Report Title:

Reimbursable General Obligation Bond; Maui Memorial Medical Center

Description:

Authorizes issuance of reimbursable general obligation bonds in a principal amount not to exceed $22,000,000 to finance construction of a parking structure at Maui Memorial Medical Center. (SD1)

THE SENATE

S.B. NO.

1704

TWENTY-THIRD LEGISLATURE, 2005

S.D. 1

STATE OF HAWAII

  

 

A BILL FOR AN ACT

 

relating to revenue bonds for maui memorial medical center.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. The legislature finds that:

(1) Maui memorial medical center currently has a parking shortage and that the shortage will increase with plans to add a new four story wing and a new medical office building to the present hospital site; and

(2) A new parking structure is needed for Maui memorial medical center to meet the demand added by the new four story wing and the medical office building and address current parking shortages on the site.

Accordingly, the purpose of this Act is to authorize the issuance of reimbursable general obligation bonds in the sum of $22,000,000, or so much thereof as may be necessary, by the department of budget and finance to finance the design and construction of a nine hundred car parking structure for Maui memorial medical center.

SECTION 2. Reimbursable general obligation bonds. The director of finance is authorized to issue reimbursable general obligation bonds in the aggregate principal amount of $22,000,000 or so much thereof as may be necessary, and the same amount, or so much thereof as may be necessary, is appropriated for fiscal years 2005-2006 and 2006-2007, to be expended by the Hawaii healthcare system corporation for the purposes of this Act, including without limitation the financing and refinancing of all or any part of the cost of planning, designing, improving, acquiring, constructing, equipping, or furnishing the Maui memorial medical center parking facility authorized by this Act.

SECTION 3. The authorization to issue reimbursable general obligation bonds under this Act shall lapse on June 20, 2008.

SECTION 4. This Act shall take effect on July 1, 2005.