reglab/statecodes huggingface dataset:
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-325 Federal tax exempt status.

§39A-325
Federal tax exempt status.
To the extent practicable, special purpose revenue bonds issued pursuant to this part 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 2006, c 148, pt of §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-326 Exemption from taxation of department property.

§39A-326 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 and county taxation. Any right, title, and interest of the department in any 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 the project 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 2006, c 148, pt of §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-327 Refunding special purpose revenue bonds.

§39A-327 Refunding special purpose revenue bonds.
By act enacted by an affirmative vote of two-thirds of the members to which each house is entitled, the legislature 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 this part, whether or not the outstanding special purpose revenue bonds have matured or are then subject to redemption. By act enacted by an affirmative vote of two-thirds of the members to which each house is entitled, the legislature may provide 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 that shall theretofore have been issued under this part and shall then be outstanding, whether or not the 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 department to elect to redeem or prepay special purpose revenue bonds being refunded, or to redeem or prepay special purpose revenue bonds being refunded that were issued in the form customarily known as term bonds in accordance with any sinking fund installment schedule specified in any instruments providing for the issuance thereof, or, if the department elects to redeem or prepay any bonds, to redeem or prepay as of any particular date or dates. The issuance of refunding 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 department with respect to the same, shall be governed by the foregoing provisions of this part insofar as the same may be applicable. [L 2006, c 148, pt of §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-328 Status of special purpose revenue bonds under the Uniform Commercial Code.

§39A-328 Status of special purpose revenue bonds under the 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 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 2006, c 148, pt of §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-329 Special purpose revenue bonds as legal investments and lawful security.

§39A-329 Special purpose revenue bonds as legal investments and lawful security.
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. The 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 the bonds shall be lawful and sufficient security for public fund deposits to the extent of their value when accompanied by all unmatured coupons appertaining thereto. [L 2006, c 148, pt of §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-330 Access to and public disclosure of financial records of project party.

§39A-330 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 the project party's financial records. Upon the request of the department for the examination of any financial record, 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 that 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 purposes of this section. [L 2006, c 148, pt of §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-331 Estimate of benefits.

§39A-331 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 the creation of new jobs and potential effect on tax receipts. 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 benefits 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 2006, c 148, pt of §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-332 Construction of this part.

§39A-332 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 control. [L 2006, c 148, pt of §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-342 Department powers as to dam and reservoir owners.

§39A-342 Department powers as to dam and reservoir owners.
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 shall include the following:
(1) Notwithstanding and without compliance with section 103-7, 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, maintenance of a project, 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 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 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 previously 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 2012, c 147, pt of §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-343 Compliance with state and local law.

§39A-343 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 the project from the laws, ordinances, and rules of the State or any political subdivision thereof, or any departments or boards thereof with respect to:
(1) The construction, operation, and maintenance of projects;
(2) Compliance with zoning laws or regulations;
(3) Obtaining of building permits; and
(4) Compliance with building and health codes and other laws, ordinances, or rules and regulations of similar nature pertaining to the project.
These laws shall be applicable to the party or any other user to the same extent they would be if the costs of the project were directly financed by the project party. [L 2012, c 147, pt of §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-344 Conditions precedent to negotiating and entering into a project agreement.

§39A-344 Conditions precedent to negotiating and entering into a project agreement.
(a) Prior to entering into negotiations with respect to a project agreement or at any time during the negotiations, the department shall require that as a condition to the negotiations or the continuation thereof, the State shall be reimbursed for any and all costs and expenses incurred by it even though a project agreement may not be entered into. The department may further require the deposit of moneys with the department as security for the reimbursement. 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 has 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-347 and the department has thereafter found and determined either 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 2012, c 147, pt of §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-345 Project agreement.

§39A-345 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 special purpose 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 time or times, and in amounts that will be at least sufficient:
(A) To pay the principal and interest on all special purpose revenue bonds issued with respect to the project as and when the same become due, including any premium payable upon any required redemption of the bonds;
(B) To establish or maintain a reserve, if any, that 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, incurred in connection with the special purpose revenue bonds; and
(D) To pay the expenses, direct or indirect, incurred by the State, as determined 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 2012, c 147, pt of §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-346 Issuance of special purpose revenue bonds to finance projects.

