Bill Text: HI SB2274 | 2010 | Regular Session | Amended
Bill Title: Hawaii Pacific Health; Special Purpose Revenue Bonds
Spectrum: Partisan Bill (Democrat 5-0)
Status: (Engrossed - Dead) 2010-03-03 - (H) Referred to HLT, FIN, referral sheet 34 [SB2274 Detail]
Download: Hawaii-2010-SB2274-Amended.html
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THE SENATE |
S.B. NO. |
2274 |
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TWENTY-FIFTH LEGISLATURE, 2010 |
S.D. 2 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO ASSIST HAWAII PACIFIC HEALTH.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds and declares that the issuance of special purpose revenue bonds under this Act is in the public interest and is beneficial to the public health, safety, and general welfare.
SECTION 2. Pursuant to part II, chapter 39A, Hawaii Revised Statutes, the department of budget and finance, with the approval of the governor, is authorized to issue special purpose revenue bonds in a total amount not to exceed $75,000,000, in one or more series, for the purpose of assisting Hawaii Pacific Health, a nonprofit corporation, the obligated group in which Hawaii Pacific Health is a member, one or more of its not-for-profit affiliates, or any combination thereof, in financing, refinancing, or reimbursing costs related to the acquisition or construction of health care facilities. The legislature finds and determines that the activities and facilities of Hawaii Pacific Health, its obligated group, and its affiliates constitute projects as defined in part II, chapter 39A, Hawaii Revised Statutes, and the financing, refinancing, or reimbursing thereof constitutes assistance to a not-for-profit corporation that provides health care facilities to the general public.
SECTION 3. The special purpose revenue bonds and the refunding special purpose revenue bonds issued under this Act shall be issued pursuant to part II, chapter 39A, Hawaii Revised Statutes, relating to the power to issue special purpose revenue bonds to assist not—for-profit corporations that provide health care facilities to the general public.
SECTION 4. The department of budget and finance is authorized, from time to time, including times subsequent to June 30, 2015, to issue special purpose revenue bonds in whatever principal amounts the department shall determine to be necessary to refund the special purpose revenue bonds authorized in section 2 and to refund special purpose revenue bonds authorized in this section, regardless of whether the outstanding special purpose revenue bonds or refunding special purpose revenue bonds have matured or are the subject of redemption or whether the refunding special purpose revenue bonds shall be bonds for the projects described in section 2. In making this determination, the department shall comply with federal law relating to the exemption from federal income taxation of the interest on bonds of the nature authorized by this section. Refunding special purpose revenue bonds may be issued in one or more series for the refunding of the special purpose revenue bonds authorized in section 2 or this section and may be combined into a single issue of refunding special purpose revenue bonds, in one or more series, with refunding special purpose revenue bonds to be issued by the department to refund any other special purpose revenue bonds authorized by any one or more other separate acts of the legislature pursuant to part II, chapter 39A, Hawaii Revised Statutes.
SECTION 5. The authorization to issue special purpose revenue bonds under this Act shall lapse on June 30, 2015.
SECTION 6. This Act shall take effect on July 1, 2050.
Report Title:
Hawaii Pacific Health; Special Purpose Revenue Bonds
Description:
Authorizes the issuance of SPRBs to assist Hawaii Pacific Health in financing, refinancing, and/or reimbursing costs related to the acquisition or construction of health care facilities. Effective date 07/01/2050.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
