STAND. COM. REP. NO. 3367

Honolulu, Hawaii

RE:    H.B. No. 2271

       H.D. 1

       S.D. 2

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fourth State Legislature

Regular Session of 2008

State of Hawaii

Madam:

     Your Committee on Ways and Means, to which was referred H.B. No. 2271, H.D. 1, S.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO ASSIST CASTLE MEDICAL CENTER AND ITS AFFILIATES,"

begs leave to report as follows:

     The purpose of this measure is to authorize the issuance of special purpose revenue bonds for Castle Medical Center and its affiliates.

     Your Committee received testimony in support of this measure from Castle Medical Center, the Hawaii Building and Construction Trades Council, AFL-CIO, and Healthcare Association of Hawaii.

     Your Committee finds that Castle Medical Center and its affiliates are non-profit corporations that provide health care facilities to the general public.  The bond proceeds will be used for equipment purchases and the construction and improvement of its health care facilities.

     Your Committee has amended this measure by:

     (1)  Inserting a bond authorization amount of $30,000,000;

     (2)  Inserting new language relating to the authorization to issue bonds for multiple projects; and

     (3)  Changing the effective date from July 1, 2020, to July 1, 2008.

     As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2271, H.D. 1, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 2271, H.D. 1, S.D. 2.

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

____________________________

ROSALYN H. BAKER, Chair