reglab/statecodes huggingface dataset:
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 10 - SPECIAL PURPOSE REVENUE BONDS FOR INDUSTRIAL ENTERPRISES › Subchapter 1 - GENERAL PROVISIONS › Section 6-10-1 - Purpose

Current through June, 2024
This chapter is adopted pursuant to chapter
					 91, Hawaii Revised Statutes, and
					 implements part V of chapter 39A, Hawaii Revised Statutes, providing for the
					 issuance of special purpose revenue bonds to assist persons, firms, or
					 corporations qualified to do business in the State who conduct or propose to
					 conduct industrial enterprises in the State. The objective of this chapter is
					 to attract high technology and other industrial enterprises to the State and
					 thereby create new jobs and increase tax receipts within the
					 State.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 10 - SPECIAL PURPOSE REVENUE BONDS FOR INDUSTRIAL ENTERPRISES › Subchapter 1 - GENERAL PROVISIONS › Section 6-10-2 - Definitions

Current through June, 2024
As used in this chapter:
"Bonds" means the special purpose revenue bonds or special
					 purpose revenue bond anticipation notes issued pursuant to part V, chapter 39A,
					 Hawaii Revised Statutes;
"Department" means the department of budget and finance,
					 State of Hawaii;
"Loan" means the loan of the proceeds of bonds to a project
					 party for the purposes authorized by part V, chapter 39A, Hawaii Revised
					 Statutes;
"Loan application and review procedures" means the set of
					 instructions, forms, guidelines, terms, and conditions governing the
					 application to the department for assistance under part V, chapter 39A, Hawaii
					 Revised Statutes, and the granting of the assistance by the department;
"Project" means any combination of land, buildings, and
					 other improvements thereon, for use as an industrial enterprise, including,
					 without limiting the generality of the foregoing, machinery, equipment,
					 furnishings, and apparatus which shall be deemed necessary, suitable, or useful
					 to such enterprise;
"Project agreement" means any agreement entered into under
					 part V of chapter 39A, Hawaii Revised Statutes, by the department with a
					 project party to finance, construct, operate, or maintain an industrial plant
					 from the proceeds of special purpose revenue bonds, including without
					 limitation any loan agreement;
"Project party" means a person, firm, or corporation
					 qualified to do business in this State and conducting or proposing to conduct
					 an industrial enterprise in this State;
"State" means the State of Hawaii.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 10 - SPECIAL PURPOSE REVENUE BONDS FOR INDUSTRIAL ENTERPRISES › Subchapter 2 - APPLICATION PROCESS AND PROCEDURE › Section 6-10-3 - Loan application and review procedures

Current through June, 2024
The loan application and review procedures shall be as
					 provided in exhibit no. 1 entitled "State of Hawaii, Department of Budget and
					 Finance, loan application and review procedures for Financing of Industrial
					 Enterprises through the Issuance of Special Purpose Revenue Bonds," dated
					 August 5, 1985, located at the end of this chapter which is made a part of this
					 section.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 10 - SPECIAL PURPOSE REVENUE BONDS FOR INDUSTRIAL ENTERPRISES › Subchapter 2 - APPLICATION PROCESS AND PROCEDURE › Section 6-10-4 - Letter of intent

Current through June, 2024
After receipt of the loan application and review
					 procedures, a prospective project party shall furnish the department with a
					 letter setting forth:
(1) The
				  intention of the prospective project party to apply for a loan;
(2) The approximate principal amount of the
				  loan to be requested;
(3) A general
				  description of the project to be financed;
(4) The property, if any, proposed to be
				  pledged to secure payment of the loan; and
(5) If the project involves new construction,
				  an approximate timetable for the construction.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 10 - SPECIAL PURPOSE REVENUE BONDS FOR INDUSTRIAL ENTERPRISES › Subchapter 2 - APPLICATION PROCESS AND PROCEDURE › Section 6-10-5 - Formal application

Current through June, 2024
A project party shall submit an application for assistance
					 under part V, chapter 39A, Hawaii Revised Statutes on the form or forms
					 provided by the department and accompanied by the documentation prescribed in
					 the loan application and review procedures. The application shall be verified
					 by an officer authorized to administer oaths.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 10 - SPECIAL PURPOSE REVENUE BONDS FOR INDUSTRIAL ENTERPRISES › Subchapter 2 - APPLICATION PROCESS AND PROCEDURE › Section 6-10-6 - Application fee and fee agreement

