STAND. COM. REP. NO. 1155

Honolulu, Hawaii

RE:    H.B. No. 404

       H.D. 1

       S.D. 1

Honorable Shan S. Tsutsui

President of the Senate

Twenty-Sixth State Legislature

Regular Session of 2011

State of Hawaii

Sir:

     Your Committee on Ways and Means, to which was referred H.B. No. 404, H.D. 1, 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 and intent of this measure is to authorize issuance of special purpose revenue bonds to assist Palolo Chinese Home, a Hawaii not-for-profit corporation, and its not-for-profit subsidiaries, to finance the expansion, construction, and rebuilding of its health care facilities.

     Your Committee finds that it is in the public interest and for the public health, safety, and general welfare to economically assist in the improvement of the health care system for residents of the State.  The measure will allow the Palolo Chinese Home to expand its service to the community by providing additional nursing and care home beds for seniors.

     Your Committee has amended this measure by:

     (1)  Inserting $40,000,000 as the amount of authorized special purpose revenue bonds; and

     (2)  Changing the effective date to July 1, 2011.

     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. 404, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 404, H.D. 1, S.D. 1.

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

____________________________

DAVID Y. IGE, Chair