Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Sir:

Your Committees on Health and Human Services and Housing, to which was referred H.B. No. 520 entitled:

beg leave to report as follows:

The purpose of this bill is to extend the deadline of the issuance of special purpose revenue bonds (SPRB) issued for the Honolulu Neighborhood Housing Services to June 30, 2007.

The developer of Kapiolani Akahi testified in support of this measure.

Your Committees find that Kapiolani Akahi is a retirement community planned for Waikiki. While the Kapiolani Akahi project has been in the planning stages for several years, adequate funding have not been secured until now. Kapiolani Akahi owns and will manage the continuum of care and services for Kapiolani Akahi residents requiring varied levels of care.

Your Committees respectfully request the Committee on Finance to consult with the Department of Budget and Finance to verify if there is a time limit for SPRB reauthorization or extension.

As affirmed by the records of votes of the members of your Committees on Health and Human Services and Housing that are attached to this report, your Committees are in accord with the intent and purpose of H.B. No. 520 and recommend that it pass Second Reading and be referred to the Committee on Finance.