Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 377 entitled:

begs leave to report as follows:

The purpose of this bill is to extend from June 30, 2003, to June 30, 2008, the authorization to issue special purpose revenue bonds, previously authorized by Act 279, Session Laws of Hawaii 1999, to assist Pacific Cardiac Institute, Inc., (PCII) with the financing of:

(1) The acquisition of land for a new facility;

Wahiawa General Hospital, Wahiawa-Central Oahu Health Center, Central-Oahu Physician Hospital Organization, The Wahiawa Hospital Association, Pacific Sports Medicine & Research Center, Inc., Pyrus, Incorporated, Pacific Sportscare, Financial Resource Group, LLC, and Meritage Healthcare Strategies, LLC, submitted testimony in support of this bill. The Department of Budget and Finance submitted comments on this measure.

Your Committee has amended this measure by:

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. 377, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 377, H.D. 1.