S.B. 601 Summary

• Authorizes the Department of Budget and Finance to issue special purpose revenue bonds not to exceed $240,000,000 to assist Hawai'i Pacific Health and its nonprofit affiliates in financing health care facility construction and improvements.

• Funds Phase 1 improvements to Straub Medical Center including design, construction, new parking facility (triple capacity), conference center, employee wellness center, and equipment including solar panels.

• Authorizes planning and design for Phase 2 development, including a new 16-story hospital tower with expanded emergency department and patient rooms, plus other related Straub projects.

• Authorizes the Department of Budget and Finance to issue refunding bonds after June 30, 2028 to refinance the special purpose revenue bonds issued under this Act, subject to federal tax law compliance.

• Authorization to issue bonds lapses on June 30, 2028; Act becomes effective on December 31, 2050.