reglab/statecodes huggingface dataset:
2023 Hawaii Revised Statutes › Title 6. County Organization and Administration › 47C. Indebtedness of the Counties, Exclusions from the Funded Debt, and Certification Thereof › 47C-1 Definitions.

§47C-1 Definitions.
As used in sections 47C-1 through 47C-6, the following words and terms shall have the following meanings or inclusions:
"Chairperson of the finance committee" shall mean the chairperson of the finance committee of the council of the county, or if the council of the county does not have a finance committee, the member of the council appointed by the council to perform the functions required by this chapter to be performed by the chairperson of the finance committee of the council.
"Corporation counsel" shall mean the chief legal advisor or legal representative of the county.
"County" shall include each county of the State, including the city and county of Honolulu.
"Director of finance" shall mean the director of finance of the county, or if the county does not have a director of finance, the officer of the county in whom is vested the functions and powers of maintaining the treasury of the county and issuing and selling, paying interest on, and redeeming bonds of the county.
"Fiscal year" shall mean the fiscal year of the county as defined in section 46-41.
"Special assessment bonds" shall mean bonds issued under special improvement statutes when the only security for such bonds is the assessments or special taxes levied and assessed under those statutes or properties subject to the assessments or special taxes.
As used in sections 47C-1 through 47C-6, the words or terms "bonds", "general obligation bonds", "net revenue", "net user tax receipts", "reimbursable general obligation bonds", "revenue bonds", "special purpose revenue bonds", and "user tax" shall have the respective meanings and inclusions given to such words and terms in section 12 of article VII of the constitution. [L 1970, c 202, pt of §1; am L 1979, c 43, pt of §4; am L 1992, c 226, §4; gen ch 1993]
2023 Hawaii Revised Statutes › Title 6. County Organization and Administration › 47C. Indebtedness of the Counties, Exclusions from the Funded Debt, and Certification Thereof › 47C-2 Determination of funded debt.

§47C-2 Determination of funded debt.
Within ninety days after the first day of each fiscal year, the director of finance of each county shall ascertain and set forth in a tabular summary the total indebtedness of the county outstanding and unpaid as of the first day of such fiscal year. The summary shall include the following:
(1) An itemization of the total principal amount of all general obligation bonds, reimbursable general obligation bonds, revenue bonds, special assessment bonds, special purpose revenue bonds, and all other bonds of the county outstanding and unpaid, including bonds which may be excluded under clauses 1, 2, 3, 4, 5, 6, 8, and 9 of section 13 of article VII of the constitution when determining the funded debt of the county for the purposes of that section together with a grand total of such total principal amounts.
(2) The total principal amount of all bonds of the State required by clause (7) of section 13 of article VII of the constitution to be included when determining the funded debt of the county for the purposes of that section.
(3) A grand total of the total principal amounts set forth in the summary pursuant to paragraphs (1) and (2).
(4) An itemization of the total of the principal amount of all general obligation bonds, reimbursable general obligation bonds, revenue bonds, special assessment bonds, and special purpose revenue bonds of the county outstanding and unpaid which may be excluded under clauses 1, 2, 3, 4, 5, 6, 8, and 9 of section 13 of article VII of the constitution when determining the total funded debt of the county for the purposes of that section, together with a grand total of such total principal amounts.
(5) The difference between the grand total principal amount set forth in the summary pursuant to paragraph (3) and the grand total principal amount set forth in the summary pursuant to paragraph (4).
The director of finance shall also prepare and attach to the tabular summary such supporting schedules as may be required to set forth in detail the bonds included in the itemizations required by paragraphs (1) and (4). Such supporting schedules shall also set forth or make reference to the relevant statutory, charter, ordinance, or other legal provision, and the relevant figures of assessment collections, revenues, user tax receipts, cost of operation, maintenance and repair, net revenues, net user tax receipts, reimbursements to the general fund, and other financial information, justifying the inclusion of such bonds in the itemization required by paragraph (4). The director of finance shall indicate in the supporting schedules whether the financial findings and figures are based upon the records of the director's office or upon audited statements and reports, and if based upon the latter, shall identify in the schedules the audited reports and statements. [L 1970, c 202, pt of §1; am L 1979, c 43, pt of §4; am L 1983, c 64, §5; gen ch 1985]
2023 Hawaii Revised Statutes › Title 6. County Organization and Administration › 47C. Indebtedness of the Counties, Exclusions from the Funded Debt, and Certification Thereof › 47C-3 Supplemental determination.

