reglab/statecodes huggingface dataset:
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39. State Bonds › 39-112 Legislative certification as to bonds issued for assessable improvements.

§39-112 Legislative certification as to bonds issued for assessable improvements.
The legislature finds, determines, and certifies that (1) there are no bonds of the State issued, the only security for which is the properties benefited or improved or the assessments thereon; and (2) there are no general obligation bonds of the State issued for improvements, the costs of which are to be assessed in whole or in part against properties benefited or improved by such improvements. [L 1979, c 57, pt of §12]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39. State Bonds › 39-151 REPEALED. §39-151 Compound interest bond reserve fund.

§39-151 REPEALED.
L 1988, c 28, §2.
[PART VII. GENERAL PROVISIONS]
§39-151 Compound interest bond reserve fund.
(a) There is hereby established the Hawaii compound interest bond reserve fund, as a trust fund in the state treasury for the benefit of the State, to be held and administered by the department of budget and finance. The director, from time to time, may transfer a portion of general excise tax revenues collected pursuant to section 237-31 to the credit of the compound interest bond reserve fund, up to but not in excess of $5,000,000 during any fiscal year. Not fewer than thirty days before the convening of each regular session of the legislature, the director shall submit to the legislature a report of all funds transferred to the credit of the compound interest bond reserve fund.
(b) The moneys in the compound interest bond reserve fund shall be held exclusively for the payment of principal of and interest on compound interest bonds. The moneys shall be invested in such amounts and in a manner as will assure the availability to the State of moneys in an amount, together with other moneys available therefor, sufficient to make payments of principal of and interest on compound interest bonds as the same become due. The director of finance may invest and reinvest moneys deposited in the compound interest bond reserve fund only in a manner that will not cause the interest on any series of compound interest bonds to be includable in gross income for federal income tax purposes for any reason, including, without limitation, by causing any compound interest bond to be subjected to treatment as an "arbitrage bond", as defined in section 148(a) of the Internal Revenue Code of 1986, as amended, and applicable regulations. [L 1990, c 163, §2]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39. State Bonds › 39-161 Definitions.

§39-161 Definitions.
Whenever used in this part, unless a different meaning clearly appears from the context:
"Authorizing statute" means any statute which authorizes the issuance of bonds.
"Bonds" means any bonds, notes, and other instruments of indebtedness, or lease, lease purchase, or certificates of participation, or other evidence of indebtedness for which a security interest is granted or a pledge made upon revenue or other property to provide for payment or security.
"Governmental unit" means the State of Hawaii, and any state department, board, commission, officer, authority, agency, public corporation, or instrumentality, or the judiciary.
"Measure" means any act, certificate, resolution, statute, or other enactment authorizing the issuance of bonds or authorizing an indenture with respect to bonds pursuant to an authorizing statute. [L 2000, c 28, pt of §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39. State Bonds › 39-162 Perfection of a security interest.

§39-162 Perfection of a security interest.
Any security interest created by a governmental unit pursuant to any authorizing statute is perfected by the adoption of the measure or measures from the date on which the measure takes effect without the need for any physical delivery, filing, or recording in any office. [L 2000, c 28, pt of §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39. State Bonds › 39-163 Priority of a security interest.

§39-163 Priority of a security interest.
The priority of any security interest created by a governmental unit shall be governed by the contractual terms set forth in the measure or measures, including the terms of any indenture or any other agreement approved by the measure or measures, adopted by the governmental unit. No security interest having priority over an existing security interest may be created in violation of the terms of an existing measure governing outstanding bonds. [L 2000, c 28, pt of §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39. State Bonds › 39-164 Enforcement of a security interest.

§39-164 Enforcement of a security interest.
The terms of any applicable authorizing statute shall govern the enforcement of any security interest to the extent that the authorizing statute contains express provisions relating to enforcement or authorizes a governmental unit to contract with respect to enforcement. [L 2000, c 28, pt of §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-1 Statement on special purpose revenue bonds.

§39A-1 Statement on special purpose revenue bonds.
The governor shall transmit to the legislature on or before November 30 of each year a report on special purpose revenue bonds, defined in section 12 of Article VII of the Constitution, as of July 1 of the then current fiscal year. The report shall state the purpose for which such bonds were authorized, the person or persons with whom the State, or a department thereof, has contracted and who is obligated to make payments to the State, the amount of special purpose revenue bonds authorized and issued, and other such information as may be deemed necessary. [L 1979, c 57, §11]
Revision Note
Section was renumbered from §39-101 pursuant to §23G-15.
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-2 Public work project; issuance of special purpose revenue bonds; report to department of labor and industrial relations required.