Current through June, 2024
A project party shall submit with the formal application
					 described in §
										6-10-5, a non-refundable
					 application fee in the amount of $1,000, by certified or cashier's check made
					 payable to the department, and an executed copy of the fee agreement prescribed
					 in the loan application and review procedures. The fee agreement shall obligate
					 the project party to reimburse the department and the State for any and all
					 costs and expenses incurred in:
(1)
				  The processing and reviewing of the project party's application for assistance
				  under part V, chapter 39A, Hawaii Revised Statutes, whether or not a loan is
				  ultimately made to the project party; and
(2) The issuance of bonds to finance a loan
				  to the project party.
The application fee shall be applied against amounts owing
					 under the fee agreement.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 10 - SPECIAL PURPOSE REVENUE BONDS FOR INDUSTRIAL ENTERPRISES › Subchapter 3 - REVIEW PROCESS AND PROCEDURE › Section 6-10-7 - Determination of eligibility

Current through June, 2024
The department shall review the formal application and
					 related documentation submitted by a project party and shall determine whether
					 the applicant is a "project party" and the project described in the application
					 is a "project" as the terms are defined in §
										6-10-2.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 10 - SPECIAL PURPOSE REVENUE BONDS FOR INDUSTRIAL ENTERPRISES › Subchapter 3 - REVIEW PROCESS AND PROCEDURE › Section 6-10-8 - Determination of responsibility

Current through June, 2024
The department shall determine whether a project party is a
					 responsible party. The determination shall be made on a case-by-case basis. The
					 following elements shall be considered in making the determination:
(1) The experience of the project party in
				  the type of enterprise to be undertaken as a project;
(2) The financial condition of the project
				  party and the ability of the project party to make the payments which would be
				  required by the project agreement from revenues derived from the project or
				  otherwise;
(3) The security
				  proposed for the loan including, if any, the real or personal property or both
				  proposed to be pledged, mortgaged, or leased, and the presence of a guaranty of
				  a third party (including a controlling party of the project party) who the
				  department determines to be a responsible party;
(4) If determined necessary or desirable by
				  the department, a financial feasibility study prepared by an independent party
				  approved by the department, or other projection of the future ability of the
				  project party to repay the loan;
(5) The project party's credit reputation,
				  including, if the project has been previously financed, the project party's
				  experience with respect to the prior financing of the project; and
(6) Any other factors the department may deem
				  relevant to a determination of responsibility with respect to any project
				  party.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 10 - SPECIAL PURPOSE REVENUE BONDS FOR INDUSTRIAL ENTERPRISES › Subchapter 3 - REVIEW PROCESS AND PROCEDURE › Section 6-10-9 - Project agreement

Current through June, 2024
Upon a determination of eligibility and responsibility, and
					 with the approval of the governor, the department shall enter into a project
					 agreement with the project party. The project agreement shall in all respects
					 conform to the requirements of part V, chapter 39A, Hawaii Revised Statutes,
					 including, but not limited to, the provisions described in §
										39A-155, Hawaii
					 Revised Statutes, and shall contain any additional terms and conditions as the
					 department shall deem necessary or desirable.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 10 - SPECIAL PURPOSE REVENUE BONDS FOR INDUSTRIAL ENTERPRISES › Subchapter 3 - REVIEW PROCESS AND PROCEDURE › Section 6-10-10 - Estimate of benefits

Current through June, 2024
Prior to entering into a project agreement with the
					 department in the form and manner prescribed in the loan application and review
					 procedures, each project party shall estimate the benefits to be derived from
					 financing the project with loan. The statement of the estimate of benefits
					 shall include an estimate of the number of new job positions directly or
					 indirectly created with respect to the project, an estimate of the direct or
					 indirect potential effect of the project on tax receipts, an estimate of any
					 other direct or indirect economic benefits to be derived from the project, and
					 the basis upon which such estimates have been made.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 10 - SPECIAL PURPOSE REVENUE BONDS FOR INDUSTRIAL ENTERPRISES › Subchapter 3 - REVIEW PROCESS AND PROCEDURE › Section 6-10-11 - Public access to information

Current through June, 2024
(a) The department
				  shall have available for inspection by the public, during normal business
				  hours, copies of the following, to the extent applicable to each particular
				  project for which the department has executed a project agreement:
(1) The loan application;
(2) The statement of the estimate of the
				  benefits;
(3) The project
				  agreement;
(4) All feasibility
				  studies or similar reports, if any, prepared in connection with the financing
				  of a project and furnished to the department;
(5) All documents securing bonds;
(6) Any contract relating to the construction
				  and equipping of a project which is in an amount at least equal to ten per cent
				  of the project cost and which has been furnished to the department;
(7) The certification of completion of the
				  project furnished by the architect for the project and the certification of the
				  expenditure of funds for the project furnished by the trustee under the trust
				  indenture securing the bonds issued to finance the project, both filed with the
				  department upon the completion of construction and equipping of the project;
				  and
(8) Information, reports, and
				  annual audits required to be furnished to the department under the terms of the
				  project agreement.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 10 - SPECIAL PURPOSE REVENUE BONDS FOR INDUSTRIAL ENTERPRISES › Subchapter 4 - MISCELLANEOUS PROVISIONS › Section 6-10-12 - Severability

