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THE SENATE |
S.B. NO. |
3043 |
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TWENTY-SEVENTH LEGISLATURE, 2014 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to A west maui hospital.
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 for 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 $60,000,000 in one or more series, for the purpose of assisting West Maui Hospital and Medical Center Foundation, Inc., a Hawaii not-for-corporation, to finance the establishment of a hospital in west Maui. The legislature hereby finds and determines that a hospital in west Maui constitutes a project as defined in part II, chapter 39A, Hawaii Revised Statutes, and the financing thereof is 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, 2019, 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 multi-project programs 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.
SECTION 5. The authorization to issue special purpose revenue bonds under this Act shall lapse on June 30, 2019.
SECTION 6. This Act shall take effect on July 1, 2014.
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INTRODUCED BY: |
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Report Title:
SPRBs; West Maui Hospital and Medical Center Foundation, Inc.
Description:
Authorizes the issuance of SPRBs to assist West Maui Hospital and Medical Center Foundation, Inc. in establishing a hospital in west Maui.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.