STAND. COM. REP. NO. 787

                                   Honolulu, Hawaii
                                                     , 1999

                                   RE:  S.B. No. 1542
                                        




Honorable Norman Mizuguchi
President of the Senate
Twentieth State Legislature
Regular Session of 1999
State of Hawaii

Sir:

     Your Committee on Ways and Means, to which was referred S.B.
No. 1542 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 measure is to authorize the issuance of
special purpose revenue bonds to assist the Honolulu Neighborhood
Housing Services, a Hawaii not-for-profit corporation, in
planning, designing, and constructing a senior citizen lifecare
retirement community in the State.

     Your Committee finds that there is an urgent need to provide
affordable, quality lifecare residences and services for Hawaii's
aging population.  Accordingly, your Committee finds that it is
in the public interest to encourage the development of senior
citizen lifecare retirement communities in the State through the
issuance of special purpose revenue bonds.  Furthermore, your
Committee notes that the Honolulu Neighborhood Housing Services
may be assisted through the issuance of special purpose revenue
bonds, because this project is a health care project as defined
in part II, chapter 39A, Hawaii Revised Statutes.

     As affirmed by the record of votes of the members of your
Committee on Ways and Means that is attached to this report, your

 
a                                                     SB1542
 
 
                                   STAND. COM. REP. NO. 787
                                   Page 2


Committee is in accord with the intent and purpose of S.B. No.
1542 and recommends that it pass Third Reading.

                                 Respectfully submitted on behalf
                                 of the members of the Committee
                                 on Ways and Means,



                                 ________________________________
                                 CAROL FUKUNAGA, Co-Chair



                                 ________________________________
                                 ANDREW LEVIN, Co-Chair

 
a                                                     SB1542