Current through June, 2024
If any part, section, sentence, clause, or phrase of this
					 chapter, or its application to any person or transaction or other
					 circumstances, is for any reason held to be unconstitutional or invalid, the
					 remaining parts, sections, sentences, clauses, and phrases of this chapter, or
					 its application to other persons or transactions or circumstances, shall not be
					 affected.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 10 - SPECIAL PURPOSE REVENUE BONDS FOR INDUSTRIAL ENTERPRISES › Subchapter 4 - MISCELLANEOUS PROVISIONS › Section 6-10-13 - Waiver

Current through June, 2024
The director of the department may waive or vary particular
					 provisions of this chapter to conform to applicable federal
					 requirements.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 12 - SPECIAL PURPOSE REVENUE BONDS FOR MANUFACTURING ENTERPRISES › Subchapter 1 - GENERAL PROVISIONS › Section 6-12-1 - Purpose

Current through June, 2024
This chapter is adopted pursuant to chapter
					 91, Hawaii Revised Statutes, and
					 implements part III of chapter 39A, Hawaii Revised Statutes, providing for the
					 issuance of special purpose revenue bonds to assist persons, firms, or
					 corporations qualified to do business in the State who conduct or propose to
					 conduct manufacturing enterprises in the State. The objective of this chapter
					 is to attract high technology and other manufacturing enterprises to the State
					 and thereby create new jobs and increase tax receipts within the State.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 12 - SPECIAL PURPOSE REVENUE BONDS FOR MANUFACTURING ENTERPRISES › Subchapter 1 - GENERAL PROVISIONS › Section 6-12-2 - Definitions

Current through June, 2024
As used in this chapter:
"Bonds" means the special purpose revenue bonds or special
					 purpose revenue bond anticipation notes issued pursuant to part III, chapter
					 39A, Hawaii Revised Statutes;
"Department" means the department of budget and finance,
					 State of Hawaii;
"Loan" means the loan of the proceeds of bonds to a project
					 party for the purposes authorized by part III, chapter 39A, Hawaii Revised
					 Statutes;
"Loan application and review procedures" means the set of
					 instructions, forms, guidelines, terms, and conditions governing the
					 application to the department for assistance under part III, chapter 39A,
					 Hawaii Revised Statutes and the granting of the assistance by the
					 department;
"Project" means any combination of land, buildings, and
					 other improvements thereon, for use as a manufacturing enterprise, including,
					 without limiting the generality of the foregoing, machinery, equipment,
					 furnishings, and apparatus which shall be deemed necessary, suitable, or useful
					 to such enterprise;
"Project agreement" means any agreement entered into under
					 part III of chapter 39A, Hawaii Revised Statutes, by the department with a
					 project party to finance, construct, operate, or maintain a manufacturing plant
					 from the proceeds of special purpose revenue bonds, including without
					 limitation any loan agreement;
"Project party" means a person, firm, or corporation
					 qualified to do business in this State and conducting or proposing to conduct a
					 manufacturing enterprise in this State;
"State" means the State of Hawaii.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 12 - SPECIAL PURPOSE REVENUE BONDS FOR MANUFACTURING ENTERPRISES › Subchapter 2 - APPLICATION PROCESS AND PROCEDURE › Section 6-12-3 - Loan application and review Procedures

Current through June, 2024
The loan application and review procedures shall be as
					 provided in exhibit no. 1 entitled "State of Hawaii, Department of Budget and
					 Finance, loan application and review procedures for Financing of Manufacturing
					 Enterprises through the Issuance of Special Purpose Revenue Bonds," dated
					 August 5, 1985, located at the end of this chapter which is made a part of this
					 section.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 12 - SPECIAL PURPOSE REVENUE BONDS FOR MANUFACTURING ENTERPRISES › Subchapter 2 - APPLICATION PROCESS AND PROCEDURE › Section 6-12-4 - Letter of intent

Current through June, 2024
After receipt of the loan application and review
					 procedures, a prospective project party shall furnish the department with a
					 letter setting forth:
(1) The
				  intention of the prospective project party to apply for a loan;
(2) The approximate principal amount of the
				  loan to be requested;
(3) A general
				  description of the project to be financed;
(4) The property, if any, proposed to be
				  pledged to secure payment of the loan; and
(5) If the project involves new construction,
				  an approximate timetable for the construction.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 12 - SPECIAL PURPOSE REVENUE BONDS FOR MANUFACTURING ENTERPRISES › Subchapter 2 - APPLICATION PROCESS AND PROCEDURE › Section 6-12-5 - Formal application

