HI SB506

Authorizes the Department of Budget and Finance to issue special purpose revenue bonds not to exceed $12,000,000 to assist Wahiawa General Hospital with debt consolidation and liquidation.

Bonds issued under chapter 39A, part II of Hawaii Revised Statutes to help the hospital continue operations and serve the central Oahu community.

Hospital has experienced financial difficulties over 15 years due to competition from Queen's Medical Center West Oahu, reduced insurance reimbursements, physician shortages, and increased indigent care needs.

Authorization to issue bonds lapses on June 30, 2026; department may issue refunding bonds after that date to refund previously issued bonds in compliance with federal tax law.

Act takes effect July 1, 2021.