Authorizes issuance of revenue bonds in a principal amount not to exceed $22,000,000 to finance construction of a parking structure at Maui Memorial Medical Center.

A BILL FOR AN ACT

SECTION 1. (a) The legislature finds that:

(b) Accordingly, the purpose of this Act is to authorize the issuance of revenue bonds in a principal amount not to exceed $22,000,000 by the department of accounting and general services to finance the design and construction of a nine hundred car parking structure for Maui memorial medical center.

SECTION 2. Revenue bonds. Pursuant to chapter 39, part III, the department of budget and finance, with the approval of the governor, may issue in one or more series revenue bonds in a total amount not to exceed $22,000,000 for the purpose of designing and constructing a nine hundred car parking structure at Maui memorial medical center.

SECTION 3. Bond terms. (a) The principal of and interest on the revenue bonds issued pursuant to section 2 shall be payable solely from and secured solely by the revenues produced by the parking structure financed by the bonds and the automotive management division of the department of accounting and general services.

(b) The revenue bonds may also be used to finance capitalized interest on the bonds and any other expenses incidental thereto or connected therewith, including engineering, inspection, legal, and fiscal agent fees and costs of the issuance of the revenue bonds.

(c) The bonds shall be special, limited obligations of the State, payable exclusively from and secured by a lien on the revenues of the parking structure financed by the bonds and the automotive management division of the department of accounting and general services, and such other funds as may be legally available and pledged for that purpose.

(d) The revenue bonds shall not be secured by the taxing power of the State. The principal on the bonds and any premiums upon the redemption thereof shall not constitute or evidence a debt of the State, nor a legal or equitable pledge, charge, lien, or encumbrance upon any of its property, or upon any of its income, receipts, or revenues, except the revenues of the parking structure financed by the bonds and the automotive management division of the department of accounting and general services, and such other funds as may be legally available and pledged for that purpose.

SECTION 4. The authorization to issue revenue bonds under this Act shall lapse on June 20, 2008.

SECTION 5. This Act shall take effect upon its approval.