Current through June, 2024
A project party shall submit an application for assistance
					 under part III, chapter 39A, Hawaii Revised Statutes, on the form or forms
					 provided by the department and accompanied by the documentation prescribed in
					 the loan application and review procedures. The application shall be verified
					 by an officer authorized to administer oaths.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 12 - SPECIAL PURPOSE REVENUE BONDS FOR MANUFACTURING ENTERPRISES › Subchapter 2 - APPLICATION PROCESS AND PROCEDURE › Section 6-12-6 - Application fee and fee agreement

Current through June, 2024
A project party shall submit with the formal application
					 described in §
										6-12-5, a non-refundable
					 application fee in the amount of $1,000, by certified or cashier's check made
					 payable to the department, and an executed copy of the fee agreement prescribed
					 in the loan application and review procedures. The fee agreement shall obligate
					 the project party to reimburse the department and the State for any and all
					 costs and expenses incurred in:
(1)
				  The processing and reviewing of the project party's application for assistance
				  under part III, chapter 39A, Hawaii Revised Statutes, whether or not a loan is
				  ultimately made to the project party; and
(2) The issuance of bonds to finance a loan
				  to the project party.
The application fee shall be applied against amounts owing
					 under the fee agreement.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 12 - SPECIAL PURPOSE REVENUE BONDS FOR MANUFACTURING ENTERPRISES › Subchapter 3 - REVIEW PROCESS AND PROCEDURE › Section 6-12-7 - Determination of eligibility

Current through June, 2024
The department shall review the formal application and
					 related documentation submitted by a project party and shall determine whether
					 the applicant is a "project party" and the project described in the application
					 is a "project" as the terms are defined in §
										6-12-2.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 12 - SPECIAL PURPOSE REVENUE BONDS FOR MANUFACTURING ENTERPRISES › Subchapter 3 - REVIEW PROCESS AND PROCEDURE › Section 6-12-8 - Determination of responsibility

Current through June, 2024
The department shall determine whether a project party is a
					 responsible party. The determination shall be made on a case-by-case basis. The
					 following elements shall be considered in making the determination:
(1) The experience of the project party in
				  the type of enterprise to be undertaken as a project;
(2) The financial condition of the project
				  party and the ability of the project party to make the payments which would be
				  required by the project agreement from revenues derived from the project or
				  otherwise;
(3) The security
				  proposed for the loan including, if any, the real or personal property or both
				  proposed to be pledged, mortgaged, or leased, and the presence of a guaranty of
				  a third party (including a controlling party of the project party) who the
				  department determines to be a responsible party;
(4) If determined necessary or desirable by
				  the department, a financial feasibility study prepared by an independent party
				  approved by the department, or other projection of the future ability of the
				  project party to repay the loan;
(5) The project party's credit reputation,
				  including, if the project has been previously financed, the project party's
				  experience with respect to the prior financing of the project; and
(6) Any other factors the department may deem
				  relevant to a determination of responsibility with respect to any project
				  party.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 12 - SPECIAL PURPOSE REVENUE BONDS FOR MANUFACTURING ENTERPRISES › Subchapter 3 - REVIEW PROCESS AND PROCEDURE › Section 6-12-9 - Project agreement

Current through June, 2024
Upon a determination of eligibility and responsibility, and
					 with the approval of the governor, the department shall enter into a project
					 agreement with the project party. The project agreement shall in all respects
					 conform to the requirements of part III, chapter 39A, Hawaii Revised Statutes,
					 including, but not limited to, the provisions described in §
										39A-75, Hawaii
					 Revised Statutes, and shall contain any additional terms and conditions as the
					 department shall deem necessary or desirable.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 12 - SPECIAL PURPOSE REVENUE BONDS FOR MANUFACTURING ENTERPRISES › Subchapter 3 - REVIEW PROCESS AND PROCEDURE › Section 6-12-10 - Estimate of benefits

Current through June, 2024
Prior to entering into a project agreement with the
					 department in the form and manner prescribed in the loan application and review
					 procedures, each project party shall estimate the benefits to be derived from
					 financing the project with the proceeds of a loan. The statement of the
					 estimate of benefits shall include an estimate of the number of new job
					 positions directly or indirectly created with respect to the project, an
					 estimate of the direct or indirect potential effect of the project on tax
					 receipts, an estimate of any other direct or indirect economic benefits to be
					 derived from the project, and the basis upon which such estimates have been
					 made.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 12 - SPECIAL PURPOSE REVENUE BONDS FOR MANUFACTURING ENTERPRISES › Subchapter 3 - REVIEW PROCESS AND PROCEDURE › Section 6-12-11 - Public access to information