§39A-2 Public work project; issuance of special purpose revenue bonds; report to department of labor and industrial relations required.
Any issuance of special purpose revenue bonds pursuant to this chapter for a public work project that is subject to chapter 104, but not directly caused by a governmental contracting agency, shall be promptly reported by the director of finance to the department of labor and industrial relations so that the department of labor and industrial relations may expeditiously carry out its duties under chapter 104. The report shall be in a form and contain such information as the director of labor and industrial relations may prescribe. [L 2007, c 61, §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-32 Department powers as to health care facilities.

§39A-32 Department powers as to health care facilities.
In addition to powers that it may now have, the department shall have all powers necessary or convenient to accomplish the purposes of this part. The powers of the department include but are not limited to the following:
(1) Notwithstanding and without compliance with section 103-7 and chapter 103D, but with the approval of the governor, to:
(A) Enter into and carry out a project agreement, or an amendment or supplement to an existing project agreement, with a project party; and
(B) Enter into and carry out any agreement, whereby the obligation of a project party under a project agreement will be unconditionally guaranteed by a person other than a project party;
(2) To issue special purpose revenue bonds pursuant to and in accordance with this part;
(3) To lend the proceeds of the special purpose revenue bonds issued for a project to the project party for use and application by the project party for the acquisition, purchase, construction, reconstruction, improvement, betterment, extension, or refinancing of outstanding obligations related to a project;
(4) As security for the payment of the principal, premium, if any, and interest of the special purpose revenue bonds issued for this project, to:
(A) Pledge, assign, hypothecate, or otherwise encumber all or any part of the revenues and receipts derived or to be derived by the department under the project agreement for the project for which the special purpose revenue bonds are issued;
(B) Pledge and assign the interest and rights of the department under the project agreement or other agreement with respect to the project or the special purpose revenue bonds;
(C) Pledge and assign any bond, debenture, note, or other evidence of indebtedness received by the department with respect to the project; or
(D) Any combination of the foregoing;
(5) To extend or renew any project agreement or any other agreement related thereto; provided that any renewal or extension shall be subject to the approval of the governor unless made in accordance with provisions for the extension or renewal contained in a project agreement or related agreement theretofore approved by the governor; and
(6) To do any and all things necessary or convenient to carry out its purposes and exercise the powers given and granted in this part.
When the department finances or refinances a project by the issuance of special purpose revenue bonds as contemplated by this part, the State shall not exercise the power of eminent domain to acquire a project or any part thereof for lease or transfer to a project party, nor shall the State operate a project on behalf of a project party. [L 1980, c 255, pt of §2; am L Sp 1993, c 8, §55; am L 2004, c 216, §8; am L 2006, c 292, §2]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-33 Compliance with state and local law.

§39A-33 Compliance with state and local law.
The issuance of special purpose revenue bonds with respect to any project under this part shall not relieve any project party or other user of such project from the laws, ordinances, and rules and regulations of the State or any political subdivision thereof, or any departments or boards thereof with respect to the construction, operation, and maintenance of projects, compliance with health care planning laws or regulations, or zoning laws or regulations, obtaining of building permits, compliance with building and health codes and other laws, ordinances, or rules and regulations of similar nature pertaining to the project, and such laws shall be applicable to such party or such other user to the same extent it would be if the costs of the project were directly financed by the project party. [L 1980, c 255, pt of §2]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-34 Conditions precedent to negotiating and entering into a project agreement.

§
39A-34 Conditions precedent to negotiating and entering into a project agreement.
(a) The department, prior to entering into negotiations with any project party, shall require that the project party shall agree to pay all fees, costs, and expenses (direct or indirect) assessed by the department in implementing and administering this part, as determined by the department, even though a project agreement may not be entered into and may further require the deposit of moneys with the department to pay for fees, costs, and expenses. Any amount of the deposit in excess of the amount required to pay the State shall be returned by the department to the party that made the deposit. The State shall not be required to pay to the project party any interest or earnings on the deposit.
(b) The department shall not enter into any project agreement with respect to any project unless the department shall determine that:
(1) The project party is a responsible party, whether by reason of economic assets or experience in the type of enterprise to be undertaken through the project, or otherwise; or
(2) The obligations of the project party under the project agreement will be unconditionally guaranteed by a person who is a responsible party, whether by reason of economic assets or experience in the type of enterprise to be undertaken through the project, or otherwise. [L 1980, c 255, pt of §2; am L 2007, c 44, §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-35 Project agreement.