§39A-346 Issuance of special purpose revenue bonds to finance projects.
In addition to the other powers that it may otherwise have, the department may issue special purpose revenue bonds to finance or refinance, in whole or in part, the costs of facilities of, or for, or to loan the proceeds of the 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.
In determining the cost of any project, the department 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 the project;
(2) Interest on the bonds and the expenses of the State in connection with the bonds and the project to be financed from the proceeds of the bonds accruing or incurred prior to and during the estimated period of construction and for the period 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) Administrative 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) Other costs, commissions, and expenses incidental to the construction, acquisition, reconstruction, renovation, rehabilitation, improvement, betterment, operation, maintenance, 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 the bonds.
The legislature finds and determines that the exercise of the powers vested in the department by this part constitutes assistance to dam and reservoir owners and that the issuance of special purpose revenue bonds to finance facilities of, or for, or to loan the proceeds of the bonds to assist project parties is in the public interest. [L 2012, c 147, pt of §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-348 Special purpose revenue bond anticipation notes.

§39A-348 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 the bonds and of the receipt of the proceeds of sale of the bonds, for the purposes for which the bonds have been authorized. All special purpose revenue bond anticipation notes shall be authorized by the department, and the maximum principal amount of the notes shall not exceed the authorized principal amount of the 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 the bonds would be secured; provided that to the extent that the principal of the notes shall be paid from moneys other than the proceeds of sale of the 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 the notes shall be governed by 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 2012, c 147, pt of §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-350 Security for special purpose revenue bonds.

§39A-350 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 the bond revenues and by the pledges and assignments authorized by this part. Subject to the prior and superior rights of outstanding bonds, claims, obligations, or mechanic's and materialman's liens, 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 project, for which the bonds have been issued, over and ahead of all special purpose revenue bonds of any issue payable from the revenues that 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 the project agreement on a parity with the special purpose revenue bonds previously 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.
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 2012, c 147, pt of §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-351 Special purpose revenue bonds not a general obligation of the State.

§39A-351 Special purpose revenue bonds not a general obligation of the 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 the taxing power of the State to pay the bonds or the interest thereon and no moneys other than the revenues pledged to the bonds shall be applied to the payment thereof. Each special purpose revenue bond issued under this part shall recite in substance that the 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 the 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 2012, c 147, pt of §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-352 Validity of special purpose revenue bonds.

§39A-352 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. 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 2012, c 147, pt of §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-353 Use of revenues derived from project agreement.

§39A-353 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, premiums 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, operations, 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 2012, c 147, pt of §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-354 Special purpose revenue bonds exempt from taxation.

§39A-354 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 and county taxation except inheritance, transfer, and estate taxes. [L 2012, c 147, pt of §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-355 Federal tax exempt status.

§39A-355 Federal tax exempt status.
To the extent practicable, special purpose revenue bonds issued pursuant to this part 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 2012, c 147, pt of §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-356 Exemption from taxation of department property.

§39A-356 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 and county taxation. Any right, title, and interest of the department in any 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 the project 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 2012, c 147, pt of §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-357 Refunding special purpose revenue bonds.

§39A-357 Refunding special purpose revenue bonds.
By act enacted by an affirmative vote of two-thirds of the members to which each house is entitled, the legislature 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 this part, whether or not the outstanding special purpose revenue bonds have matured or are then subject to redemption. By act enacted by an affirmative vote of two-thirds of the members to which each house is entitled, the legislature may provide 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 that shall theretofore have been issued under this part and shall then be outstanding, whether or not the 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 department to elect to redeem or prepay special purpose revenue bonds being refunded, or to redeem or prepay special purpose revenue bonds being refunded that were issued in the form customarily known as term bonds in accordance with any sinking fund installment schedule specified in any instruments providing for the issuance thereof, or, if the department elects to redeem or prepay any bonds, to redeem or prepay as of any particular date or dates. The issuance of refunding 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 department with respect to the same, shall be governed by the foregoing provisions of this part insofar as the same may be applicable. [L 2012, c 147, pt of §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-358 Status of special purpose revenue bonds under the Uniform Commercial Code.

§39A-358 Status of special purpose revenue bonds under the 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 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 2012, c 147, pt of §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-359 Special purpose revenue bonds as legal investments and lawful security.

