§516-107 Trustee; designation, duties. (a) The corporation shall designate a trustee for each issue of revenue bonds secured under the same trust indenture; provided that the trustee shall be approved by the director of finance.
(b) The trustee shall be authorized by the corporation to receive and receipt for, hold, and administer the proceeds of the revenue bonds, and to apply the proceeds to the purposes for which the bonds are issued.
(c) The trustee also shall be authorized by the corporation to hold and administer the acquisition loan program revenue bond special fund established pursuant to section 516-111, and to receive and receipt for, hold, and administer the revenues derived by the corporation from the benefits of the acquisition loan programs for which the revenue bonds are issued and to apply these revenues to the payment of the cost of administering, operating, and maintaining the acquisition loan programs, to pay the principal of and interest on these bonds, to the establishment of reserves, and to other purposes as may be authorized in the proceedings providing for the issuance of the revenue bonds.
(d) Notwithstanding section 39-68, the director of finance may appoint the trustee to serve as fiscal agent for:
(1) The payment of the principal of and interest on the revenue bonds; and
(2) The purchase, registration, transfer, exchange, and redemption of the bonds.
(e) The trustee shall perform additional functions with respect to the payment, purchase, registration, transfer, exchange, and redemption, as the director of finance may deem necessary, advisable, or expeditious, including the holding of the revenue bonds and coupons which have been paid and the supervision of the destruction thereof in accordance with the law.
(f) Nothing in this part shall limit or be construed to limit the powers granted to the director of finance in sections 36-3 and 39-13, and the third sentence of section 39-68, to appoint the trustee or others as fiscal agents, paying agents, and registrars for the revenue bonds or to authorize and empower those fiscal agents, paying agents, and registrars to perform the functions referred to in those sections. [L 1983, c 270, pt of §1; am L 1987, c 337, §16; am L 1988, c 104, §2; am L 2005, c 196, §26(b); am L 2006, c 180, §16]
Revision Note
Section "39-68" substituted for "39-65". "39-13" substituted for "39-12".
Structure Hawaii Revised Statutes
516-6 Administration of chapter.
516-7 Corporation's duties, generally.
516-8 Interested members, officers, or employees.
516-22 Designation of leased fee interest in all or part of development tract for acquisition.
516-23 Exercise of power of eminent domain.
516-26 Interest in compensation paid by the corporation.
516-27 Compulsory or involuntary conversion.
516-28 Disposition, generally.
516-30 Purchase of leased fee interest.
516-33 Qualification for purchase.
516-34 Mortgages, agreements of sale, other instruments.
516-35 Restrictions on sale and use of residential lots.
516-35.1 Foreclosure and sale by mortgagees.
516-40 Bonds as legal investments.
516-41 Exemption from taxation and assessments.
516-42 Investment of reserves.
516-43 Security for funds deposited.
516-45 General obligation bonds.
516-51 Preliminary negotiation required.
516-68 Rights to self-organization; remedies.
516-70 Reversion of improvements.
516-71 Residential lease; disclosure.
516-73 Suggested form of standardized summary of lease provisions.
516-83 Legislative findings and declaration of necessity; purpose.
516-101 Revenue bonds; authorization.
516-102 Revenue bonds; payment and security.
516-103 Revenue bonds; interest rate, price, and sale.
516-104 Revenue bonds; investment of proceeds and redemption.
516-107 Trustee; designation, duties.
516-111 Revenue bonds; special funds.
516-121 Acquisition loan programs; procedures and requirements.
516-122 Acquisition loan programs; general powers.
516-123 Acquisition loan programs; self supporting.
516-124 Acquisition loan programs; fees.
516-125 Acquisition loan programs; evidence of eligible loan.
516-131 Loans to lenders program.
516-132 Loan to lenders program; collateral security.
516-141 Purchase of existing loans program.
516-151 Advance commitments program.
516-161 Eligible loan funding program.
516-171 Loans; service and custody.
516-172 Loans; sale, pledge, or assignment.
516-173 Loans; insurance and guarantees.
516-182 Restrictions on sale and use of residential lots acquired from proceeds of eligible loan.