HI HB404

Authorizes the Department of Budget and Finance to issue special purpose revenue bonds not exceeding $40,000,000 to assist Palolo Chinese Home and its not-for-profit subsidiaries.

Bonds may be issued in one or more series to finance expansion, construction, and rebuilding of Palolo Chinese Home's health care facilities.

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

Department is authorized to issue refunding bonds subsequent to June 30, 2016, to refund the original bonds or other refunding bonds, provided federal tax exemption requirements are met.

Authorization to issue bonds lapses on June 30, 2016; Act takes effect July 1, 2011.