Hawaii Revised Statutes
39. State Bonds
39-60 Covenants in resolution or certificate authorizing issuance of revenue bonds.

§39-60 Covenants in resolution or certificate authorizing issuance of revenue bonds. Any resolution or certificate authorizing the issuance of revenue bonds pursuant to this part may contain covenants as to:
(1) The purpose or purposes to which the proceeds of sale of the revenue bonds shall be applied and the use and disposition thereof;
(2) The use and disposition of the revenue of the undertaking, the Hawaii hurricane relief fund, or the loan program for which the revenue bonds are to be issued, or the user taxes derived therefrom, or both revenue and user taxes, to the extent pledged to the payment of the revenue bonds, including the priority of payments from the revenue and the creation and maintenance of reserves and the investment thereof;
(3) The issuance of other or additional revenue bonds payable from the revenue of the loan program, the Hawaii hurricane relief fund, or of the undertaking, or the user taxes derived therefrom, or both revenue and user taxes, to the extent pledged to the payment of the revenue bonds;
(4) The operation, maintenance, and repair of the undertaking or the administration, operation, and maintenance of the loan program, or the Hawaii hurricane relief fund;
(5) The insurance to be carried on an undertaking or on the security for the Hawaii hurricane relief fund, or a loan program and the use and disposition of insurance proceeds, the insurance policies being by this section authorized to be carried, and no undertaking shall have recourse to the state insurance fund for the repair or replacement of any property in the undertaking, or for payment of claims under chapter 386 (relating to workers' compensation);
(6) Books of account and the inspection and audit thereof; and
(7) The terms and conditions upon which the holders of the revenue bonds or any proportion of them or any trustee therefor shall be entitled to the appointment of a receiver by any court of competent jurisdiction, which court shall have jurisdiction in the proceedings, and which receiver may enter and take possession of the undertaking, operate, maintain, and repair the same, enforce or foreclose loans made under a loan program, impose and prescribe rates, rentals, fees, or charges, collect, receive, and apply all revenue, and receive and apply all user taxes, thereafter arising therefrom in the same manner and to the same extent as the department itself might do;
provided that all covenants shall be subject to review by the governor; and provided further that the provisions of this section with respect to user taxes shall be applicable only if the legislature in the specific act or acts authorizing the issuance of the revenue bonds has provided that the revenue bonds may be paid from and secured by the user taxes derived from an undertaking.
The provisions of this part and any resolution or certificate shall be a contract with the holder or holders of the revenue bonds. The duties of the department, its governing body and department head, pursuant to this part, and any resolution or certificate shall be enforceable by any bondholder, by mandamus or other appropriate suit, action, or proceeding in any court of competent jurisdiction. [L 1988, c 28, pt of §3; am L 1996, c 307, §5]

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.