NOTICE OF PUBLIC HEARING
NOTICE IS HEREBY GIVEN that on March 13, 2006, at 10:00 a.m., a public hearing as required by Section 147(f) of the Internal Revenue Code of 1986 (the Code), will be held by the Department of Budget and Finance of the State of Hawaii (the Department) with respect to the proposed issuance of the Department of Budget and Finance of the State of Hawaii Special Purpose Revenue Refunding Bonds (The Queens Health Systems), 2006 Series A, 2006 Series B and 2006 Series C (hereinafter collectively referred to as the Bonds) in an aggregate principal amount not to exceed $200,000,000 for the purpose of assisting The Queens Health Systems and The Queens Medical Center, each a nonprofit corporation duly organized and existing under the laws of the State of Hawaii. The Bonds will be issued in order (a) to refinance the outstanding portion of the Department of Budget and Finance of the State of Hawaii Special Purpose Revenue Bonds (The Queens Health Systems), 1998 Series A, originally issued in the aggregate principal amount of $69,100,000 to provide for the refinancing of certain indebtedness incurred in connection with the acquisition, construction, improvement, expansion and equipping of the Queen Emma Tower project and the renovation of areas vacated in connection therewith and related costs, such facilities comprising a portion of the health care facilities owned and operated by The Queens Medical Center, (b) to refinance the outstanding portion of the Department of Budget and Finance of the State of Hawaii Special Purpose Revenue Bonds (The Queens Health Systems), 1998 Series B, originally issued in the aggregate principal amount of $50,000,000 to provide for the financing of the acquisition, construction, improvement, expansion and equipping of certain portions of health care facilities owned and operated by The Queens Medical Center, and (c) to finance and refinance costs of the acquisition, construction, improvement, expansion and equipping of certain portions of health care facilities owned and operated by The Queens Medical Center, located at 1301 Punchbowl Street, Honolulu, Hawaii 96813 and 1132 Bishop Street, Honolulu, Hawaii 96813.
The hearing will commence at 10:00 a.m., local time, or as soon thereafter as the matter may be heard, and will be held at the Department of Budget and Finance, Third Floor Conference Room, Room 306, 250 South Hotel Street, Honolulu, Hawaii 96813. Interested persons wishing to express their views concerning the issuance of the Bonds or on the nature and location of the above-described health care facilities to be refinanced may attend the public hearing or may submit written comments prior to the time of the public hearing. Written comments should be addressed to the Department of Budget and Finance, 250 South Hotel Street, Room 302, Honolulu, Hawaii 96813, Attention: Mr. Gordon Wong, Public Debt Manager, Financial Administration Division.
Additional information concerning the above- referenced matters may be obtained by calling the Department at (808) 586-1615 on regular business days between 7:45 a.m. and 4:30 p.m.
The proposed special purpose revenue refunding bonds and the interest thereon will be payable solely from the revenues received by or for the account of the Department pursuant, or with respect to a loan agreement to be entered into by the Department and The Queens Health Systems. The Bonds shall not constitute a general or moral obligation of the State of Hawaii or a charge upon the general fund of the State of Hawaii and the full faith and credit of the State of Hawaii are not pledged to the payment of the principal of, or interest on, the Bonds.
The meeting location is disability accessible. If special needs are required (i.e., large print, taped materials, sign language interpreter, etc.), please call Mr. Gordon Wong at (808) 586-1615 by March 3, 2006. Those who are deaf or are hard of hearing should call relay telephone number 1-877-447-5990 or 711.
Dated: February 24, 2006
DEPARTMENT OF BUDGET AND FINANCE
OF THE STATE OF HAWAII
Georgina K. Kawamura
Director of Finance
(SB05521553 2/24/06)