§39A-359 Special purpose revenue bonds as legal investments and lawful security.
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. The 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 the bonds shall be lawful and sufficient security for public fund deposits to the extent of their value when accompanied by all unmatured coupons appertaining thereto. [L 2012, c 147, pt of §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-360 Access to and public disclosure of financial records of project party.

§39A-360 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 the project party's financial records. Upon the request of the department for the examination of any financial record, 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 that 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 purposes of this section. [L 2012, c 147, pt of §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-361 Estimate of benefits.

§39A-361 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 the creation of new jobs and potential effect on tax receipts. 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 benefits 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 2012, c 147, pt of §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39A. Special Purpose Revenue Bonds › 39A-362 Construction of this part.

§39A-362 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 control. [L 2012, c 147, pt of §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39B. Allocation of Private Activity Bonds › 39B-1 Definitions.

§39B-1 Definitions.
Whenever used in this [chapter], unless a different meaning clearly appears from the context:
"Annual state ceiling" means the principal amount of private activity bonds which may be issued in each calendar year by all issuers and counties in the State under the Internal Revenue Code of 1986, as the same may be amended.
"Department" means the department of budget and finance.
"Governing body" means the councils of the counties, or any other body exercising the legislative powers of a county.
"Issuer" means any state department, board, commission, officer, or authority, or private not-for-profit corporation authorized under the laws of the State to issue private activity bonds.
"Private activity bond" shall have the same meaning as the term is defined in the Internal Revenue Code of 1986, as the same may be amended. [L 1985, c 12, pt of §2; am L 1987, c 62, §3]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39B. Allocation of Private Activity Bonds › 39B-3 Application of allocation.

§39B-3 Application of allocation.
The extent to which all or any part of an allocation made to a county or an issuer pursuant to section 39B-2 is applied to a project subject to the annual state ceiling shall be evidenced by a certificate of the issuer or the director of finance of a county, as applicable. [L 1987, c 62, §2]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39B. Allocation of Private Activity Bonds › 39B-4 Report of unused allocation; reversion to State.

§39B-4 Report of unused allocation; reversion to State.
The director of finance of each county shall report to the department and Hawaii housing finance and development corporation in writing by November 15 of each year as to the amount of allocation to the county that has not been applied to private activity bonds in the year or assigned pursuant to this chapter.
In preparing the report, the director of finance of the county shall deduct any allocation that is unused or unassigned as of November 15 but will be applied to private activity bonds on or before December 1 of the specified year.
Unless the director of finance of the county or any issuer, by written certificate, indicates to the department and the Hawaii housing finance and development corporation before November 15 of each year that it intends to carry forward all or any portion of its allocation that has not been applied to private activity bonds in the specified year or assigned pursuant to this chapter, the unused or unassigned allocation shall revert to the State on December 1 and the State shall be entitled to carry forward the unused or unassigned allocation as permitted by federal law.
[L 1991, c 58, §1; am L 2022, c 182, §3; am L 2023, c 262, §2]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39B. Allocation of Private Activity Bonds › 39B-5 Semi-annual report status or use of allocation.

§39B-5 Semi-annual report status or use of allocation.
In addition to the report required by section 39B-4, within thirty days of the end of each fiscal and calendar year, each county or any issuer shall submit a report to the department and the Hawaii housing finance and development corporation on the status or use of its portion of the allocation of the annual state ceiling, including any carryforward allocation, that has not been applied to an issuance of a qualified private bond, as evidenced by a certificate of the issuer or the director of finance of a county, as applicable. [L 2022, c 182, §2]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39C. Allocation of State Bond Ceiling › 39C-1 Definitions.

§39C-1 Definitions.
Whenever used in this chapter, unless a different meaning clearly appears from the context:
"Bond" means any bond, note, or other evidence of indebtedness or lease with separately stated principal and interest components or certificates of participation therein.
"Department" means the department of budget and finance.
"Issuer" means any state or county department, board, commission, authority or officer, or not-for-profit corporation authorized to issue bonds under the laws of the State.
"State ceiling" means any annual or other limit on the principal amount of bonds that may be issued by issuers, with tax exempt interest, tax credits, interest subsidies or other benefits under the Internal Revenue Code of 1986, as amended, which limit is imposed under or pursuant to the American Recovery and Reinvestment Act, Public Law 111-5, or any subsequent federal legislation. [L 2011, c 33, pt of §2]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39C. Allocation of State Bond Ceiling › 39C-2 Allocation of state bond ceiling.

