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. 379, H.D. 1, entitled:

begs leave to report as follows:

The purpose of this measure is to extend the authorization for the issuance of special purpose revenue bonds for the development of the Pacific Saging Center, Inc.

Act 292, Session Laws of Hawaii 1999, authorized the issuance of special purpose revenue bonds to assist the Pacific Saging Center, Inc. to develop a health care facility to serve the public. The authorization to issue the bonds lapses on June 30, 2003. This measure will extend the authorization period until June 30, 2008.

Your Committee finds that the initial purpose for issuing the special purpose revenue bonds for the Pacific Saging Center, Inc. remains in the public interest and for the public health, safety, and general welfare.

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. 379, H.D. 1, and recommends that it pass Third Reading.