STAND. COM. REP. NO.1239
Honolulu, Hawaii
, 2001
RE: S.B. No. 716
S.D. 2
H.D. 1
Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twenty-First State Legislature
Regular Session of 2001
State of Hawaii
Sir:
Your Committee on Finance, to which was referred S.B. No. 716, S.D. 2, entitled:
"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO ASSIST NOT-FOR-PROFIT CORPORATIONS THAT PROVIDE HEALTH CARE FACILITIES,"
begs leave to report as follows:
The purpose of this bill is to assist in the development of a continuing care retirement community by amending Act 3030, Session Laws of Hawaii 1991 to:
(1) Change the entity being assisted from the special purpose revenue bond (SPRB) issuance from Episcopal Homes of Hawaii to Kahala Senior Living Community, Inc.;
(2) Adds findings and determinations that the activity of Kahala Senior Living Community, constitutes a health care facility as defined in part II, chapter 39A, Hawaii Revised Statutes; and
(3) Increase the amount of the SPRB authorized to assist Kahala Senior Living Community, Inc. to $142,000,000.
This bill also extends the sunset date for the issuance of SPRBs to assist not-for-profit corporations that provide health care facilities to June 30, 2005.
The Department of Budget and Finance (B&F) supported the intent of this bill. The Department of the Attorney General commented on this bill.
Upon further consideration, your Committee has amended this bill by deleting its contents and inserting the substantive provisions of H.B. No. 1288, H.D. 1, that:
(1) Authorizes the issuance of SPRBs up to $142,000,000 to assist Kahala Senior Living Community, Inc., for senior housing community;
(2) Repeals the prior authorization to issue SPRBs to assist Episcopal Homes of Hawaii, Inc.; and
(3) Provides for the refunding of SPRBs.
Your Committee has further amended this bill by adding a lapse date of June 30, 2006 for this SPRB authorization.
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 S.B. No. 716, S.D. 2, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 716, S.D. 2, H.D. 1, and be placed on the calendar for Third Reading.
Respectfully submitted on behalf of the members of the Committee on Finance,
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____________________________ DWIGHT Y. TAKAMINE, Chair |
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