HI HB1813

Department of Budget and Finance is authorized to issue special purpose revenue bonds up to $40,000,000 in one or more series to assist Hawaii Medical Center and its not-for-profit affiliates.

Bond proceeds may finance or refinance equipment purchases, remodeling and rebuilding of health care facilities, construction of new health care facilities, purchasing equipment, refinancing debt, and other related projects.

Bonds shall be issued pursuant to part II, chapter 39A of Hawaii Revised Statutes relating to special purpose revenue bonds for not-for-profit health care providers.

Department of Budget and Finance may issue refunding bonds subsequent to June 30, 2014 to refund the authorized bonds, provided federal tax exemption requirements are met.

Authorization to issue bonds lapses on June 30, 2014, and bond issuance is contingent upon Hawaii Medical Center obtaining not-for-profit status prior to this Act's effective date.