§47C-3 Supplemental determination.
Whenever the county proposes to issue bonds, the director of finance shall prepare a supplemental summary of the indebtedness of the county setting forth therein such information and findings as of a date within thirty days of the delivery of such bonds as will bring up to date and make current the most recent summary prepared in accordance with the provisions of section 47C-2. The director of finance shall also prepare and attach to such supplemental summary such supporting schedules as may be required to set forth in detail the variations and changes from the summary prepared in accordance with section 47C-2, including such legal and financial findings as will justify any changes in the itemizations set forth in such previous summary pursuant to the requirements of paragraph (4) of section 47C-2. If all the bonds proposed to be issued may be excluded when determining the funded debt of the county for the purposes of section 13 of article VII of the constitution by reason of the provisions of clauses 2 or 4 of that section, the supplemental summary and supporting schedules may be limited to such bonds and findings as are necessary to justify such exclusion under such clauses.
In the event proceeds of the bonds proposed to be issued are to be applied to the retirement in the then fiscal year of outstanding bonds, including notes issued in anticipation of the issuance of the bonds proposed to be issued, for the purpose of applying the provisions of clause 1 of section 13 of article VII of the constitution to the bonds to be retired, that amount of such proceeds to be so applied may be considered and treated as moneys irrevocably set aside for the payment of such bonds. [L 1970, c 202, pt of §1; am L 1979, c 43, pt of §4]
2023 Hawaii Revised Statutes › Title 6. County Organization and Administration › 47C. Indebtedness of the Counties, Exclusions from the Funded Debt, and Certification Thereof › 47C-5 Concurrence in summaries.

§47C-5 Concurrence in summaries.
Upon the preparation by the director of finance of any summaries and supporting schedules required by the provisions of sections 47C-2 and 47C-3, the director shall submit such summary and supporting schedules to the corporation counsel of the county for the corporation counsel's concurrence as to all legal findings upon which such summary and schedules are based, and to the chairperson of the finance committee of the county for the chairperson's concurrence as to all matters therein. The corporation counsel and the chairperson of the finance committee shall notify the director of finance in writing of their concurrence in such summary and supporting schedules. If the corporation counsel or the chairperson of the finance committee shall disagree with any items included in the summary and supporting schedules, the corporation counsel or the chairperson of the finance committee, as the case may be, shall notify the director of finance in writing of the corporation counsel's or chairperson's concurrence as to all other items and as to the items of disagreement and the corporation counsel's or chairperson's reasons therefor. The director of finance shall thereupon certify the summary and supporting schedules to the council of the county, setting forth in such certification any items therein disagreed to by the corporation counsel or the chairperson of the finance committee. The summary and schedules so certified shall be conclusive as to all items therein concurred to by the corporation counsel and the chairperson of the finance committee. [L 1970, c 202, pt of §1; gen ch 1985, 1993]
2023 Hawaii Revised Statutes › Title 6. County Organization and Administration › 47C. Indebtedness of the Counties, Exclusions from the Funded Debt, and Certification Thereof › 47C-6 Public hearing; declaratory judgment.

§47C-6 Public hearing; declaratory judgment.
In the event the certification by the director of finance of any summary and supporting schedules filed with the council of the county shall set forth therein that the corporation counsel or the chairperson of the finance committee has disagreed as to any item therein, the council at its election may hold a public hearing on any factual matters as to which there is disagreement. The public hearing shall be held at a regular meeting of the council. Public notice of the public hearing shall be given at least once at least five days prior to the date set for the hearing in the county. The council after the public hearing may make findings as to all the factual items about which there is disagreement, which findings shall be conclusive. Upon the findings having been made, the director of finance shall revise the summary and supporting schedules to reflect the findings, and shall certify the revised summary and supporting schedules to the council.
In the event the certification by the director of finance of any summary and supporting schedules filed with the council of the county shall set forth therein that the corporation counsel has disagreed as to any legal finding or determination therein, the council at its election may direct the corporation counsel to file a declaratory judgment action in the name of the county against the director of finance in the circuit court having jurisdiction over the county. The circuit court having jurisdiction over the county is hereby vested with jurisdiction over the declaratory judgment action. The findings and determinations by the circuit court in the action shall be conclusive. Upon the findings and determinations having been made by the circuit court, the director of finance shall revise the summary and supporting schedules to reflect the findings, and shall certify the revised summary and supporting schedules to the council. [L 1970, c 202, pt of §1; gen ch 1993; am L 1998, c 2, §16]
2023 Hawaii Revised Statutes › Title 6. County Organization and Administration › 47C. Indebtedness of the Counties, Exclusions from the Funded Debt, and Certification Thereof › 47C-7 Effect of summary.

