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;

Terms Used In Hawaii Revised Statutes 10-27

  • Contract: A legal written agreement that becomes binding when signed.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Loan program: means the activities and policies undertaken by the office to provide assistance to any department of the State or to any county or board, agency, or instrumentality thereof, or to private individuals or organizations, by making loans or causing loans to be made available to them or by buying, refinancing, or guaranteeing loans made to or other obligations incurred by them for the betterment of native Hawaiians. See Hawaii Revised Statutes 10-21
  • project: means :

    (1) The lawful acquisition of any property, real, personal, or mixed, tangible or intangible, or any interests therein, pursuant to section 10-4(2);

    (2) Any capital improvement projects on lands held by the office pursuant to section 10-4(2) or in the public land trust, including but not limited to the construction of buildings and other improvements; infrastructure development, and other enterprises which are acquired, constructed, reconstructed, rehabilitated, improved, altered, or repaired by or on behalf of the office;

    (3) Pilot projects, demonstrations, or both, where those projects or demonstrations fulfill criteria established by the board, pursuant to section 10-5(7); and

    (4) Any other projects determined by rules adopted by the board pursuant to chapter 91 or otherwise authorized by the board in accordance with applicable law to be for the betterment of native Hawaiians and are consistent with the purposes of this chapter. See Hawaii Revised Statutes 10-21

  • Reserves: means reserves required or permitted in the covenants in the resolution or resolutions of the board authorizing the obtaining of loans or issuance of revenue bonds under this part. See Hawaii Revised Statutes 10-21
  • Revenue bonds: means revenue bonds, interim certificates, notes, debentures, or other evidence of indebtedness of the board authorized by or issued under this part. See Hawaii Revised Statutes 10-21
  • Trustee: A person or institution holding and administering property in trust.
(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.

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