Title 5, State Financial Administration

§39A‑38 Special purpose revenue bond anticipation notes. Whenever the department shall have authorized the issuance of special purpose revenue bonds under this part, special purpose revenue bond anticipation notes of the department may be issued in anticipation of the issuance of…

§39A‑39 Powers with respect to and security for special purpose revenue bonds. In order to secure the payment of any of the special purpose revenue bonds issued pursuant to this part, and interest thereon, or in connection with such bonds, the department shall have the power as t…

§39A‑40 Security for special purpose revenue bonds. Special purpose revenue bonds shall be payable solely from the revenues derived by the department from payments made to the department under the project agreement or other supplemental agreements entered into with respect to the…

§39A‑41 Special purpose revenue bonds not a general obligation of State. No holder or holders of any special purpose revenue bonds issued under this part shall ever have the right to compel any exercise of taxing power of the State to pay such bonds or the interest thereon and no…

§39A‑42 Validity of special purpose revenue bonds. The special purpose revenue bonds bearing the signature or facsimile signature of officers in office on the date of the signing thereof shall be valid and sufficient for all purposes, notwithstanding that before the delivery ther…

§39A‑43 Use of revenues derived from project agreement. The department shall have the right to appropriate, apply, or expend the revenues derived with respect to the project agreement for a project for the following purposes: Unless and until adequate provision has been made for …

§39A‑44 Special purpose revenue bonds exempt from taxation. Special purpose revenue bonds and the income therefrom issued pursuant to this part shall be exempt from all state, county, and municipal taxation except inheritance, transfer, and estate taxes. [L 1980, c 255, pt of §2]

[§39A-44.5] Federal tax exempt status. Special purpose revenue bonds issued pursuant to this part, to the extent practicable, shall be issued to comply with requirements imposed by applicable federal law providing that the interest on the special purpose revenue bonds shall be ex…

§39A‑45 Exemption from taxation of department property. All revenues derived by the department from any project or under the project agreement pertaining thereto shall be exempt from all state, county, and municipal taxation. Any right, title, and interest of the department in an…

§39A‑46 Refunding special purpose revenue bonds. The legislature, by act enacted by an affirmative vote of two-thirds of the members to which each house is entitled, may authorize the issuance of refunding special purpose revenue bonds for the purpose of refunding any special pur…

§39A‑47 Status of special purpose revenue bonds under Uniform Commercial Code. Notwithstanding any of the provisions of this part or any recitals in any special purpose revenue bonds issued under this part, all such special purpose revenue bonds shall be deemed to be investment s…

§39A‑48 Special purpose revenue bonds as legal investments and lawful security. The special purpose revenue bonds issued pursuant to this part shall be and are declared to be legal and authorized investments for banks, savings banks, trust companies, savings and loan associations…

§39A‑49 Access to and public disclosure of financial records of project party. (a) Each project party with a project agreement with the department shall allow the department full access to its financial records. Upon the request of the department for the examination of any such f…

§39A‑50 Estimate of benefits. (a) Each project party with a project agreement with the department shall estimate the benefits derived from the use of the proceeds of special purpose revenue bonds. The benefits estimated shall be based on a comparison between the use of the procee…

§39A‑51 Construction of this part. The powers conferred by this part shall be in addition and supplemental to the powers conferred by any other law. Insofar as the provisions of this part are inconsistent with the provisions of any other law, this part shall be controlling. [L 19…

PART III. ASSISTING MANUFACTURING ENTERPRISES §39A‑71 Definitions. Whenever used in this part, unless a different meaning clearly appears from the context: "Department" means the department of budget and finance. "Project" means any combination of land, buildings, and other impro…

§39A‑72 Department powers as to manufacturing enterprises. In addition to powers that it may now have, the department shall have all powers necessary or convenient to accomplish the purposes of this part. The powers of the department include but are not limited to the following:

§39A‑73 Compliance with state and local law. The issuance of special purpose revenue bonds with respect to any project under this part shall not relieve any project party or other user of such project from the laws, ordinances, and rules and regulations of the State or any politi…

§39A-74 Conditions precedent to negotiating and entering into a project agreement. (a) The department, prior to entering into negotiations with respect to a project agreement or at any time during the negotiations, shall require that as a condition to the negotiations or the cont…

§39A-75 Project agreement. No special purpose revenue bonds shall be issued unless at the time of issuance the department shall have entered into a project agreement with respect to the project for the financing of which the revenue bonds are to be issued. Any project agreement e…

§39A‑76 Issuance of special purpose revenue bonds to finance projects. In addition to the other powers which it may otherwise have, the department may issue special purpose revenue bonds to finance, in whole or in part, the costs of facilities of, or for, or to loan the proceeds …

§39A-77 Authorization of special purpose revenue bonds. (a) Special purpose revenue bonds for each project or multiproject program shall be authorized by a separate act of the legislature, by an affirmative vote of two-thirds of the members to which each house is entitled; provid…

§39A‑78 Special purpose revenue bond anticipation notes. Whenever the department has authorized the issuance of special purpose revenue bonds under this part, special purpose revenue bond anticipation notes of the department may be issued in anticipation of the issuance of such b…

§39A‑79 Powers with respect to and security for special purpose revenue bonds. In order to secure the payment of any of the special purpose revenue bonds issued pursuant to this part, and interest thereon, or in connection with such bonds, the department shall have the power as t…

§39A‑80 Security for special purpose revenue bonds. Special purpose revenue bonds shall be payable solely from the revenues derived by the department from payments made to the department under the project agreement or other agreements entered into with respect to the project, and…

§39A‑81 Special purpose revenue bonds not a general obligation of State. No holder or holders of any special purpose revenue bonds issued under this part shall ever have the right to compel any exercise of taxing power of the State to pay such bonds or the interest thereon and no…

§39A‑82 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 ther…

§39A‑83 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: Unless and until adequate provision has been made for …

§39A‑84 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 1981, c 120, pt of §2]

[§39A-84.5] Federal tax exempt status. Special purpose revenue bonds issued pursuant to this part, to the extent practicable, shall be issued to comply with requirements imposed by applicable federal law providing that the interest on the special purpose revenue bonds shall be ex…

§39A‑85 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 sh…

§39A‑86 Refunding special purpose revenue bonds. The legislature, by act enacted by an affirmative vote of two-thirds of the members to which each house is entitled, may authorize the issuance of refunding special purpose revenue bonds for the purpose of refunding any special pur…

§39A‑87 Status of special purpose revenue bonds under Uniform Commercial Code. Notwithstanding any of the provisions of this part or any recitals in any special purpose revenue bonds issued under this part, all such special purpose revenue bonds shall be deemed to be investment s…

§39A‑88 Special purpose revenue bonds as legal investments and lawful security. The special purpose revenue bonds issued pursuant to this part shall be legal and authorized investments for banks, savings banks, trust companies, savings and loan associations, insurance companies, …

§39A‑89 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 examinati…

§39A‑90 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 eff…

§39A‑91 Construction of this part. The powers conferred by this part shall be in addition and supplemental to the powers conferred by any other law. Insofar as the provisions of this part are inconsistent with the provisions of any other law, this part shall be controlling. [L 19…

§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 t…

§39B-2 Allocation of annual state ceiling. (a) The annual state ceiling shall be allocated for each calendar year in the following proportions: (b) The department, with the approval of the governor, may assign all or any part of the allocation of the State to any issuer or any co…

[§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 financ…

§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 be…

§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 Hawaii housing finance and development…

[§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 ther…

[§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 …

[§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 al…

[§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 …