Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

Your Committee on Health, to which was referred H.B. No. 2592 entitled:

begs leave to report as follows:

The purpose of this bill is to assist St. Francis Healthcare System of Hawaii (SFHS) and its nonprofit affiliates with the construction, improvement, and equipment of its healthcare facilities by authorizing the issuance of special purpose revenue bonds.

St. Francis Healthcare System of Hawaii testified in support of this bill.

Your Committee finds that the Sisters of St. Francis have been a part of healthcare in Hawaii since 1883. Its service to people with Hansen's disease in the 1800s has grown into SFHS, a multifaceted, nonprofit corporation that provides statewide healthcare services.

This measure authorizes the Department of Budget and Finance to issue special purpose revenue bonds in an amount not to exceed $85,000,000 for the purpose of assisting SFHS. The bonds will allow SFHS to refinance debt, upgrade hospital facilities, purchase equipment, construct and upgrade dialysis facilities, and construct new long-term care nursing facilities.

As affirmed by the record of votes of the members of your Committee on Health that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2592 and recommends that it pass Second Reading and be referred to the Committee on Finance.