Hawaii Revised Statutes 206J-12 – Bonds; bond anticipation notes
Terms Used In Hawaii Revised Statutes 206J-12
- Board: means the board of directors of the development corporation established in section 206J-4, and any successor thereto. See Hawaii Revised Statutes 206J-2
- Bonds: means revenue bonds, special facilities revenue bonds, notes, or other instruments of indebtedness of the development corporation issued under this chapter and shall include refunding bonds. See Hawaii Revised Statutes 206J-2
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Development corporation: means the Aloha Tower development corporation established by section 206J-4. See Hawaii Revised Statutes 206J-2
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Fiduciary: A trustee, executor, or administrator.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Project: means an undertaking of work or improvement of public or private real or personal property or any interest therein, developed, acquired, constructed, reconstructed, rehabilitated, improved, altered, or repaired by the development corporation, by itself or in conjunction with qualified persons, and including public facilities and, any law to the contrary notwithstanding, facilities for and functionally related and subordinate to maritime purposes. See Hawaii Revised Statutes 206J-2
- Trustee: A person or institution holding and administering property in trust.
All revenue bonds authorized by this section shall be issued pursuant to part III of chapter 39, except as provided in this chapter. The bonds shall be secured by a pledge of such moneys and may be additionally secured by a mortgage of any project or other property of the development corporation to the extent of its interest therein. Neither the board members nor any person executing the bonds shall be liable personally on the bonds by reason of the issuance thereof.
The development corporation in its discretion may require that all costs of obtaining and imprinting CUSIP identification numbers shall be paid by the purchaser of the bonds. For the purposes of this subsection, the term “CUSIP identification numbers” means the numbering system adopted by the Committee for Uniform Security Identification Procedures formed by the Securities Industry Association.
No holder or holders of any bonds issued under this chapter shall ever have the right to compel any exercise of taxing power of the State to pay such bonds or the interest thereon and no moneys other than the revenues pledged to such bonds shall be applied to the payment thereof.
Nothing in this subsection shall require or be deemed to require the development corporation to elect to redeem or prepay bonds being refunded, or to redeem or prepay bonds being refunded that were issued, in the form customarily known as term bonds in accordance with any sinking fund installment schedule specified in any proceedings authorizing the issuance thereof, or, if the development corporation elects to redeem or prepay any bonds, to redeem or prepay as of any particular date or dates. The issuance of bonds, the maturities and other details thereof, the rights and remedies of the holders thereof, and the rights, powers, privileges, duties, and obligations of the development corporation with respect to the bonds, shall be governed by the foregoing provisions of this chapter insofar as the same may be applicable.