§39A-35
Project agreement.
No special purpose revenue bonds shall be issued unless at the time of issuance the department shall have entered into a project agreement with respect to the project for the financing or refinancing of which the revenue bonds are to be issued. Any project agreement entered into by the department shall contain provisions unconditionally obligating the project party:
(1) To pay to the department during the period or term of the project agreement, exclusive of any renewal or extension thereof and whether or not the project is used or occupied by the project party, the sum or sums, at the time or times, and in the amounts that shall be sufficient:
(A) To pay the principal and interest on all special purpose revenue bonds issued with respect to the project as the bonds become due, including any premium payable upon any required redemption of the bonds;
(B) To establish or maintain a reserve, if any, as may be required by the instrument authorizing or securing the special purpose revenue bonds;
(C) To pay all fees and expenses (including the fees and expenses of the paying agents and trustees) assessed in connection with the special purpose revenue bonds; and
(D) To pay the fees, costs, and expenses (direct or indirect) assessed by the department in administering the bonds or in carrying out the project agreement; and
(2) To operate, maintain, and repair the project as long as it is used in the provision of health care to the general public, and to pay all costs of the operation, maintenance, and repair.
Moneys received by the department pursuant to paragraph (1)(D) shall not be, nor be deemed to be, revenues of the project and shall be paid into the general fund of the State. [L 1980, c 255, pt of §2; am L 2007, c 44, §2]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-36 Issuance of special purpose revenue bonds to finance projects.

§39A-36 Issuance of special purpose revenue bonds to finance projects.
In addition to the other powers which it may otherwise have, the department may issue special purpose revenue bonds to finance or refinance, the costs of facilities of, or for, or to loan the proceeds of such bonds to assist project parties. All revenue bonds issued under this part are special purpose revenue bonds and the provisions of part III of chapter 39 shall not apply thereto. All special purpose revenue bonds shall be issued in the name of the department and not in the name of the State.
The department in determining the cost of any project, may also include the following: financing charges, fees, and expenses of any trustee and paying agents for special purpose revenue bonds issued to pay the cost of such project; interest on such bonds and the expenses of the State in connection with such bonds and the project to be financed or refinanced from the proceeds of such bonds accruing or incurred prior to and during the period of construction and for not exceeding twelve months thereafter; amounts necessary to establish or increase reserves for the special purpose revenue bonds; the cost of plans, specifications, studies, surveys, and estimates of costs and of revenues; other expenses incidental to determining the feasibility or practicability of the project; administration expenses; interest cost incurred by the project party with respect to the project prior to the issuance of the special purpose revenue bonds; fees and expenses incurred in connection with the refinancing of outstanding obligations; and such other costs, commissions, and expenses incidental to the construction, acquisition, reconstruction, renovation, rehabilitation, improvement, betterment, operation, or extension of the project, the financing or refinancing thereof, placing of same in operation, and the issuance of the special purpose revenue bonds, whether incurred prior to or after the issuance of such bonds.
The legislature finds and determines that the exercise of the powers vested in the department by this part constitutes assistance to not-for-profit corporations serving the general public and that the issuance of special purpose revenue bonds to finance or to refinance facilities of, or for, or to loan the proceeds of such bonds to assist, project parties, is in the public interest. [L 1980, c 255, pt of §2]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-38 Special purpose revenue bond anticipation notes.

§39A-38 Special purpose revenue bond anticipation notes.
Whenever the department shall have authorized the issuance of special purpose revenue bonds under this part, special purpose revenue bond anticipation notes of the department may be issued in anticipation of the issuance of such bonds and of the receipt of the proceeds of sale thereof, for the purposes for which such bonds have been authorized. All special purpose revenue bond anticipation notes shall be authorized by the department, and the maximum principal amount of such notes shall not exceed the authorized principal amount of such bonds. The notes shall be payable solely from and secured solely by the proceeds of sale of the special purpose revenue bonds in anticipation of which the notes are issued and the revenues from which would be payable and by which would be secured such bonds; provided that to the extent that the principal of the notes shall be paid from moneys other than the proceeds of sale of such bonds, the maximum amount of bonds in anticipation of which the notes are issued that has been authorized shall be reduced by the amount of notes paid in such manner. The authorization, issuance, and the details of such notes shall be governed by the provisions of this part with respect to special purpose revenue bonds insofar as the same may be applicable; provided that each note, together with all renewals and extensions thereof, or refundings thereof by other notes issued under this section, shall mature within five years from the date of the original note. [L 1980, c 255, pt of §2]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-40 Security for special purpose revenue bonds.

