STAND. COM. REP. NO. 3078

Honolulu, Hawaii

RE: S.B. No. 2609

S.D. 1

Honorable Ronald D. Kouchi

President of the Senate

Thirty-First State Legislature

Regular Session of 2022

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred S.B. No. 2609 entitled:

"A BILL FOR AN ACT RELATING TO SPECIAL PURPOSE REVENUE BONDS FOR NONPROFIT CORPORATIONS THAT PROVIDE HEALTH CARE FACILITIES TO THE GENERAL PUBLIC,"

begs leave to report as follows:

The purpose and intent of this measure is to authorize the issuance of no more than $750,000,000 in special purpose revenue bonds to finance the construction, improvement, and equipping of health care facilities by The Queen's Health Systems and its nonprofit affiliates.

Your Committee received written comments in support of this measure from The Queen's Health Systems.

Your Committee received written comments on this measure from the Department of Budget and Finance.

Your Committee finds that the activities and facilities of The Queen's Health Systems and its nonprofit affiliates constitute a project that qualifies for special purpose revenue bonds that are intended to assist not-for-profit corporations that provide health care facilities to the general public.

Your Committee has amended this measure by:

(1) Changing the amount of the bond authorization from $750,000,000 to an unspecified amount;

(2) Changing the effective date to July 1, 2050, to facilitate further discussion on the measure; and

(3) Making technical nonsubstantive changes for purposes of clarity, consistency, and style.

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. 2609, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 2609, S.D. 1.

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

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DONOVAN M. DELA CRUZ, Chair