(a) The board of agriculture shall have the power to issue revenue bonds in the name of the department in amounts as may be authorized by the legislature. All revenue bonds shall be issued pursuant to part III of chapter 39, except as provided in this chapter, to finance in whole or in part, the cost of construction, acquisition, or maintenance of any water facility or irrigation project hereunder, and, in connection therewith, to pledge or assign for the punctual payment of the revenue bonds, and interest thereon, any and all revenues derived from any project or projects undertaken by the board, in an amount sufficient to pay the principal and interest of the revenue bonds as they become due, and to create and maintain reasonable reserves or sinking funds therefor. Funds of the board, not otherwise required, may be advanced to pay necessary expenses incurred in making preparation for the issuance of revenue bonds under this chapter, and to take any other action necessary or proper in connection therewith.
irrigation project: means an area, contiguous or noncontiguous, established under this chapter within which water is supplied to the State or the Hawaiian homes commission for the development and opening of lands for farming or to land occupiers engaged in farming. See Hawaii Revised Statutes 167-2
Water facility: includes all real and personal property, together with all improvements to the same, acquired or constructed pursuant to a plan or undertaking to provide water within a project for irrigation under this chapter. See Hawaii Revised Statutes 167-2
(b) All revenue bonds issued pursuant to this chapter shall be issued in the name of the department and not in the name of the State.(c) The board, with the approval of the governor, may designate by resolution all or any portion of an irrigation project or projects undertaken pursuant to this chapter; provided that for the purposes of this section, “undertaking” shall have the same meaning as used in part III of chapter 39.
