Hawaii Revised Statutes 39A-266 – Exemption from taxation of department property
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Terms Used In Hawaii Revised Statutes 39A-266
- county: includes the city and county of Honolulu. See Hawaii Revised Statutes 1-22
- Department: means the department of budget and finance. See Hawaii Revised Statutes 39A-251
- Project agreement: means any agreement entered into under this part by the department with a project party providing for the issuance of special purpose revenue bonds to finance facilities of the project party or for the project party or to loan the proceeds of such bonds to assist not-for-profit private nonsectarian and sectarian elementary schools, secondary schools, colleges, and universities that serve the general public, including, without limitation, on any loan agreement. See Hawaii Revised Statutes 39A-251
- Project party: means a not-for-profit private nonsectarian and sectarian elementary school, secondary school, college, and university that serves the general public. See Hawaii Revised Statutes 39A-251
All revenues derived by the department from any project or under the project agreement pertaining to it shall be exempt from all state, county, and municipal taxation. Any right, title, and interest of the department in any project shall also be exempt from all state, county, and municipal taxation.
Except as otherwise provided by law, the interest of the project party or user of such project under the project agreement or related agreement shall not be exempt from taxation to a greater extent than it would be if the costs of the project were directly financed by the project party or other user.