Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred H.B. No. 377, H.D. 1, S.D. 1, entitled:

begs leave to report as follows:

The purpose of this measure 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.

Specifically, this measure extends authorization for the issuance of special purpose revenue bonds to assist Pacific Cardiac Institute, Inc., a not-for-profit Hawaii corporation, in the development of the Pacific Health Center in the Koa Ridge area of Central Oahu.

Your Committee finds that the issuance of special purpose revenue bonds for the planning, design, and construction of a health care facility in Central Oahu is in the public interest and for the public health, safety, and general welfare. Your Committee finds that an extension is warranted due to unforeseen issues that delayed the exercise of the previously authorized bonds and is necessary as the project nears its groundbreaking stage.

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 H.B. No. 377, H.D. 1, S.D. 1, and recommends that it pass Third Reading.