Current through June, 2024
(a) The department
				  shall have available for inspection by the public, during normal business
				  hours, copies of the following, to the extent applicable to each particular
				  project for which the department has executed a project agreement:
(1) The loan application;
(2) The statement of the estimate of the
				  benefits;
(3) The project
				  agreement;
(4) All feasibility
				  studies or similar reports, if any, prepared in connection with the financing
				  of a project and furnished to the department;
(5) All documents securing bonds;
(6) Any contract relating to the construction
				  and equipping of a project which is in an amount at least equal to ten per cent
				  of the project cost and which has been furnished to the department;
(7) The certification of completion of the
				  project furnished by the architect for the project and the certification of the
				  expenditure of funds for the project furnished by the trustee under the trust
				  indenture securing the bonds issued to finance the project, both filed with the
				  department upon the completion of construction and equipping of the project;
				  and
(8) Information, reports, and
				  annual audits required to be furnished to the department under the terms of the
				  project agreement.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 12 - SPECIAL PURPOSE REVENUE BONDS FOR MANUFACTURING ENTERPRISES › Subchapter 4 - MISCELLANEOUS PROVISIONS › Section 6-12-12 - Severability

Current through June, 2024
If any part, section, sentence, clause, or phrase of this
					 chapter, or its application to any person or transaction or other
					 circumstances, is for any reason held to be unconstitutional or invalid, the
					 remaining parts, sections, sentences, clauses, and phrases of this chapter, or
					 its application to other persons or transactions or circumstances, shall not be
					 affected.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 12 - SPECIAL PURPOSE REVENUE BONDS FOR MANUFACTURING ENTERPRISES › Subchapter 4 - MISCELLANEOUS PROVISIONS › Section 6-12-13 - Waiver

Current through June, 2024
The director of the department may waive or vary particular
					 provisions of this chapter to conform to applicable federal
					 requirements.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 13 - SPECIAL PURPOSE REVENUE BONDS FOR PROCESSING ENTERPRISES › Subchapter 1 - GENERAL PROVISIONS › Section 6-13-1 - Purpose

Current through June, 2024
This chapter is adopted pursuant to chapter
					 91, Hawaii Revised Statutes, and
					 implements part IV of chapter 39A, Hawaii Revised Statutes, providing for the
					 issuance of special purpose revenue bonds to assist persons, firms, or
					 corporations qualified to do business in the State who conduct or propose to
					 conduct processing enterprises in the State. The objective of this chapter is
					 to attract high technology and other processing enterprises to the State and
					 thereby create new jobs and increase tax receipts within the
					 State.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 13 - SPECIAL PURPOSE REVENUE BONDS FOR PROCESSING ENTERPRISES › Subchapter 1 - GENERAL PROVISIONS › Section 6-13-2 - Definitions

Current through June, 2024
As used in this chapter:
"Bonds" means the special purpose revenue bonds or special
					 purpose revenue bond anticipation notes issued pursuant to part IV, chapter
					 39A, Hawaii Revised Statutes;
"Department" means the department of budget and finance,
					 State of Hawaii;
"Loan" means the loan of the proceeds of bonds to a project
					 party for the purposes authorized by part IV, chapter 39A, Hawaii Revised
					 Statutes;
"Loan application and review procedures" means the set of
					 instructions, forms, guidelines, terms, and conditions governing the
					 application to the department for assistance under part IV, chapter 39A, Hawaii
					 Revised Statutes and the granting of the assistance by the department;
"Project" means any combination of land, buildings, and
					 other improvements thereon, for use as a processing enterprise, including,
					 without limiting the generality of the foregoing, machinery, equipment,
					 furnishings, and apparatus which shall be deemed necessary, suitable, or useful
					 to such enterprise;
"Project agreement" means any agreement entered into under
					 part IV of chapter 39A, Hawaii Revised Statutes, by the department with a
					 project party to finance, construct, operate, or maintain a processing plant
					 from the proceeds of special purpose revenue bonds, including without
					 limitation any loan agreement;
"Project party" means a person, firm, or corporation
					 qualified to do business in this State and conducting or proposing to conduct a
					 processing enterprise in this State;
"State" means the State of Hawaii.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 13 - SPECIAL PURPOSE REVENUE BONDS FOR PROCESSING ENTERPRISES › Subchapter 2 - APPLICATION PROCESS AND PROCEDURE › Section 6-13-3 - Loan application and review procedures

Current through June, 2024
The loan application and review procedures shall be as
					 provided in exhibit no. 1 entitled "State of Hawaii, Department of Budget and
					 Finance, loan application and review procedures for Financing of Processing
					 Enterprises through the Issuance of Special Purpose Revenue Bonds," dated
					 August 5, 1985, located at the end of this chapter which is made a part of this
					 section.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 13 - SPECIAL PURPOSE REVENUE BONDS FOR PROCESSING ENTERPRISES › Subchapter 2 - APPLICATION PROCESS AND PROCEDURE › Section 6-13-4 - Letter of intent

