Honorable Robert Bunda

President of the Senate

Twenty-First State Legislature

Regular Session of 2001

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred S.B. No. 716, S.D. 1, entitled:

begs leave to report as follows:

The purpose of this measure is to increase the amount of the special purpose revenue bonds authorized for Kahala Senior Living Community, Inc.

The bill also extends the sunset provision on the statutes relating to the issuance of special purpose revenue bonds to assist not-for-profit corporations that provide health care facilities until June 30, 2005.

Your Committee finds that Kahala Senior Living Community, Inc., formerly known as Episcopal Homes of Hawaii, plans to construct a senior citizens lifecare retirement community. The project will have a positive impact on senior citizens and the economy by providing long overdue additional senior facilities and creating short-term construction and facility operations employment.

Your Committee has amended the bill by making a technical amendment that has no substantive effect.

As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 716, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 716, S.D. 2.