§47C-7 Effect of summary.
In the event of the issuance of bonds by the county, the summary most recently prepared pursuant to section 47C-2 prior to the issuance of such bonds, together with the supplementary summary pertaining to such issuance prepared pursuant to section 47C-3, both as certified to the council, shall be utilized in determining whether the issuance of such bonds would cause the limit set forth in section 13 of article VII of the constitution on the funded debt of the county to be exceeded by such issuance. Such summaries shall be conclusive as to all items therein concurred to by the corporation counsel and the chairperson of the finance committee and as to all items therein revised to reflect the findings of the council of the county upon public hearing or the findings and determination of the circuit court in a declaratory judgment action. In the event that the disagreement of the corporation counsel or the chairperson of the finance committee as to any item in a summary or supporting schedules has not been resolved upon public hearing or by a declaratory judgment action, the bonds or portion thereof to which such disagreement pertains shall be included in determining the funded debt of the county for the purposes of section 13 of article VII of the constitution unless and until such disagreement is resolved upon public hearing or by a declaratory judgment action. [L 1970, c 202, pt of §1; am L 1979, c 43, pt of §4; gen ch 1993]
2023 Hawaii Revised Statutes › Title 6. County Organization and Administration › 48. Economic Development Bonds › 48-1 Definitions.

§48-1 Definitions.
As used in this chapter:
"Department" means the department of business, economic development, and tourism.
"Economic development bond" means any general or revenue bond issued by any political subdivision of the State for the purpose of financing the purchase or lease of land; the purchase or construction, including reconstruction, improvement, expansion, extension, and enlargement, of buildings and appurtenances; and the purchase and installation of machinery, equipment, or fixtures, when the purchases or leases are made primarily for sale or continuing lease to a private individual, partnership, or corporation for use in connection with the development of an agricultural, industrial, commercial, or hotel enterprise.
"Governing body" means the body, council, or board charged with exercising the legislative authority of a political subdivision of the State.
"Political subdivision" means a county or other political subdivision created by the legislature pursuant to article VIII, section 1, of the constitution of the State. [L 1964, c 58, pt of §2; Supp, §140A-2; am L 1957, c 227, §2; HRS §48-1; am L 1974, c 254, §1(2); am L 1987, c 336, §7; am L 1990, c 293, §8]
Cross References
Purchase by state director of finance, see §36-23.
2023 Hawaii Revised Statutes › Title 6. County Organization and Administration › 48. Economic Development Bonds › 48-2 Department authority.

§48-2 Department authority.
The department of business, economic development, and tourism may employ personnel necessary to carry out this chapter. The department may issue rules and regulations in accordance with chapter 91 and may require information necessary for the administration of this chapter.
All departments, divisions, boards, bureaus, commissions, or other agencies of the State shall provide such assistance and information as the department may require to enable it to carry out its duties under this chapter. [L 1964, c 58, pt of §2; Supp, §140A-3; HRS §48-2; am L 1987, c 336, §7; am L 1990, c 293, §8]
Cross References
Department of business, economic development, and tourism, see §26-18.
2023 Hawaii Revised Statutes › Title 6. County Organization and Administration › 48. Economic Development Bonds › 48-4 Procedure.

§48-4 Procedure.
Within thirty days after a political subdivision files a petition, completed in accordance with the rules and regulations authorized by section 48-2, the department of business, economic development, and tourism shall upon due notice hold a hearing upon the petition. The department shall reasonably expedite the hearing and shall advise the petitioning political subdivision of its decision within thirty days of the adjournment of a hearing. If the department approves the petition, a certificate of convenience and necessity shall be issued forthwith. Failure of the department to advise the petitioning political subdivision of its decision within thirty days of the conclusion of the hearing shall constitute approval of the petition, and the political subdivision shall be entitled to receive such certificate. Decisions of the department shall be reviewable as provided by chapter 91.
A certificate of convenience and necessity issued as provided by this chapter shall expire twelve months from the date of its issuance, provided that upon written application by the political subdivision to the department, the department in its discretion may extend the expiration date of the certificate. [L 1964, c 58, pt of §2; Supp, §140A-5; HRS §48-4; am L 1987, c 336, §7; am L 1990, c 293, §8]
2023 Hawaii Revised Statutes › Title 6. County Organization and Administration › 48. Economic Development Bonds › 48-5 Authorization for issuance of bonds.

