STAND. COM. REP. NO. 762

Honolulu, Hawaii

RE:    S.B. No. 209

       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 S.B. No. 209, S.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 assist Palolo Chinese Home by authorizing the issuance of special purpose revenue bonds to finance the expansion, construction, and rebuilding of its health care facilities.

     Your Committee finds that Palolo Chinese Home is Hawaii's largest and second oldest adult residential care home, providing shelter and care to Hawaii's seniors since 1896.  In 2005, the Legislature authorized the issuance of $40,000,000 in special purpose revenue bonds to assist Palolo Chinese Home with financing the expansion, construction, and rebuilding of its facilities.  Palolo Chinese Home, however, was unable to access bond funding before the authorized funding lapsed.  This measure will enable Palolo Chinese Home and its not-for-profit subsidiaries to finance the expansion and construction of its facilities.

     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. 209, S.D. 1, and recommends that it pass Third Reading.

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

____________________________

DAVID Y. IGE, Chair