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. 380, H.D. 1, entitled:

begs leave to report as follows:

The purpose of this measure is to extend the authorization from June 30, 2003 to June 30, 2008, to issue special purpose revenue bonds for a health care facility to be developed by Pacific Sports Medicine and Research Center at Koa Ridge, Oa'hu.

The bill also authorizes the issuance of refunding bonds from time to time after June 30, 2008.

The Legislature has attempted both to encourage health-oriented tourism and to serve Hawai`i's aging population by supporting health care projects. The Legislature recognized the need for and value of this specific project in 1999, when it authorized the issuance of special purpose revenue bonds in Act 181. Your Committee finds that, as the project is only now nearing the groundbreaking stage, extending the time to issue these bonds is necessary. Your Committee also recognizes the need to extend the deadline for issuing the refunding bonds beyond the June 30, 2008, deadline to issue the original bonds.

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