§48-5 Authorization for issuance of bonds.
A political subdivision which holds a certificate of convenience and necessity issued and in force pursuant to this chapter may issue local government general obligation or revenue bonds, subject to the limitations and procedures of this chapter, of the constitution of the State, of the applicable provisions of chapters 47 and 49, and of other applicable laws. [L 1964, c 58, pt of §2; Supp, §140A-6; HRS §48-5]
2023 Hawaii Revised Statutes › Title 6. County Organization and Administration › 48. Economic Development Bonds › 48-6 Annual report.

§48-6 Annual report.
The department of business, economic development, and tourism shall make an annual report to the governor and the legislature, including recommendations to further the purposes of this chapter. [L 1964, c 58, pt of §2; Supp, §140A-7; HRS §48-6; am L 1987, c 336, §7; am L 1990, c 293, §8]
Cross References
Due date of reports, see §93-12.
2023 Hawaii Revised Statutes › Title 6. County Organization and Administration › 48. Economic Development Bonds › 48-7 Provisions of chapter controlling.

§48-7 Provisions of chapter controlling.
Insofar as this chapter is inconsistent with the provisions of any law or charter, this chapter shall be controlling. The powers conferred by this chapter shall be in addition and supplemental to the powers conferred by any other law or charter. [L 1964, c 58, pt of §2; Supp, §140A-8; HRS §48-7]
2023 Hawaii Revised Statutes › Title 6. County Organization and Administration › 48E. Political Subdivision Pollution Control Special Purpose Revenue Bonds › 48E-2 County powers.

§48E-2 County powers.
In addition to any other powers provided by law, a county may:
(1) Subject to the approval of the governing body of the county, enter into, amend, supplement, and carry out a project agreement with a project party, and enter into and carry out any other agreement whereby the obligations of a project party under a project agreement shall be unconditionally guaranteed or insured by, or the performance thereof assigned to, a person other than the project party;
(2) By separate ordinance, approved by two-thirds of the members to which the governing body of the county is entitled, issue special purpose revenue bonds pursuant to this chapter in such principal amounts as may be necessary to finance the cost of the pollution control project;
(3) Lend or otherwise apply the proceeds of the special purpose revenue bonds issued for a pollution control project, either directly or through a trustee or a project party, for use and application by the project party in the acquisition, construction, installation, or modification of a pollution control project, or agree with the project party whereby any of these activities shall be undertaken or supervised by that project party or by a person designated by the project party;
(4) As security for the payment of the principal of and interest on special purpose revenue bonds issued to finance the costs of the pollution control project and any related agreement:
(A) Pledge, assign, hypothecate, or otherwise encumber all or any part of the revenues and receipts derived or to be derived by the county under the project agreement;
(B) Pledge and assign the interests and rights of the county under the project agreement or other agreement with respect to such pollution control project;
(C) Pledge and assign any bond, debenture, note, or other evidence of indebtedness received by the county with respect to such pollution control project; or
(D) Any combination of the foregoing;
(5) With or without terminating a project agreement, exercise any and all rights provided by law for entry and reentry upon or to take possession of a pollution control project at any time, or from time to time, upon breach or default by a project party under a project agreement, including any action at law or in equity for the purpose of effecting its rights of entry or reentry or obtaining possession of the project or for the payments of the rentals, user taxes, or charges or any other sums due and payable by the project party to the county pursuant to the project agreement; and
(6) Do all things necessary or proper to carry out the purposes of this chapter. [L 1983, c 237, pt of §2]
2023 Hawaii Revised Statutes › Title 6. County Organization and Administration › 48E. Political Subdivision Pollution Control Special Purpose Revenue Bonds › 48E-3 Compliance with state and local law.

§48E-3 Compliance with state and local law.
The financing of any pollution control project under this chapter shall not relieve any project party or other user of such project from compliance with all laws, ordinances, and rules and regulations of the State and county or any departments or boards thereof with respect to the construction, operation, and maintenance of pollution control projects, compliance with master plans 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 project party or such other user to the same extent they would be if the costs of the pollution control project were directly financed by the project party. [L 1983, c 237, pt of §2]
2023 Hawaii Revised Statutes › Title 6. County Organization and Administration › 48E. Political Subdivision Pollution Control Special Purpose Revenue Bonds › 48E-4 Conditions precedent.

