STAND. COM. REP. NO.  511-12

Honolulu, Hawaii

                , 2012

RE:   H.B. No. 2345

      H.D. 1

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Sixth State Legislature

Regular Session of 2012

State of Hawaii

Sir:

     Your Committee on Health, to which was referred H.B. No. 2345 entitled:

"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO ASSIST ST. FRANCIS HEALTHCARE SYSTEM OF HAWAII,"

begs leave to report as follows:

The purpose of this measure is to provide for the public health, safety, and general welfare of the community by authorizing the issuance of special purpose revenue bonds to assist St. Francis Healthcare System of Hawaii to finance the construction, improvement, and equipment of its healthcare facilities.

St. Francis Healthcare System of Hawaii, Healthcare Association of Hawaii, Hawaii Catholic Conference, and an individual testified in support of this measure.  An individual testified in opposition to this measure.  The Department of Budget and Finance commented on this measure.

     Your Committee has amended this bill by:

(1)  Deleting the provision allowing the special purpose revenue bonds to be used for refinancing debt related to financing the construction, improvement, and equipment of St. Francis Healthcare System of Hawaii healthcare facilities;

(2)  Making technical amendments relating to the financial structure of the bonds;

(3)  Changing the effective date to July 1, 2050, to facilitate continued discussion; and

(4)  Making technical, nonsubstantive amendments for clarity, consistency, and style.

     As affirmed by the record of votes of the members of your Committee on Health that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2345, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 2345, H.D. 1, and be referred to the Committee on Finance.

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

____________________________

RYAN I. YAMANE, Chair