HI SB2211

Requires Hawaii Health Systems Corporation to develop a comprehensive transition plan to convert from a state corporation to a nonprofit entity exempt from federal income tax under Section 501 of the Internal Revenue Code and Hawaii Nonprofit Corporation law (Chapter 414D).

Transition plan must include a timetable, projected costs, and analysis of financing options, potential partnerships, operations issues, employee impacts, patient impacts, stakeholder impacts, and necessary statutory amendments.

Hawaii Health Systems Corporation must submit the transition plan to the legislature no later than 40 days before the 2011 Regular Session convenes, with annual updates required before each subsequent regular session.

Authorizes the director of finance to issue general obligation bonds (amount unspecified in bill) for fiscal year 2010-2011 to fund facility repairs, maintenance, and transition expenses including employee vacation leave compensation and accounts payable.

Appropriated funds do not lapse at the end of the fiscal biennium but any unencumbered moneys lapse on June 30, 2012; effective date set for July 1, 2050.