STAND. COM. REP. NO. 2820

Honolulu, Hawaii

RE:    S.B. No. 2768

       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 S.B. No. 2768, S.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF REVENUE BONDS TO ASSIST THE MAUI REGION OF THE HAWAII HEALTH SYSTEMS CORPORATION,"

begs leave to report as follows:

     The purpose of this measure is to provide the Maui Memorial Medical Center, located in the Maui region of the Hawaii Health Systems Corporation, a means to fund improvements to the facility.

     Specifically, this measure authorizes the Maui Health Care Regional System Board of the Hawaii Health Systems Corporation to issue $150,000,000 in revenue bonds, and additional revenue bonds to refund the initial issue of revenue bonds, to finance the construction, improvement, and equipment of the Maui Memorial Medical Center, including the construction of a new Heart, Brain, and Spine Center on Maui.

     Your Committee received testimony in support of this measure from the Maui Memorial Medical Center.

     Upon further consideration, your Committee has amended this measure by:

(1)  Correcting the name of the proposed center to the "Heart, Brain, and Vascular Center";

(2)  Clarifying that the $150,000,000 revenue bond issue authorized in section 2 of the bill is in addition to other amounts of bonds authorized by law; and

(3)  Clarifying that the authority to issue revenue bonds under this measure derives from the powers of a regional system board of the Hawaii Health Systems Corporation pursuant to section 323F‑7(c)(15), Hawaii Revised Statutes, and not from the general power to issue revenue bonds inuring to the State under chapter 39, Hawaii Revised Statutes.

     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 S.B. No. 2768, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 2768, S.D. 2.

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

____________________________

ROSALYN H. BAKER, Chair