§39A-40 Security for special purpose revenue bonds.
Special purpose revenue bonds shall be payable solely from the revenues derived by the department from payments made to the department under the project agreement or other supplemental agreements entered into with respect to the project, and shall be secured solely by such revenues and by the pledges and assignments authorized by this part. All special purpose revenue bonds of the same issue, subject to the prior and superior rights of outstanding bonds, claims, obligations, or mechanic's and materialman's liens, shall have a prior and paramount lien on the revenues derived from the project agreement with respect to the project, for which the bonds have been issued, over and ahead of all special purpose revenue bonds of any issue payable from the revenues which may be subsequently issued and over and ahead of any claims or obligations of any nature against the revenues subsequently arising or subsequently incurred; provided that the right and privilege may be reserved by the department in the trust indenture securing an issue of special purpose revenue bonds to subsequently issue additional special purpose revenue bonds, subject to legislative authorization of the issue as provided in section 39A-37, or to permit the project party or another party on its behalf to incur debt, from time to time, payable from the revenues derived from such project agreement on a parity with the first issue of the special purpose revenue bonds and any subsequent issue of special purpose revenue bonds and other debt issued or incurred in accordance with the provisions of the trust indenture shall be secured equally and ratably with the first issue of the special purpose revenue bond without priority by reason of the date of sale, date of execution, or date of delivery, by a lien on the revenues in accordance with this part.
Notwithstanding any other provisions herein, all or part of the property constituting the project and all interest of the project party in the project and the revenues of the project party therefrom may be subjected to the present and future lien of any mortgage of the project party securing the project party's bonds, and the rights of the department and any trustee for the holders of the special purpose revenue bonds and the holders of the special purpose revenue bonds in the project and the revenues therefrom may be made subject to the prior lien of the project party's mortgage. [L 1980, c 255, pt of §2; am L 1982, c 153, §2]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-41 Special purpose revenue bonds not a general obligation of State.

§39A-41 Special purpose revenue bonds not a general obligation of State.
No holder or holders of any special purpose revenue bonds issued under this part shall ever have the right to compel any exercise of taxing power of the State to pay such bonds or the interest thereon and no moneys other than the revenues pledged to such bonds shall be applied to the payment thereof. Each special purpose revenue bond issued under this part shall recite in substance that such bond, including interest thereon, is not a general obligation of the State and is payable solely from the revenues pledged to the payment thereof, and that such bond is not secured directly or indirectly by the full faith and credit or the general credit of the State or by any revenues or taxes of the State other than the revenues specifically pledged thereto. [L 1980, c 255, pt of §2]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-42 Validity of special purpose revenue bonds.

§39A-42 Validity of special purpose revenue bonds.
The special purpose revenue bonds bearing the signature or facsimile signature of officers in office on the date of the signing thereof shall be valid and sufficient for all purposes, notwithstanding that before the delivery thereof and payment therefor any or all the persons whose signatures appear thereon shall have ceased to be officers of the department. The special purpose revenue bonds shall contain a recital that they are issued pursuant to this part, which recital shall be conclusive evidence of their validity and of the regularity of their issuance. [L 1980, c 255, pt of §2]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-43 Use of revenues derived from project agreement.

§39A-43 Use of revenues derived from project agreement.
The department shall have the right to appropriate, apply, or expend the revenues derived with respect to the project agreement for a project for the following purposes:
(1) To pay when due all special purpose revenue bonds, premium, if any, and interest thereon, for the payment of which the revenues are or have been pledged, charged, or otherwise encumbered, including reserves therefor; and
(2) To the extent not paid by the project party to provide for all expenses of administration, operation, and maintenance of the project, including reserves therefor.
Unless and until adequate provision has been made for the foregoing purposes, the department shall not transfer the revenues derived from the project agreement to the general fund of the State. [L 1980, c 255, pt of §2]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-44 Special purpose revenue bonds exempt from taxation.