Current through June, 2024
After receipt of the loan application and review
					 procedures, a prospective project party shall furnish the department with a
					 letter setting forth:
(1) The
				  intention of the prospective project party to apply for a loan;
(2) The approximate principal amount of the
				  loan to be requested;
(3) A general
				  description of the project to be financed;
(4) The property, if any, proposed to be
				  pledged to secure payment of the loan; and
(5) If the project involves new construction,
				  an approximate timetable for the construction.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 13 - SPECIAL PURPOSE REVENUE BONDS FOR PROCESSING ENTERPRISES › Subchapter 2 - APPLICATION PROCESS AND PROCEDURE › Section 6-13-5 - Formal application

Current through June, 2024
A project party shall submit an application for assistance
					 under part IV, chapter 39A, Hawaii Revised Statutes, on the form or forms
					 provided by the department and accompanied by the documentation prescribed in
					 the loan application and review procedures. The application shall be verified
					 by an officer authorized to administer oaths.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 13 - SPECIAL PURPOSE REVENUE BONDS FOR PROCESSING ENTERPRISES › Subchapter 2 - APPLICATION PROCESS AND PROCEDURE › Section 6-13-6 - Application fee and fee agreement

Current through June, 2024
A project party shall submit with the formal application
					 described in §
										6-13-5, a non-refundable
					 application fee in the amount of $1,000, by certified or cashier's check made
					 payable to the department, and an executed copy of the fee agreement prescribed
					 in the loan application and review procedures. The fee agreement shall obligate
					 the project party to reimburse the department and the State for any and all
					 costs and expenses incurred in:
(1)
				  The processing and reviewing of the project party's application for assistance
				  under part IV, chapter 39A, Hawaii Revised Statutes, whether or not a loan is
				  ultimately made to the project party; and
(2) The issuance of bonds to finance a loan
				  to the project party. The application fee shall be applied against amounts
				  owing under the fee agreement.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 13 - SPECIAL PURPOSE REVENUE BONDS FOR PROCESSING ENTERPRISES › Subchapter 3 - REVIEW PROCESS AND PROCEDURE › Section 6-13-7 - Determination of eligibility

Current through June, 2024
The department shall review the formal application and
					 related documentation submitted by a project party and shall determine whether
					 the applicant is a "project party" and the project described in the application
					 is a "project" as the terms are defined in §
										6-13-2.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 13 - SPECIAL PURPOSE REVENUE BONDS FOR PROCESSING ENTERPRISES › Subchapter 3 - REVIEW PROCESS AND PROCEDURE › Section 6-13-8 - Determination of responsibility

Current through June, 2024
The department shall determine whether a project party is a
					 responsible party. The determination shall be made on a case-by-case basis. The
					 following elements shall be considered in making the determination:
(1) The experience of the project party in
				  the type of enterprise to be undertaken as a project;
(2) The financial condition of the project
				  party and the ability of the project party to make the payments which would be
				  required by the project agreement from revenues derived from the project or
				  otherwise;
(3) The security
				  proposed for the loan including, if any, the real or personal property or both
				  proposed to be pledged, mortgaged, or leased, and the presence of a guaranty of
				  a third party (including a controlling party of the project party) who the
				  department determines to be a responsible party;
(4) If determined necessary or desirable by
				  the department, a financial feasibility study prepared by an independent party
				  approved by the department, or other projection of the future ability of the
				  project party to repay the loan;
(5) The project party's credit reputation,
				  including, if the project has been previously financed, the project party's
				  experience with respect to the prior financing of the project; and
(6) Any other factors the department may deem
				  relevant to a determination of responsibility with respect to any project
				  party.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 13 - SPECIAL PURPOSE REVENUE BONDS FOR PROCESSING ENTERPRISES › Subchapter 3 - REVIEW PROCESS AND PROCEDURE › Section 6-13-9 - Project Agreement

Current through June, 2024
Upon a determination of eligibility and responsibility, and
					 with the approval of the governor, the department shall enter into a project
					 agreement with the project party. The project agreement shall in all respects
					 conform to the requirements of part IV, chapter 39A, Hawaii Revised Statutes,
					 including, but not limited to, the provisions described in §
										39A-115, Hawaii
					 Revised Statutes, and shall contain any additional terms and conditions as the
					 department shall deem necessary or desirable.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 13 - SPECIAL PURPOSE REVENUE BONDS FOR PROCESSING ENTERPRISES › Subchapter 3 - REVIEW PROCESS AND PROCEDURE › Section 6-13-10 - Estimate of benefits

