Report Title:
Special purpose revenue bonds; Palolo Chinese Home
Description:
Authorizes the issuance of special purpose revenue bonds to assist Palolo Chinese Home in financing the capital costs related to the expansion and construction of its facility.
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THE SENATE |
S.B. NO. |
1480 |
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TWENTY-FIRST LEGISLATURE, 2001 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to the issuance of special purpose revenue bonds to assist palolo chinese home.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that it is in the public interest to support the development of health care facilities in the State.
The legislature further finds that Palolo Chinese Home has been serving Hawaii's elders since 1917. The facility provides long-term residential care, adult day services, overnight respite services, and meals-to-go to the community, as well as work or job opportunities to nearly sixty people. However, Palolo Chinese Home is outmoded and in need of expanding its facility to meet the demands of the State's growing elderly population.
The legislature finds and declares that the issuance of special purpose revenue bonds under this Act is in the public interest and for the public health, safety, and general welfare of the State.
SECTION 2. Pursuant to part II, chapter 39A, Hawaii Revised Statutes, the department of budget and finance, with the approval of the governor, is authorized to issue special purpose revenue bonds in a total amount not to exceed $ , in one or more series, for the purpose of assisting Palolo Chinese Home and its not-for-profit subsidiaries in financing the capital costs related to the expansion and construction of its facility. The legislature finds and determines that the activities and facilities of Palolo Chinese Home constitute a project defined in part II, chapter 39A, Hawaii Revised Statutes, and the financing thereof is assistance to a health care facility.
SECTION 3. The special purpose revenue bonds issued under this Act shall be issued pursuant to part II, chapter 39A, Hawaii Revised Statutes, relating to the power to issue special purpose revenue bonds to assist health care facilities.
SECTION 4. The authorization to issue special purpose revenue bonds under this Act shall lapse on June 30, 2006.
SECTION 5. This Act shall take effect upon its approval.
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INTRODUCED BY: |
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