§356D-27 Arbitrage provisions; interest rate. (a) Notwithstanding any other law to the contrary, neither the authority nor the director of finance shall make loans or purchase mortgages with the proceeds of general obligation bonds of the State or from a revolving fund established or maintained from the proceeds of bonds, at a rate of interest or upon terms and conditions that would cause any general obligation bond of the State or any bond to be an "arbitrage bond" within the meaning of that term as defined in the Internal Revenue Code of 1986, as amended, and the regulations of the Internal Revenue Service adopted pursuant thereto.
(b) The rate of interest on loans made under this chapter from the proceeds of general obligation bonds of the State shall be established by the authority, with the approval of the director of finance, after each sale of general obligation bonds of the State, the proceeds of which are to be used for the purposes of making loans or purchasing mortgages under this chapter. If no sale of general obligation bonds of the State intervenes in a twelve-month period after the last rate fixing, the authority may review the then existing rates on loans or mortgages made under this chapter from the proceeds of general obligation bonds of the State and retain the existing rate or, with the approval of the director of finance, establish different rates.
(c) The director of finance shall approve those rates so as to produce up to, but not in excess of, the maximum yield to the State or the authority permitted under the Internal Revenue Code of 1986, as amended, and the regulations of the Internal Revenue Service adopted pursuant thereto, on the assumption that the general obligation bonds of the State, the proceeds of which have been or are to be used for the purposes of making loans or purchasing mortgages under this chapter, would otherwise be "arbitrage bonds" under the Internal Revenue Code of 1986, as amended, and the regulations of the Internal Revenue Service adopted pursuant thereto, were the maximum yield to be exceeded. The establishment of the rates of interest shall be exempt from chapter 91. [L 2006, c 180, pt of §2]
Structure Hawaii Revised Statutes
356D. Hawaii Public Housing Authority
356D-2 Hawaii public housing authority; establishment, staff.
356D-3 Board; establishment, functions, duties.
356D-4 General powers of the authority.
356D-5 Resident advisory boards; establishment.
356D-6 Nomination of resident board member.
356D-6.5 Prohibition on smoking in and around public housing; designated smoking areas.
356D-6.7 Closed to the public.
356D-7 Fair housing law to apply.
356D-7.5 Exemption from tax on income and obligations.
356D-8 Acquisition, use, and disposition of property.
356D-9 Cooperative agreements with other government agencies.
356D-10 Agents, including corporations.
356D-11 Development of property.
356D-12 Development of property; additional powers.
356D-12.5 Development of property; partnership or development agreement.
356D-13 Administration of federal programs.
356D-13.5 Housing choice voucher program administration.
356D-14 Federal funds outside of state treasury.
356D-15 Eminent domain, exchange, or use of public property.
356D-16 Contracts with the federal government.
356D-17 Public works contracts.
356D-18 Remedies of an obligee; mandamus; injunction; possessory action; receiver; accounting; etc.
356D-19 Subordination of mortgage to agreement with government.
356D-22 Bonds; interest rate, price, and sale.
356D-23 Trustee; designation, duties.
356D-25 Investment of reserves, etc.
356D-26 Security for funds deposited by the authority.
356D-27 Arbitrage provisions; interest rate.
356D-28 Public housing special fund.
356D-31 Rentals and tenant selection.
356D-42 Housing; tenant selection.
356D-44 Administration of state low-income public housing projects and programs.
356D-45 State low-income housing revolving fund.
356D-45.5 Delinquent accounts.
356D-47 Government aid; political subdivisions.
356D-52 Lien on personalty for rent, etc.
356D-53 Foreclosure of lien, notice, etc.
356D-54 Sheriff or police to assist.
356D-55 Existing contracts not impaired.
356D-56.1 Disposition of abandoned or seized property.
356D-57 Disposition of surplus proceeds.
356D-58 Lien attaches to personalty in possession.
356D-59 Priority of housing lien.
356D-62 Termination and evictions.
356D-70 Renumbered as §356D-60.
356D-71 Resident selection; dwelling units; rentals.
356D-72 Housing for elders revolving fund.
356D-92 Termination and eviction.
356D-101 Gifts, etc., to counties from authority.
356D-102 Facilities and services by counties to authority and tenants.
356D-103 Construction of additional powers.
356D-104 Charges for prior services by counties to authority.
356D-105 Garbage and trash disposal.
356D-106 Furnishing of free water not required.
356D-107 Regulation of traffic within public housing projects in the various counties.
356D-108 to 356D-119 Reserved.
356D-121 to 356D-147 REPEALED.
356D-151.5 Rent supplement; qualification.
356D-152 Housing owner; defined.
356D-153 Qualified tenant defined; preference.
356D-154 Relationship of annual payment to rental and income.
356D-155 Determination of eligibility of tenants and rental charges.