§39A-44 Special purpose revenue bonds exempt from taxation.
Special purpose revenue bonds and the income therefrom issued pursuant to this part shall be exempt from all state, county, and municipal taxation except inheritance, transfer, and estate taxes. [L 1980, c 255, pt of §2]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-44.5 Federal tax exempt status.

§39A-44.5 Federal tax exempt status.
Special purpose revenue bonds issued pursuant to this part, to the extent practicable, shall be issued to comply with requirements imposed by applicable federal law providing that the interest on the special purpose revenue bonds shall be excluded from gross income for federal income tax purposes (except as certain minimum taxes or environmental taxes may apply). The director of finance may enter into agreements, establish funds or accounts, and take any action required to comply with applicable federal law. Nothing in this part shall be deemed to prohibit the issuance of special purpose revenue bonds, the interest on which may be included in gross income for federal income tax purposes. [L 1996, c 142, §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-45 Exemption from taxation of department property.

§39A-45 Exemption from taxation of department property.
All revenues derived by the department from any project or under the project agreement pertaining thereto shall be exempt from all state, county, and municipal taxation. Any right, title, and interest of the department in any project shall also be exempt from all state, county, and municipal taxation. Except as otherwise provided by law, the interest of the project party or user of such project in a project or under the project agreement or related agreement shall not be exempt from taxation to a greater extent than it would be if the costs of the project were directly financed by the project party or other user. [L 1980, c 255, pt of §2]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-46 Refunding special purpose revenue bonds.

§39A-46 Refunding special purpose revenue bonds.
The legislature, by act enacted by an affirmative vote of two-thirds of the members to which each house is entitled, may authorize the issuance of refunding special purpose revenue bonds for the purpose of refunding any special purpose revenue bonds then outstanding and issued under the provisions of this part, whether or not such outstanding special purpose revenue bonds have matured or are then subject to redemption. The legislature is further authorized to provide, by act finally enacted by an affirmative vote of two-thirds of the members to which each house is entitled, for the issuance of a single issue of special purpose revenue bonds for the combined purposes of (1) financing or refinancing the cost of a project or improvement or expansion thereof, and (2) refunding special purpose revenue bonds which shall theretofore have been issued under the provisions of this part and shall then be outstanding, whether or not such outstanding special purpose revenue bonds have matured or are then subject to redemption. Nothing in this section shall require or be deemed to require the legislature to elect to redeem or prepay special purpose revenue bonds being refunded, or to redeem or prepay special purpose revenue bonds being refunded which were issued in the form customarily known as term bonds in accordance with any sinking fund installment schedule specified in any law authorizing the issuance thereof, or, in the event the department elects to redeem or prepay any such bonds, to redeem or prepay as of any particular date or dates. The issuance of such special purpose revenue bonds, the maturities and other details thereof, and the rights and remedies of the holders thereof, and the rights, powers, privileges, duties, and obligations of the department with respect to the same, shall be governed by the foregoing provisions of this part insofar as the same may be applicable. [L 1980, c 255, pt of §2]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-47 Status of special purpose revenue bonds under Uniform Commercial Code.

§39A-47 Status of special purpose revenue bonds under Uniform Commercial Code.
Notwithstanding any of the provisions of this part or any recitals in any special purpose revenue bonds issued under this part, all such special purpose revenue bonds shall be deemed to be investment securities under the Uniform Commercial Code, chapter 490, subject only to the provisions of the special purpose revenue bonds pertaining to registration. [L 1980, c 255, pt of §2]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-48 Special purpose revenue bonds as legal investments and lawful security.

§39A-48 Special purpose revenue bonds as legal investments and lawful security.
The special purpose revenue bonds issued pursuant to this part shall be and are declared to be legal and authorized investments for banks, savings banks, trust companies, savings and loan associations, insurance companies, credit unions, fiduciaries, trustees, guardians, and for all public funds of the State or other political corporations or subdivisions of the State. Such special purpose revenue bonds shall be eligible to secure the deposit of any and all public funds of the State and any and all public funds of counties or other political corporations or subdivisions of the State, and such bonds shall be lawful and sufficient security for such deposits to the extent of their value when accompanied by all unmatured coupons appertaining thereto. [L 1980, c 255, pt of §2; am L 1990, c 59, §3]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-49 Access to and public disclosure of financial records of project party.