§39C-2 Allocation of state bond ceiling.
(a) The department, with the approval of the governor, may allocate all or any part of the state ceiling to any issuer for a specific calendar year or shorter period. At the request of the department, any issuer to which any part of the state ceiling has been allocated, and with respect to which bonds have not yet been sold, shall return all or part of the allocation as the department has requested, in which case the department shall provide for its reallocation.
(b) In the event allocations of the state ceiling are made directly to issuers other than the State by federal statute or by the United States Department of the Treasury or other federal authority, including by requiring the State to make specified allocations, to the extent permitted by federal law or procedure, the department may require or request recipients of such allocations to report any plans the recipient may have to use the allocation in the form and by a date as the department may specify and to transfer to the State any allocation that the recipients do not plan to use or which the department determines is not reasonably expected to be used, in which case the department may provide for its reallocation.
(c) Any issuer may request of the department an allocation or additional allocation of the state ceiling or transfer or return all or any portion of its allocation of the state ceiling to the State. [L 2011, c 33, pt of §2]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39C. Allocation of State Bond Ceiling › 39C-3 Application of allocation.

§39C-3 Application of allocation.
Any issuer that issues bonds to which an allocation of the state ceiling has been applied, shall evidence and report the application by a certificate, a copy of which shall be sent to the department. The department shall maintain a record of all allocations of the state ceiling made by the department and copies of certificates sent to or retained by the department. [L 2011, c 33, pt of §2]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39C. Allocation of State Bond Ceiling › 39C-4 Carry forward.

§39C-4 Carry forward.
In the event that federal tax law permits all or any portion of the state ceiling or allocations thereof to be carried forward for future use, the director of finance of each county or any other issuer that has received state ceiling allocations that have not been applied as of December 15, or fifteen days prior to the end of the period during which the allocation must be used or carried forward under federal tax law, shall report to the department the amount of allocation that has not been applied and will not be applied by December 31 or such other deadline. Unless the director of finance of the county or other issuer, by written certificate, indicates to the department that it intends to carry forward all or any part of its unapplied allocation, the unapplied allocation shall revert to the State. The department, on behalf of the State, shall be entitled to carry forward the unapplied allocation together with any unapplied allocation of the State or state issuers for future allocation pursuant to section 39C-2(a). [L 2011, c 33, pt of §2]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 40. Audit and Accounting › 40-2 Accounting systems and internal control; enforcing the use of and inspection of the same.

§40-2 Accounting systems and internal control; enforcing the use of and inspection of the same.
(a) The accounting system installed by the commission on public accountancy under Act 181, Session Laws of Hawaii 1923, as amended by Act 220, Session Laws of Hawaii 1925, for use in the offices of the comptroller, director of finance, departmental and agency services of the State, and the auditors, treasurers, departmental and agency services of the several counties shall be the accounting and reporting systems of the State and counties; provided that the University of Hawaii may install a different accounting system that shall be in conformity with generally accepted accounting principles as applied to colleges and universities; and provided further that the department of education may install a different accounting system that shall be in conformity to generally accepted accounting principles. The comptroller shall make such changes and modifications in the accounting system as shall from time to time appear to be in the best interest of the State and counties.
(b) The departments and agencies of the executive branch are respectively charged with the responsibility to maintain an adequate system of internal control and with the further responsibility to see that the internal control system continues to function effectively as designed. The comptroller shall make such investigations and audits from time to time to enforce the use of the accounting system and internal control systems in the executive branch.
(c) The judiciary, the legislature, and each county shall be responsible for the establishment and maintenance of its respective internal control system. [L 1898, c 39, §10; RL 1925, §1437; am L 1927, c 219, §3; RL 1935, §564; RL 1945, §1568; RL 1955, §34-17; am L 1957, c 152, §1; am L 1959, c 151, §1; am L Sp 1959 2d, c 1, §14; am L 1963, c 114, §1; HRS §40-2; am L 1974, c 159, §5; am L 1986, c 321, § §5, 12; am L 1987, c 283, §69; am L 1989, c 371, §7; am L 1991, c 163, §3; am L 1993, c 314, §2; am L Sp 1993, c 8, §22; am L 1997, c 180, §1; am L 1998, c 115, §24; am L 2005, c 137, §1; am L 2006, c 161, § §2, 7; am L 2010, c 124, §2; am L 2015, c 44, §2; am L 2017, c 91, §3]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 40. Audit and Accounting › 40-3 Bookkeeping.

