STAND. COM. REP. NO.  662

Honolulu, Hawaii

                , 2011

RE:   H.B. No. 404

      H.D. 1

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Sixth State Legislature

Regular Session of 2011

State of Hawaii

Sir:

     Your Committee on Finance, to which was referred H.B. No. 404 entitled:

"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO ASSIST PALOLO CHINESE HOME AND ITS SUBSIDIARIES,"

begs leave to report as follows:

     The purpose of this bill is to help provide a sufficient health care infrastructure by authorizing the issuance of special purpose revenue bonds to assist Palolo Chinese Home to finance the expansion, construction, and rebuilding of its health care facilities.

     The Palolo Chinese Home supported this bill.  A concerned individual opposed this measure.  The Department of Budget and Finance provided comments.

     Your Committee has amended this bill by:

     (1)  Changing the lapse date of the special purpose revenue bond issuance to June 30, 2016;

     (2)  Making unspecified the bond authorization amount; and

     (3)  Changing its effective date to July 1, 2030, to encourage further discussion.

     As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 404, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 404, H.D. 1, and be placed on the calendar for Third Reading.

Respectfully submitted on behalf of the members of the Committee on Finance,

____________________________

MARCUS R. OSHIRO, Chair