Haw. Rev. Stat. § 10-27

Current through the 2024 Legislative Session

Section 10-27 - Covenants in resolution authorizing revenue bonds

Any resolution or resolutions authorizing the issuance of revenue bonds under this part may contain covenants as to:

(1) The purpose or purposes to which the proceeds of the sale of revenue bonds may be applied; the use and disposition of such proceeds; the investment thereof pending such use and disposition; and the use and disposition of the income from such investment;

(2) The use and disposition of the revenue of the office project or projects or the loan program or programs for which the revenue bonds are issued are to be included; the use and disposition of the revenue of all office projects and loan programs, and of the revenues of the office, including the creation and maintenance of reserves; the investment of such revenues and of the moneys in such reserves; and the use and disposition of the income from such investments;

(3) The minimum amount of revenues to be produced by the office projects, the loan programs, or the office, over and above the amount required to be produced by the first sentence and paragraphs (1) to (3) of section 10-31;

(4) The use and disposition of the proceeds of the sale of any office project, or part thereof;

(5) The acquisition, purchase, construction, reconstruction, improvement, betterment, extension, and maintenance of any office project other than the office project or projects for the construction or maintenance of which revenue bonds are issued;

(6) The issuance of other or additional revenue bonds payable either from the revenue of the office project or projects or the loan program or programs for which the revenue bonds are issued or from the revenue of the office or payable from the revenue of other office projects or loan programs;

(7) The maintenance of the office project and administration of the loan program, including the creation by the board of such supervisory positions, which shall not be subject to chapter 76, as are necessary to facilitate the issuance of revenue bonds by ensuring the adequacy of revenues;

(8) The insurance to be carried on office projects or for loan programs and the use and disposition of insurance moneys;

(9) Books of account and inspection and audit thereof;

(10) A procedure by which the terms and conditions of the bond resolution or indenture may be subsequently amended or modified with the consent of the board, the vote or written assent of the holders of bonds or any proportion of the holders, or any trustee thereof; and

(11) The terms and conditions upon which the holders of revenue bonds, or any proportion of the holders, or any trustee thereof, shall be entitled to the appointment of a receiver by any court of competent jurisdiction, which court shall have jurisdiction in such proceedings, and which receiver may enter and take possession of the office project or projects, maintain them, prescribe rents, fees, and charges therefrom, enforce or foreclose loans, and collect, receive, and apply all revenue thereafter arising therefrom in the same manner as the board itself might do, but the receiver shall have no power, nor be granted any power, to utilize, or permit the utilization of, any office project or to enforce any loan agreement other than in a manner consistent with and in furtherance of the purposes of the office.

This part and any such resolution or resolutions shall be a contract with the holders of bonds issued under this part, and the duties of the board and any such resolution or resolutions shall be enforceable by any bondholder by mandamus or other appropriate suit, action, or proceeding in any court of competent jurisdiction.

HRS § 10-27

Amended by L 2013, c 171,§ 7, eff. 6/24/2013.

L 1994, c 283, pt of §2(2); am L 2000, c 253, §150; am L 2008, c 16, §1 .