§48E-4 Conditions precedent.
The county shall not undertake any pollution control project or enter into any project agreement with respect thereto unless the governing body shall first find and determine either:
(1) That the proposed project party is a responsible party, whether by reason of economic assets, experience in the type of enterprise to be undertaken through the pollution control project, or otherwise, or
(2) That the obligations of the project party under the project agreement will be unconditionally guaranteed or insured by, or that the performance thereof is assigned to, or guaranteed or insured by, a person who is a responsible party, whether by reason of economic assets, experience in the type of enterprise to be undertaken through the pollution control project, or otherwise. [L 1983, c 237, pt of §2]
2023 Hawaii Revised Statutes › Title 6. County Organization and Administration › 48E. Political Subdivision Pollution Control Special Purpose Revenue Bonds › 48E-5 Project agreement.

§48E-5 Project agreement.
(a) Any project agreement entered into by the county shall contain provisions unconditionally obligating the project party to pay the county during the period or term of the project agreement, exclusive of any renewal or extension thereof and whether or not the pollution control project is used or occupied by the project party, at such time or times and in such amount or amounts that will be at least sufficient:
(1) To pay the principal of, and premium, if any, and interest on all special purpose revenue bonds issued to finance the costs of the pollution control project as and when the same becomes due, including upon any required redemption thereof;
(2) To establish or maintain such reserves, if any, as may be required by the instrument authorizing or securing the special purpose revenue bonds;
(3) To pay the fees and expenses of the paying agents and trustees for the special purpose revenue bonds;
(4) To pay the expenses incurred by the county in administering the bonds or in carrying out the project agreement; provided that moneys received by the county to pay such expenses shall not be, nor be deemed to be, revenues derived under the project agreement which may be pledged as security for special purpose revenue bonds and shall be paid into the county fund from which such payments are made; and
(5) To pay any and all of the cost, direct or indirect, in the operation, maintenance, and repair of the pollution control project.
(b) Any project agreement entered into by the county may contain such provisions as the county deems necessary or desirable to obtain or permit the participation of the state and federal government in the pollution control project or in the financing of the costs thereof.
(c) A project agreement shall provide that the county shall have all rights and remedies generally available at law or in equity to reenter and take possession of a pollution control project upon the breach or default by a project party of any term, condition, or provision of a project agreement.
(d) The county may extend or renew any project agreement or any other agreement related thereto, in accordance with the project agreement. [L 1983, c 237, pt of §2]
2023 Hawaii Revised Statutes › Title 6. County Organization and Administration › 48E. Political Subdivision Pollution Control Special Purpose Revenue Bonds › 48E-6 Issuance of special purpose revenue bonds to finance pollution control projects.

§48E-6 Issuance of special purpose revenue bonds to finance pollution control projects.
In addition to the other powers which any county otherwise may have, any county shall have the power and is authorized to issue special purpose revenue bonds to finance, in whole or in part, the costs of a pollution control project. The legislature of the State of Hawaii finds and determines that the exercise of the powers vested in a county by this chapter constitutes assistance to processing enterprises and that the issuance of special purpose revenue bonds to finance facilities of or for a project party is in the public interest. [L 1983, c 237, pt of §2]
2023 Hawaii Revised Statutes › Title 6. County Organization and Administration › 48E. Political Subdivision Pollution Control Special Purpose Revenue Bonds › 48E-8 Special purpose revenue bond anticipation notes.

§48E-8 Special purpose revenue bond anticipation notes.
Whenever the governing body of the county shall have authorized the issuance of special purpose revenue bonds under this chapter, special purpose revenue bond anticipation notes of the county are authorized to 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 governing body of the county issuing the notes, and the maximum principal amount of such notes shall not exceed the authorized principal amount of such bonds. The notes shall be payable from and secured 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 chapter with respect to special purpose revenue bonds insofar as the provisions 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 1983, c 237, pt of §2]
2023 Hawaii Revised Statutes › Title 6. County Organization and Administration › 48E. Political Subdivision Pollution Control Special Purpose Revenue Bonds › 48E-10 Lien of special purpose revenue bonds.