§39A-49 Access to and public disclosure of financial records of project party.
(a) Each project party with a project agreement with the department shall allow the department full access to its financial records. Upon the request of the department for the examination of any such financial records, the project party shall allow the department to examine the requested records within a reasonably prompt time from the date of the request. If the department requests copies of the records, the project party shall provide the copies.
(b) To provide the public with full knowledge of the use of the proceeds and benefits derived from special purpose revenue bonds issued under this part, the department shall require each project party with a project agreement with the department to make available to the public all relevant financial records which pertain to the use of or savings resulting from the use of special purpose revenue bonds.
(c) The department shall adopt rules under chapter 91 for the purpose of this section. [L 1980, c 255, pt of §2]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-50 Estimate of benefits.

§39A-50 Estimate of benefits.
(a) Each project party with a project agreement with the department shall estimate the benefits derived from the use of the proceeds of special purpose revenue bonds. The benefits estimated shall be based on a comparison between the use of the proceeds of the special purpose revenue bonds instead of other means of financing and shall be in terms of dollars projected to be or actually saved by consumers of the services of the project party. The format of and method for determining the estimates shall be established by the department and shall be uniform for each project party.
(b) To promote public understanding of the role played by special purpose revenue bonds in providing less costly services by a project party to the general public, the department shall take appropriate steps to ensure public access to and scrutiny of the estimates determined under subsection (a).
(c) The department shall adopt rules under chapter 91 for the purposes of this section. [L 1980, c 255, pt of §2]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-51 Construction of this part.

§39A-51 Construction of this part.
The powers conferred by this part shall be in addition and supplemental to the powers conferred by any other law. Insofar as the provisions of this part are inconsistent with the provisions of any other law, this part shall be controlling. [L 1980, c 255, pt of §2]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-71 Definitions.

§39A-71 Definitions.
Whenever used in this part, unless a different meaning clearly appears from the context:
"Department" means the department of budget and finance.
"Project" means any combination of land, buildings, and other improvements thereon, for use as a manufacturing enterprise, including, without limiting the generality of the foregoing, machinery, equipment, furnishings, and apparatus which shall be deemed necessary, suitable, or useful to such enterprise.
"Project agreement" means any agreement entered into under this part by the department with a project party to financially assist a manufacturing enterprise from the proceeds of special purpose revenue bonds, including without limitation any loan agreement.
"Project party" means a person, firm, or corporation qualified to do business in this State and conducting or proposing to conduct a manufacturing enterprise in this State.
"Special purpose revenue bonds" or "bonds" means bonds, notes, or other evidences of indebtedness of the State issued pursuant to this part. [L 1981, c 120, pt of §2]
Revision Note
Numeric designations deleted.
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-72 Department powers as to manufacturing enterprises.

§39A-72 Department powers as to manufacturing enterprises.
In addition to powers that it may now have, the department shall have all powers necessary or convenient to accomplish the purposes of this part. The powers of the department include but are not limited to the following:
(1) Notwithstanding and without compliance with section 103-7 and chapter 103D, but with the approval of the governor, to:
(A) Enter into and carry out a project agreement, or an amendment or supplement to an existing project agreement, with a project party; and
(B) Enter into and carry out any agreement, whereby the obligation of a project party under a project agreement will be unconditionally guaranteed by a person other than a project party;
(2) To issue special purpose revenue bonds pursuant to and in accordance with this part;
(3) To lend the proceeds of the special purpose revenue bonds issued for a project to the project party for use and application by the project party for the acquisition, purchase, construction, reconstruction, improvement, betterment, extension, or maintenance of a project;
(4) As security for the payment of the principal, premium, if any, and interest of the special purpose revenue bonds issued for a project, to:
(A) Pledge, assign, hypothecate, or otherwise encumber all or any part of the revenues and receipts derived or to be derived by the department under the project agreement for the project for which the special purpose revenue bonds are issued;
(B) Pledge and assign the interest and rights of the department under the project agreement or other agreement with respect to the project or the special purpose revenue bonds;
(C) Pledge and assign any bond, debenture, note, or other evidence of indebtedness received by the department with respect to the project; or
(D) Any combination of the foregoing;
(5) To extend or renew any project agreement or any other agreement related thereto; provided that any renewal or extension shall be subject to the approval of the governor unless made in accordance with provisions for the extension or renewal contained in a project agreement or related agreement theretofore approved by the governor; and
(6) To do any and all things necessary or convenient to carry out its purposes and exercise the powers given and granted in this part. [L 1981, c 120, pt of §2; am L Sp 1993, c 8, §55; am L 2004, c 216, §9; am L 2006, c 292, §3]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-73 Compliance with state and local law.