Current through June, 2024
Prior to entering into a project agreement with the
					 department in the form and manner prescribed in the loan application and review
					 procedures, each project party shall estimate the benefits to be derived from
					 financing the project with the proceeds of a loan. The statement of the
					 estimate of benefits shall include an estimate of the number of new job
					 positions directly or indirectly created with respect to the project, an
					 estimate of the direct or indirect potential effect of the project on tax
					 receipts, an estimate of any other direct or indirect economic benefits to be
					 derived from the project, and the basis upon which such estimates have been
					 made.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 13 - SPECIAL PURPOSE REVENUE BONDS FOR PROCESSING ENTERPRISES › Subchapter 3 - REVIEW PROCESS AND PROCEDURE › Section 6-13-11 - Public access to information

Current through June, 2024
(a) The department
				  shall have available for inspection by the public, during normal business
				  hours, copies of the following, to the extent applicable to each particular
				  project for which the department has executed a project agreement:
(1) The loan application;
(2) The statement of the estimate of the
				  benefits;
(3) The project
				  agreement;
(4) All feasibility
				  studies or similar reports, if any, prepared in connection with the financing
				  of a project and furnished to the department;
(5) All documents securing bonds;
(6) Any contract relating to the construction
				  and equipping of a project which is in an amount at least equal to ten per cent
				  of the project cost and which has been furnished to the department;
(7) The certification of completion of the
				  project furnished by the architect for the project and the certification of the
				  expenditure of funds for the project furnished by the trustee under the trust
				  indenture securing the bonds issued to finance the project, both filed with the
				  department upon the completion of construction and equipping of the project;
				  and
(8) Information, reports, and
				  annual audits required to be furnished to the department under the terms of the
				  project agreement.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 13 - SPECIAL PURPOSE REVENUE BONDS FOR PROCESSING ENTERPRISES › Subchapter 4 - MISCELLANEOUS PROVISIONS › Section 6-13-12 - Severability

Current through June, 2024
If any part, section, sentence, clause, or phrase of this
					 chapter, or its application to any person or transaction or other
					 circumstances, is for any reason held to be unconstitutional or invalid, the
					 remaining parts, sections, sentences, clauses, and phrases of this chapter, or
					 its application to other persons or transactions or circumstances, shall not be
					 affected.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 13 - SPECIAL PURPOSE REVENUE BONDS FOR PROCESSING ENTERPRISES › Subchapter 4 - MISCELLANEOUS PROVISIONS › Section 6-13-13 - Waiver

Current through June, 2024
The director of the department may waive or vary particular
					 provisions of this chapter to conform to applicable federal
					 requirements.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 16 - SPECIAL PURPOSE REVENUE BONDS FOR EARLY CHILDHOOD EDUCATION AND CARE FACILITIES › Subchapter 1 - GENERAL PROVISIONS › Section 6-16-1 - Purpose

Current through June, 2024
This chapter is adopted pursuant to chapter
					 91, HRS, and implements part VII of
					 chapter 39A, HRS, providing for the issuance of special purpose revenue bonds
					 to assist not-for-profit corporations that provide early childhood education
					 and care facilities serving the general public. The objectives of this chapter
					 are:
(1) To offset the growth of the
				  cost of providing early childhood education and care to the people of the State
				  of Hawaii;
(2) To assist in the
				  development and maintenance of early childhood education and care facilities by
				  providing the proceeds of special purpose revenue bonds to not-for-profit
				  corporations for the purpose of providing early childhood education and care
				  facilities, or for refinancing debt incurred to provide early childhood
				  education and care facilities; and
(3) To provide a means for the not-for-profit
				  corporations so assisted to provide early childhood care and education to the
				  general public at the lowest practicable cost.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 16 - SPECIAL PURPOSE REVENUE BONDS FOR EARLY CHILDHOOD EDUCATION AND CARE FACILITIES › Subchapter 1 - GENERAL PROVISIONS › Section 6-16-2 - Definitions

Current through June, 2024
For the purpose of this chapter:
"Bonds" means the special purpose revenue bonds or special
					 purpose revenue bond anticipation notes issued pursuant to part VII, chapter
					 39A, HRS.
"Loan" means the loan of the proceeds of bonds to a project
					 party for the purposes authorized by part VII, chapter 39A, HRS.
"Project" means a facility eligible under part VII, chapter
					 39A, HRS, to be financed or refinanced with the loan of the special purpose
					 revenue bond proceeds and includes any property used primarily for the care and
					 instruction of children from birth to age five; provided that it shall not
					 include any property to be used primarily for sectarian instruction or study,
					 or as a place for devotional activities or religious worship, or any property
					 used primarily in connection with any part of a program of a school or
					 department of divinity of any religious denomination.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 16 - SPECIAL PURPOSE REVENUE BONDS FOR EARLY CHILDHOOD EDUCATION AND CARE FACILITIES › Subchapter 2 - APPLICATION PROCESS › Section 6-16-6 - Letter of intent