§48E-10 Lien of special purpose revenue bonds.
(a) Special purpose revenue bonds shall be payable from the revenues derived by the county from payments made to the county under the project agreement or other agreements entered into with respect to the pollution control project, and shall be secured by such revenues and by the pledges and assignments authorized by this chapter.
(b) All special purpose revenue bonds of the same issue shall have a prior and paramount lien on the revenues derived from the project agreement with respect to the pollution control 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 but subject to the prior and superior rights of outstanding bonds, claims, or obligations; provided that the right and privilege may be reserved in any ordinance authorizing the issuance of special purpose revenue bonds to subsequently issue additional special purpose revenue bonds, from time to time, payable from the receipts derived from such project agreement on a parity with the special purpose revenue bonds thereby authorized and the subsequently issued special purpose revenue bonds conforming to the reserved right and privilege then shall rank on such parity as to security and source of payment.
(c) All special purpose revenue bonds of the same issue shall be equally and ratably secured without priority by reason of date of sale, date of execution, or date of delivery, by a lien on the receipts in accordance with this chapter and the ordinance authorizing the special purpose revenue bonds. [L 1983, c 237, pt of §2]
2023 Hawaii Revised Statutes › Title 6. County Organization and Administration › 48E. Political Subdivision Pollution Control Special Purpose Revenue Bonds › 48E-11 Special purpose revenue bonds not a general obligation of county.

§48E-11 Special purpose revenue bonds not a general obligation of county.
No holder or holders of any special purpose revenue bonds issued under this chapter shall ever have the right to compel any exercise of taxing power of the county to pay such bonds or the interest thereon. No special purpose revenue bond shall be secured, directly or indirectly, by the general credit of the county or by any revenues or taxes of the county, other than receipts derived from the project agreement with respect to the pollution control project for which such bonds have been issued or from any security for such project agreement, and no moneys other than such receipts shall be applied to the payment thereof. Each special purpose revenue bond issued under this chapter shall recite in substance that such bond, including interest thereon, is not a general obligation of the county and is payable from the receipts 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 county or by any revenues or taxes of the county other than the revenues specifically pledged thereto. [L 1983, c 237, pt of §2]
2023 Hawaii Revised Statutes › Title 6. County Organization and Administration › 48E. Political Subdivision Pollution Control Special Purpose Revenue Bonds › 48E-12 Validity of special purpose revenue bonds.

§48E-12 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 county issuing the bonds. The validity of the special purpose revenue bonds shall not be dependent on nor affected by the validity or regularity of any proceedings relating to the pollution control project for which the special purpose revenue bonds are issued. The ordinance authorizing the special purpose revenue bonds may provide that the special purpose revenue bonds shall contain a recital that they are issued pursuant to this chapter, which recital shall be conclusive evidence of their validity and of the regularity of their issuance. [L 1983, c 237, pt of §2]
2023 Hawaii Revised Statutes › Title 6. County Organization and Administration › 48E. Political Subdivision Pollution Control Special Purpose Revenue Bonds › 48E-13 Use of receipts derived from project agreement.

§48E-13 Use of receipts derived from project agreement.
Any county issuing special purpose revenue bonds pursuant to this chapter for a pollution control project shall have the right to appropriate, apply, or expend the receipts derived from the project agreement entered into with respect thereto for the following purposes:
(1) To pay when due all special purpose revenue bonds and interest thereon, for the payment of which the receipts 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 pollution control project, including reserves therefor.
Unless and until adequate provision has been made for the foregoing purposes, no county shall transfer receipts derived from the project agreement to its general fund. [L 1983, c 237, pt of §2]
2023 Hawaii Revised Statutes › Title 6. County Organization and Administration › 48E. Political Subdivision Pollution Control Special Purpose Revenue Bonds › 48E-14 Special purpose revenue bonds exempt from taxation.

§48E-14 Special purpose revenue bonds exempt from taxation.
Special purpose revenue bonds issued pursuant to this chapter and the income therefrom shall be exempt from all state and county taxation except inheritance, transfer, and estate taxes. [L 1983, c 237, pt of §2]
2023 Hawaii Revised Statutes › Title 6. County Organization and Administration › 48E. Political Subdivision Pollution Control Special Purpose Revenue Bonds › 48E-15 Exemption from taxation by county property.

§48E-15 Exemption from taxation by county property.
All revenues derived by the county from any project agreement shall be exempt from all state and county taxation. Any right, title, and interest of the county in any pollution control project shall also be exempt from all state and county taxation. Except as otherwise provided by law, the interest of the project party or user of such project in a pollution control 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 pollution control project were directly financed by the project party or other user. [L 1983, c 237, pt of §2]
2023 Hawaii Revised Statutes › Title 6. County Organization and Administration › 48E. Political Subdivision Pollution Control Special Purpose Revenue Bonds › 48E-16 Refunding special purpose revenue bonds.