§39A-73 Compliance with state and local law.
The issuance of special purpose revenue bonds with respect to any project under this part shall not relieve any project party or other user of such project from the laws, ordinances, and rules and regulations of the State or any political subdivision thereof, or any departments or boards thereof with respect to the construction, operation, and maintenance of projects, or zoning laws or regulations, obtaining of building permits, compliance with building and health codes and other laws, ordinances, or rules and regulations of similar nature pertaining to the project, and such laws shall be applicable to such party or such other user to the same extent they would be if the costs of the project were directly financed by the project party. [L 1981, c 120, pt of §2]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-74 Conditions precedent to negotiating and entering into a project agreement.

§39A-74 Conditions precedent to negotiating and entering into a project agreement.
(a) The department, prior to entering into negotiations with respect to a project agreement or at any time during the negotiations, shall require that as a condition to the negotiations or the continuation thereof the project party shall agree to pay all fees, costs, and expenses (direct or indirect) assessed by the department even though a project agreement may not be entered into and may further require the deposit of moneys with the department to pay for fees, costs, and expenses. Any amount of the deposit in excess of the amount required to reimburse the State shall be returned by the department to the party that made the deposit. The State shall not be required to pay to the project party any interest or earnings on the deposit.
(b) The department shall not enter into any project agreement with respect to any project unless the legislature shall have first authorized the issuance of special purpose revenue bonds to finance the project pursuant to section 39A-77 and the department has determined that:
(1) The project party is a responsible party, whether by reason of economic assets or experience in the type of enterprise to be undertaken through the project, or otherwise; or
(2) The obligations of the project party under the project agreement will be unconditionally guaranteed by a person who is a responsible party, whether by reason of economic assets or experience in the type of enterprise to be undertaken through the project, or otherwise. [L 1981, c 120, pt of §2; am L 2007, c 44, §3]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-75 Project agreement.

§39A-75 Project agreement.
No special purpose revenue bonds shall be issued unless at the time of issuance the department shall have entered into a project agreement with respect to the project for the financing of which the revenue bonds are to be issued. Any project agreement entered into by the department shall contain provisions unconditionally obligating the project party:
(1) To pay to the department during the period or term of the project agreement, exclusive of any renewal or extension thereof and whether or not the project is used or occupied by the project party, the sum or sums, at the time or times, and in the amounts that shall be sufficient:
(A) To pay the principal and interest on all special purpose revenue bonds issued with respect to the project as the bonds become due, including any premium payable upon any required redemption of the bonds;
(B) To establish or maintain a reserve, if any, as may be required by the instrument authorizing or securing the special purpose revenue bonds;
(C) To pay all fees and expenses (including the fees and expenses of the paying agents and trustees) assessed in connection with the special purpose revenue bonds; and
(D) To pay the fees, costs, and expenses (direct or indirect) assessed by the department in administering the bonds or in carrying out the project agreement; and
(2) To operate, maintain, and repair the project as long as it is used as provided in the project agreement and to pay all costs of the operation, maintenance, and repair.
Moneys received by the department pursuant to paragraph (1)(D) shall not be, or be deemed to be, revenues of the project and shall be paid into the general fund of the State. [L 1981, c 120, pt of §2; am L 2007, c 44, §4]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-76 Issuance of special purpose revenue bonds to finance projects.