§40-3 Bookkeeping.
The comptroller shall keep a complete set of double entry books in which the comptroller shall open or cause to be opened all government accounts, and for the several amounts as shown by the appropriation bill, or any other appropriation that may be at any time made by the legislature, and the comptroller shall record the comptroller's daily business transactions in detail therein. The comptroller shall also keep ledgers in which the comptroller shall open, arrange, and keep in a methodical and systematic manner the various state accounts so that the status and condition of all funds and appropriations, of all assets and liabilities, and for all income and expenditures of the State may at any time be ascertained and known; and further, the comptroller shall keep books to be known as the warrant registers showing the warrants drawn. The warrants are to be numbered from one up to the number required for the current fiscal period, and in the form as shown in section 40-52, and all such other auxiliary books as the comptroller may deem necessary for a correct and proper administration of the comptroller's office. The comptroller shall also keep on file in a convenient form for easy reference all original warrant vouchers for which warrants have been drawn by the comptroller, and the original warrant vouchers shall have endorsed thereon the number of the warrant by which they were paid, the date of the warrant, the appropriation to which they were debited, and the amount. [L 1898, c 39, §12; RL 1925, §1456; am L 1927, c 219, §8; RL 1935, §583; RL 1945, §1587; RL 1955, §34-37; am L 1957, c 152, §1; am L Sp 1959 1st, c 13, §2; HRS §40-3; am L 1975, c 71, §2; gen ch 1985]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 40. Audit and Accounting › 40-4 Publication of statements.

§40-4 Publication of statements.
The comptroller shall prepare and submit to the governor, immediately following the close of each fiscal year, a statement of income and expenditure by funds, showing the principal sources of revenue, the function or purpose for which expenditures were made, together with a consolidated statement showing similar information for all funds; also a statement showing the balance in each fund at the beginning of the fiscal year, plus the receipts, minus the disbursements, and the balance on hand at the close of the fiscal year after deducting outstanding warrants and vouchers. The comptroller may request all agencies, the judiciary, the University of Hawaii, the department of education, and the legislature to provide such information as may be required for the preparation of statements. [L 1898, c 39, §19; RL 1925, §1431; am L 1927, c 219, §1; RL 1935, §556; RL 1945, §1558; RL 1955, §34-7; am L 1957, c 152, §1; HRS §40-4; am L 1974, c 159, §6; am L 1986, c 321, § §6, 12; am L 1987, c 283, §69; am L 1989, c 371, §7; am L 1991, c 163, §3; am L 1993, c 314, §2; am L Sp 1993, c 8, §22; am L 1996, c 231, §2; am L 1997, c 180, §1; am L 1998, c 115, §24; am L 2004, c 58, § §4, 14; am L 2005, c 22, §50 and c 137, §1; am L 2006, c 161, § §3, 7 and c 306, §1; am L Sp 2009, c 5, §12; am L 2010, c 102, §5, and c 124, §7 as superseded by c 124, §11; am L 2015, c 44, § §3, 7, 8; am L 2017, c 91, §4]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 40. Audit and Accounting › 40-5 Annual reports.

§40-5 Annual reports.
(a) The comptroller shall make an annual report to the governor and to the legislature. Beginning July 1, 2022, the comptroller shall include in the comptroller's annual report a list of all accounts closed by the comptroller during the immediately preceding fiscal year and a list of any accounts that remain open but are serving a lapsed program or initiative.
(b) The comptroller, in the comptroller's yearly report, or in any special report that the comptroller thinks fit to make, may recommend any:
(1) Plans and suggestions that the comptroller thinks fit or worthy of adoption for the better collection, custody, and payment of the public moneys and the more economical auditing and examining of the public accounts; and
(2) Improvements in the mode of keeping these accounts that may at any time be brought to the comptroller's notice,
and generally report upon all matters relating to public accounts. [L 1898, c 39, §20; RL 1925, §1432; RL 1935, §557; RL 1945, §1559; RL 1955, §34-8; am L 1957, c 152, §1; am L Sp 1959 1st, c 13, §2; HRS §40-5; gen ch 1985; am L 2021, c 202, §1]
Cross References
Government records, see chapter 92F, part II.
Reports, due date, see §93-12.