§48E-16 Refunding special purpose revenue bonds.
The governing body of a county, by separate ordinance finally enacted by an affirmative vote of two-thirds of the members to which such governing body is entitled, may authorize the issuance of refunding special purpose revenue bonds of the county for the purpose of refunding any special purpose revenue bonds then outstanding and issued by that county under this chapter, whether or not such outstanding special purpose revenue bonds have matured or are then subject to redemption. Each county is authorized to provide, by separate ordinance finally enacted by an affirmative vote of two-thirds of the members to which such governing body is entitled, for the issuance of a single issue of special purpose revenue bonds of the county for the combined purposes of (1) financing the cost of a pollution control project or improvement or expansion thereof, and (2) refunding special purpose revenue bonds of the county which theretofore shall have been issued under this chapter and then shall be outstanding, whether or not such outstanding special purpose revenue bonds have matured or then are subject to redemption.
Nothing in this section shall require or be deemed to require a county to elect 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 ordinance authorizing the issuance thereof, or, if a county 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, the rights and remedies of the holders thereof, and the rights, powers, privileges, duties, and obligations of the county with respect to the bonds, shall be governed by the foregoing provisions of this chapter insofar as the provisions may be applicable. [L 1983, c 237, pt of §2]
2023 Hawaii Revised Statutes › Title 6. County Organization and Administration › 48E. Political Subdivision Pollution Control Special Purpose Revenue Bonds › 48E-17 Status of special purpose revenue bonds under Uniform Commercial Code.

§48E-17 Status of special purpose revenue bonds under Uniform Commercial Code.
Notwithstanding any of the provisions of this chapter or any recitals in any special purpose revenue bonds issued under this chapter, 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 1983, c 237, pt of §2]
2023 Hawaii Revised Statutes › Title 6. County Organization and Administration › 48E. Political Subdivision Pollution Control Special Purpose Revenue Bonds › 48E-18 Special purpose revenue bonds as legal investments and lawful security.

§48E-18 Special purpose revenue bonds as legal investments and lawful security.
The special purpose revenue bonds issued pursuant to this chapter shall be and are hereby declared to be legal and authorized investments for banks, savings banks, trust companies, building 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 1983, c 237, pt of §2; am L 1990, c 59, §8]
2023 Hawaii Revised Statutes › Title 6. County Organization and Administration › 48E. Political Subdivision Pollution Control Special Purpose Revenue Bonds › 48E-19 Construction of this chapter.

§48E-19 Construction of this chapter.
The powers conferred by this chapter shall be supplemental to the powers conferred by any other law. Nothing contained in this chapter shall prohibit a county from providing for a pollution control project of the nature described in this part as a public undertaking, improvement, or system under chapter 47 or 49. [L 1983, c 237, pt of §2]
2023 Hawaii Revised Statutes › Title 6. County Organization and Administration › 49. Revenue Bonds › 49-1 Definitions.

§49-1 Definitions.
Whenever used in this chapter, unless a different meaning clearly appears from the context:
"Board" means any department or board of a county authorized to issue revenue bonds under this chapter.
"County" means the city and county of Honolulu and the counties of Hawaii, Kauai, and Maui, the board of water supply of the city and county of Honolulu and the boards of water supply of the counties of Hawaii, Kauai, and Maui.
"Director of finance" means the director of finance of the various counties.
"Governing body" means council of each county, or any other body exercising the legislative powers of the county.
"Loan program" means the activities and policies undertaken by any county to provide:
(1) Assistance to members of the general public who are residents of the county by making loans or causing loans to be made available to them for purposes as may be authorized by law; or
(2) Loans to private nonprofit organizations or public instrumentalities, or to wholly owned affiliates thereof, for the development of low and moderate income housing pursuant to section 46-15.1(a).
"Revenue" means the moneys collected, including any moneys collected from the county or any department thereof, from the rates, rentals, fees and charges prescribed for the use and services of, and the facilities and commodities furnished by, an undertaking or the use and services and benefits of a loan program.
"Revenue bonds" means all bonds payable solely from and secured by the revenue, or user taxes, or any combination of both, of an undertaking or loan program or any loan made thereunder for which such bonds are issued and as otherwise provided in this chapter.
"Undertaking" means any public works and properties, improvement, or system owned or operated by the county, and from which the county may derive revenue, or with respect to which the county may derive user taxes, including but not limited to one or a combination of two or more of the following: water, sewerage, gas or electric, heat, light or power works, solid waste processing and disposal, public off-street parking facilities, plants, systems, and low and moderate income housing projects provided pursuant to section 46-15.1, together with all parts thereof and appurtenances thereto.
"User taxes" means taxes on goods or services or on the consumption thereof, the receipts of which are substantially derived from the consumption, use or sale of goods and services in the utilization of the functions or services furnished by the undertaking. [L 1989, c 80, pt of §3; am L 2002, c 207, § §1, 3; am L 2007, c 37, §3]
Cross References
"Undertaking":
Mass transit system, see §51-4.
Off-street parking, see chapter 56.
2023 Hawaii Revised Statutes › Title 6. County Organization and Administration › 49. Revenue Bonds › 49-2 Declaration of policy.

