cardiac facility at Koa Ridge.

     The Board of Directors of the Wahiawa General Hospital, the
Central Oahu Physician Hospital Organization, and many
individuals testified in support of this measure.

     Your Committee has amended this measure by making a
technical, nonsubstantive amendment for purposes of clarity and
style.

     As affirmed by the record of votes of the members of your
Committee on Finance that is attached to this report, your
Committee is in accord with the intent and purpose of H.B. No.
970, as amended herein, and recommends that it pass Third Reading
in the form attached hereto as H.B. No. 970, H.D. 1.


 
 
 
                                 STAND. COM. REP. NO. 1024_______
                                 Page 2

 
                                   Respectfully submitted on
                                   behalf of the members of the
                                   Committee on Finance,



                                   ______________________________
                                   DWIGHT Y. TAKAMINE, Chair