Report Title:
Special Purpose Revenue Bonds; Not-for-Profit Corporations; Health Care
Description:
Extends the sunset date for the issuance of special purpose revenue bonds for The Queen's Health Systems, a not-for-profit corporation, to assist with financing costs of construction, improvements, and equipment of health care facilities from June 30, 2008, to June 30, 2013. Effective 6/29/2008. (SD1)
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THE SENATE |
S.B. NO. |
971 |
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TWENTY-FOURTH LEGISLATURE, 2007 |
S.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to special purpose revenue bonds for not-For-profit corporations that provide health care facilities to the general public.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that the issuance of special purpose revenue bonds under this Act is in the public interest and for the public health, safety and general welfare.
The purpose of this Act is to extend the sunset date for the issuance of special purpose revenue bonds for The Queen's Health Systems, a not-for-profit corporation, to assist with financing costs of construction, improvements, and equipment of health care facilities
SECTION 2. Act 176, Session Laws of Hawaii 2003, is amended by amending sections 4 and 5 to read as follows:
"SECTION 4. The department of budget and
finance is authorized, from time to time, including time subsequent to
June 30, [2008,] 2013, to issue special purpose revenue
bonds in whatever principal amounts the department of budget and finance shall
determine to be necessary to refund the special purpose revenue bonds
authorized in section 2 and any refunding of special purpose revenue bonds
authorized in this section, regardless of whether the outstanding special
purpose revenue bonds or refunding special purpose revenue bonds have matured
or are the subject of redemption or whether the refunding special purpose
revenue bonds shall be bonds for the multi-project programs described in
section 2. In making this determination, the department of budget and finance
shall comply with federal law relating to the exemption from federal income
taxation of the interest on bonds of the nature authorized by this section.
SECTION 3. The authorization to issue special
purpose revenue bonds under this Act shall lapse on June 30, [2008.] 2013."
SECTION 4. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 5. This Act shall take effect on June 29, 2008.