§49-2 Declaration of policy.
It is declared to be the policy of the State that any county acquiring, purchasing, constructing, reconstructing, improving, bettering, or extending an undertaking or establishing or administering a loan program pursuant to this chapter shall manage the undertaking or loan program in the most efficient manner consistent with sound economy and public advantage and consistent with the protection of bondholders. [L 1989, c 80, pt of §3]
2023 Hawaii Revised Statutes › Title 6. County Organization and Administration › 49. Revenue Bonds › 49-7 CUSIP numbers.

§49-7 CUSIP numbers.
The governing body issuing revenue bonds pursuant to this chapter, in its discretion, may provide that CUSIP identification numbers shall be imprinted on the revenue bonds. In the event such numbers are imprinted on any revenue bonds (1) no CUSIP number shall constitute a part of the contract evidenced by the particular revenue bond upon which it is imprinted and (2) no liability shall attach to the county, or any officer or agent thereof, including any fiscal agent, paying agent, or registrar for the bonds, by reason of the numbers or any use made thereof, and including any use thereof made by the county, any officer or any agent, or by reason of any inaccuracy, error, or omission with respect thereto or in that use. The governing body in its discretion may require that all cost of obtaining and imprinting the numbers shall be paid by the purchaser of the bonds. For the purposes of this section the term "CUSIP identification numbers" means the numbering system adopted by the Committee for Uniform Security Identification Procedures formed by the Securities Industry Association. [L 1989, c 80, pt of §3]
2023 Hawaii Revised Statutes › Title 6. County Organization and Administration › 49. Revenue Bonds › 49-8 Support facility for variable rate revenue bonds.

§49-8 Support facility for variable rate revenue bonds.
If revenue bonds issued pursuant to this chapter are issued bearing interest at a rate or rates which vary from time to time and with a right of holders to tender the revenue bonds for purchase, the governing body may authorize the director of finance to contract for such support facility or facilities and remarketing arrangements as are required to market the revenue bonds to the greatest advantage of the county upon such terms and conditions as deemed necessary and proper. The director of finance may enter into contracts or agreement with the entity or entities providing a support facility; provided that any contract or agreement shall provide, in essence, that any amount due and owing by the county under the contract or agreement on an annual basis shall be payable solely from the revenue of the undertaking or loan program and any obligation issued or arising pursuant to the terms of the contract or agreement in the form of bonds, notes, or other evidences of indebtedness shall only arise at such time as either:
(1) Moneys or securities have been irrevocably set aside for the full payment of a like principal amount of revenue bonds issued pursuant to this chapter; or
(2) A like principal amount of the issue or series of revenue bonds to which the support facility relates are held in escrow by the entity or entities providing the support facility. [L 1989, c 80, pt of §3]
2023 Hawaii Revised Statutes › Title 6. County Organization and Administration › 49. Revenue Bonds › 49-9 Covenants in resolution authorizing issuance of revenue bonds.

§49-9 Covenants in resolution authorizing issuance of revenue bonds.
Any resolution or resolutions authorizing the issuance of revenue bonds under this chapter may contain covenants including but not limited to:
(1) The purpose or purposes to which the proceeds of sale of the revenue bonds shall be applied and the use and disposition thereof;
(2) The use and disposition of the revenue of the undertaking or the loan program for which the revenue bonds are to be issued, or the user taxes derived therefrom, or both, to the extent pledged to the payment of the revenue bonds, including the priority of payments from such revenue and the creation and maintenance of reserves and the investment thereof;
(3) Transfer from the general fund of the county to the account or accounts of the undertaking an amount equal to the cost of furnishing the county or any of its departments, boards, or agencies, at their request, with the services, facilities and commodities of the undertaking;
(4) The issuance of other or additional revenue bonds payable from the revenue of the loan program or of the undertaking, or the user taxes derived therefrom, or both revenue and user taxes, to the extent pledged to the payment of the revenue bonds;
(5) The operation, maintenance, and repair of the undertaking or the administration, operation, and maintenance of the loan program; or
(6) Other appropriate suit, action, or proceeding in any court of competent jurisdiction. [L 1989, c 80, pt of §3]