Hawaii Revised Statutes
39. State Bonds
39-59 Support facility for variable rate revenue bonds.

§39-59 Support facility for variable rate revenue bonds. If revenue bonds issued pursuant to this part are issued bearing interest at a rate or rates which vary from time to time and with a right of holders to tender the revenue bonds for purchase, the department head or the governing body, with the approval of the governor, may contract for such support facility or facilities and remarketing arrangements as are required to market the revenue bonds to the greatest advantage of the State or department upon such terms and conditions as the department head or governing body deem necessary and proper.
The department head or the governing body may enter into contracts or agreements with the entity or entities providing a support facility; provided that any contract or agreement shall provide, in essence, that any amount due and owing by the department under the contract or agreement on an annual basis shall be payable solely from the revenue of the undertaking or loan program and any obligation issued or arising pursuant to the terms of the contract or agreement in the form of revenue bonds, notes, or other evidences of indebtedness shall only arise at such time as either:
(1) Moneys or securities have been irrevocably set aside for the full payment of a like principal amount of revenue bonds issued pursuant to this part; or
(2) A like principal amount of the issue or series of revenue bonds to which the support facility relates are held in escrow by the entity or entities providing the support facility. [L 1988, c 28, pt of §3]

Structure Hawaii Revised Statutes

Hawaii Revised Statutes

Title 5. State Financial Administration

39. State Bonds

39-1 to 15 REPEALED. §39-1 Authorization to issue; amount.

39-2 Application of proceeds.

39-3 Allotments; appropriations.

39-4 Details of bonds.

39-5 Sale of bonds.

39-6 Premiums to general fund.

39-7 Form and execution of bonds.

39-8 Same, signatures.

39-9 CUSIP numbers.

39-10 Support facility for variable rate bonds.

39-11 Bonds tax exempt; first charge on general fund.

39-12 Payment, principal and interest.

39-13 Fiscal and paying agents and registrars.

39-14 Federal tax exempt status; preference; protection.

39-15 Bond anticipation notes.

39-16 Refunding bonds authorized.

39-17 Validation of proceedings.

39-18 Bonds negotiable, incontestable.

39-19 Aviation fuel tax, pledge.

39-31 to 34 REPEALED. §39-31 Duplicates.

39-32 Payment to be made.

39-33 Method of issuance and payment.

39-34 Disputed ownership.

39-51 to 70 REPEALED. §39-51 Definitions.

39-52 Declaration of policy.

39-53 Additional powers of departments.

39-54 Authorization of revenue bonds; details of revenue bonds.

39-55 Sale of revenue bonds.

39-56 Form and execution of revenue bonds.

39-57 Same, signatures.

39-58 CUSIP numbers.

39-59 Support facility for variable rate revenue bonds.

39-60 Covenants in resolution or certificate authorizing issuance of revenue bonds.

39-61 Rates, rentals, fees, and charges; undertakings and loan programs to be self-sustaining.

39-62 Use of revenue and user taxes by any undertaking, loan program, or the Hawaii hurricane relief fund.

39-63 Lien and charge of revenue bonds.

39-64 Revenue bonds not a general or moral obligation of State.

39-65 Undertaking, loan program, and revenue bonds exempt from taxation.

39-66 Federal tax-exempt status; preference; protection.

39-67 Revenue bonds legal investments.

39-68 Duties of the director.

39-69 Investment of reserves, etc.

39-70 Bond anticipation notes.

39-71 Refunding revenue obligations.

39-72 Transfers to department.

39-73 Consent of governmental agencies.

39-74 General laws applicable.

39-75 Construction.

39-76 Validation of proceedings.

39-91 to 99 REPEALED. §39-91 Definitions.

39-92 State debt limit statement.

39-93 Statement of total outstanding indebtedness of the State and the exclusions permitted therefrom.

39-94 Arrangement of statements and schedules and forms; incorporation.

39-125 to 131 REPEALED. §39-101 Renumbered §39A-1.

39-111 Legislative determination.

39-112 Legislative certification as to bonds issued for assessable improvements.

39-151 REPEALED. §39-151 Compound interest bond reserve fund.

39-161 Definitions.

39-162 Perfection of a security interest.

39-163 Priority of a security interest.

39-164 Enforcement of a security interest.