HB 869 Summary

• Authorizes the Department of Budget and Finance to issue special purpose revenue bonds in an amount not to exceed $500,000,000 to assist Luana Kai A Life Plan Community, a Hawaii nonprofit corporation, with development and operation of a continuing care retirement community in Honolulu, Oahu.

• Establishes that Luana Kai A Life Plan Community qualifies as a health care facility under Part II, Chapter 39A, Hawaii Revised Statutes, making it eligible for special purpose revenue bond financing.

• Authorizes the department to issue refunding bonds after June 30, 2026, to refund previously issued bonds while complying with federal tax-exemption requirements.

• Bond issuance authorization expires on June 30, 2026.

• Takes effect on July 1, 2021.