§39A-76 Issuance of special purpose revenue bonds to finance projects.
In addition to the other powers which it may otherwise have, the department may issue special purpose revenue bonds to finance, in whole or in part, the costs of facilities of, or for, or to loan the proceeds of such bonds to assist project parties. All revenue bonds issued under this part are special purpose revenue bonds and the provisions of part III of chapter 39 shall not apply thereto. All special purpose revenue bonds shall be issued in the name of the department and not in the name of the State.
The department, in determining the cost of any project, may also include the following:
(1) Financing charges, fees, and expenses of any trustee and paying agents for special purpose revenue bonds issued to pay the cost of such project;
(2) Interest on such bonds and the expenses of the State in connection with such bonds and the project to be financed from the proceeds of such bonds accruing or incurred prior to and during the estimated period of construction and not exceeding twelve months thereafter;
(3) Amounts necessary to establish or increase reserves for the special purpose revenue bonds;
(4) The cost of plans, specifications, studies, surveys, and estimates of costs and of revenues;
(5) Other expenses incidental to determining the feasibility or practicability of the project;
(6) Administration expenses;
(7) Legal, accounting, consulting, and other special service fees;
(8) Interest cost incurred by the project party with respect to the project prior to the issuance of the special purpose revenue bonds; and
(9) Such other costs, commissions, and expenses incidental to the construction, acquisition, reconstruction, renovation, rehabilitation, improvement, betterment, operation, maintenance, or extension of the project, the financing, placing of same in operation, and the issuance of the special purpose revenue bonds, whether incurred prior to or after the issuance of such bonds.
The legislature finds and determines that the exercise of the powers vested in the department by this part constitutes assistance to a manufacturing enterprise and that the issuance of special purpose revenue bonds to finance facilities of, or for, or to loan the proceeds of such bonds to assist, project parties, is in the public interest. [L 1981, c 120, pt of §2]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-78 Special purpose revenue bond anticipation notes.

§39A-78 Special purpose revenue bond anticipation notes.
Whenever the department has authorized the issuance of special purpose revenue bonds under this part, special purpose revenue bond anticipation notes of the department may be issued in anticipation of the issuance of such bonds and of the receipt of the proceeds of sale thereof, for the purposes for which such bonds have been authorized. All special purpose revenue bond anticipation notes shall be authorized by the department, and the maximum principal amount of such notes shall not exceed the authorized principal amount of such bonds. The notes shall be payable solely from and secured solely by the proceeds of sale of the special purpose revenue bonds in anticipation of which the notes are issued and the revenues from which would be payable and by which would be secured such bonds; provided that to the extent that the principal of the notes shall be paid from moneys other than the proceeds of sale of such bonds, the maximum amount of bonds in anticipation of which the notes are issued that has been authorized shall be reduced by the amount of notes paid in such manner. The authorization, issuance, and the details of such notes shall be governed by the provisions of this part with respect to special purpose revenue bonds insofar as the same may be applicable; provided that each note, together with all renewals and extensions thereof, or refundings thereof by other notes issued under this section, shall mature within five years from the date of the original note. [L 1981, c 120, pt of §2]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-80 Security for special purpose revenue bonds.

§39A-80 Security for special purpose revenue bonds.
Special purpose revenue bonds shall be payable solely from the revenues derived by the department from payments made to the department under the project agreement or other agreements entered into with respect to the project, and shall be secured solely by such revenues and by the pledges and assignments authorized by this part. All special purpose revenue bonds of the same issue, subject to the prior and superior rights of outstanding bonds, claims, obligations, or mechanics' and materialmen's liens, shall have a prior and paramount lien on the revenues derived from the project agreement with respect to the project, for which such bonds have been issued, over and ahead of all special purpose revenue bonds of any issue payable from the revenues which may be subsequently issued and over and ahead of any claims or obligations of any nature against the revenues subsequently arising or subsequently incurred; provided that the department may reserve the right and privilege to subsequently issue additional series of special purpose revenue bonds, from time to time, payable from the revenues derived from such project agreement on a parity with the special purpose revenue bonds theretofore issued, and the subsequently issued series of special purpose revenue bonds may be secured, without priority by reason of date of sale, date of execution, or date of delivery, by a lien on the revenues in accordance with law, including this part. [L 1981, c 120, pt of §2]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-81 Special purpose revenue bonds not a general obligation of State.

§39A-81 Special purpose revenue bonds not a general obligation of State.
No holder or holders of any special purpose revenue bonds issued under this part shall ever have the right to compel any exercise of taxing power of the State to pay such bonds or the interest thereon and no moneys other than the revenues pledged to such bonds shall be applied to the payment thereof. Each special purpose revenue bond issued under this part shall recite in substance that such bond, including interest thereon, is not a general obligation of the State and is payable solely from the revenues pledged to the payment thereof, and that such bond is not secured directly or indirectly by the full faith and credit or the general credit of the State or by any revenues or taxes of the State other than the revenues specifically pledged thereto. [L 1981, c 120, pt of §2]