Current through June, 2024
An applicant shall submit a letter of intent for a project
					 agreement to the director of finance. The letter shall contain, at a minimum,
					 the following information:
(1) The
				  approximate principal amount of the special purpose revenue bonds, not
				  including bond issuance costs. This amount represents the net proceeds of the
				  bonds required for the financing of the cost of the facility.
(2) A general description of the early
				  childhood education and care facility to be financed, including the types of
				  services to be provided and the number of children to be served.
(3) The proposed security for the bond
				  repayment.
(4) If the facility
				  involves new construction, the estimated timetable for its construction and
				  availability for use.
(5) The
				  proposed timetable for the issuance of bonds.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 16 - SPECIAL PURPOSE REVENUE BONDS FOR EARLY CHILDHOOD EDUCATION AND CARE FACILITIES › Subchapter 2 - APPLICATION PROCESS › Section 6-16-7 - Determination of eligibility

Current through June, 2024
(a) The department
				  shall review the letter of intent and related documentation submitted by an
				  applicant and shall determine whether the applicant is a "project party" as
				  defined in section
				  39A-221, HRS and the
				  project described in the application is a "project" as the term is defined in
				  section 6-16-2.
(b) Within ten
				  business days of receipt of a letter of intent, the department shall send the
				  applicant a written acknowledgement of the receipt of the letter of intent and
				  shall inform the applicant preliminarily, whether, based on the information
				  provided, the applicant is an eligible project party and the proposed early
				  childhood education and care facility is a project eligible for
				  financing.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 16 - SPECIAL PURPOSE REVENUE BONDS FOR EARLY CHILDHOOD EDUCATION AND CARE FACILITIES › Subchapter 2 - APPLICATION PROCESS › Section 6-16-8 - Application; application fee

Current through June, 2024
(a) Upon receipt of
				  the acknowledgement from the department containing the determination that the
				  applicant is an eligible project party and that the early childhood education
				  and care facility is an eligible project, the project party may submit an
				  application for assistance on the application form as prescribed by the
				  director.
(b) Any application
				  submitted by a project party must be accompanied by an application fee of
				  $1,000, payable by certified or cashier's check made payable to the department.
				  The application fee shall be applied against the amounts owing under the fee
				  agreement.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 16 - SPECIAL PURPOSE REVENUE BONDS FOR EARLY CHILDHOOD EDUCATION AND CARE FACILITIES › Subchapter 2 - APPLICATION PROCESS › Section 6-16-9 - Fee agreement

Current through June, 2024
An executed copy of a fee agreement in the form prescribed
					 by the director shall be submitted with the application. The fee agreement
					 shall obligate the project party to reimburse the department and the State for
					 any and all costs and expenses incurred in:
(1) The processing and reviewing of the
				  project party's application for assistance under part VII, chapter 39A, HRS,
				  whether or not the special purpose revenues bonds are ultimately issued to
				  finance the project; and
(2) The
				  issuance of bonds to finance a loan to the project party.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 16 - SPECIAL PURPOSE REVENUE BONDS FOR EARLY CHILDHOOD EDUCATION AND CARE FACILITIES › Subchapter 3 - REVIEW PROCESS › Section 6-16-13 - Determination of responsibility

Current through June, 2024
The department shall determine whether a project party is a
					 responsible party. The determination shall be made on a case-by-case basis. The
					 following elements shall be considered in making the determination:
(1) The experience or the project party in
				  providing early childhood care and education to the general public and in
				  providing the type of service represented by the project;
(2) The financial condition of the project
				  party and the ability of the project party to make the payments that would be
				  required by the project agreement from revenues derived from the project or
				  otherwise;
(3) The security
				  proposed for the loan including, if any, the real or personal property, or
				  both, to be pledged, mortgaged, or leased, and the presence of a guaranty of a
				  third party, including a controlling party of the project party;
(4) If determined necessary or desirable by
				  the department, a financial feasibility study prepared by an independent party
				  approved by the department, or other projection of the future ability of the
				  project party to repay the loan;
(5) The project party's credit reputation
				  including, if the project has been previously financed, the project party's
				  experience with respect to the prior financing of the project; and
(6) Any other factors the department deems
				  relevant to a determination of responsibility with respect to any project
				  party.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - FINANCIAL ADMINISTRATION DIVISION › Chapter 16 - SPECIAL PURPOSE REVENUE BONDS FOR EARLY CHILDHOOD EDUCATION AND CARE FACILITIES › Subchapter 3 - REVIEW PROCESS › Section 6-16-14 - Project agreement

Current through June, 2024
Upon a determination of eligibility and responsibility, and
					 with the approval of the governor, the department shall enter into a project
					 agreement with the project party. The project agreement shall conform to the
					 requirements of part VII, chapter 39A, HRS, and shall contain any additional
					 terms and conditions as the department deems necessary or
					 desirable.