Bills authorizing $85 million of special-purpose revenue bonds were signed into law last week.
Specifically, the bills authorize Hawaii to issue $30 million on behalf of Island Pacific Academy, a private school in West Oahu, $25 million on behalf of Maui Preparatory Academy to allow it to expand to include 11th and 12th grades, and $30 million of revenue bonds for Castle Medical Center to finance and refinance medical equipment and remodeling of the current 160-bed facility in Windward Oahu.
While the state will serve as a conduit issuer, the nonprofit institutions will be responsible for repaying the debt.
The three bond bills were signed last week by Lieut. Gov. James “Duke” Aiona, acting as governor while Gov. Linda Lingle traveled to Israel for that nation’s 60th anniversary events.
