The development corporation shall establish separate special funds in accordance with section 39-62 for the deposit of the proceeds of special purpose revenue bonds and special facility revenue bonds authorized under this part and [part III] respectively. The development corporation shall have the right to appropriate, apply, or expend the revenues derived with respect to the project agreement for a project for the following purposes:

(1) To pay when due all special purpose revenue bonds and special facility revenue bonds, premiums, if any, and interest thereon, for the payment of which the revenues are or have been pledged, charged, or otherwise encumbered, including reserves therefor; and

Terms Used In Hawaii Revised Statutes 206M-17

  • 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 Hawaii technology development corporation established by section 206M-2. See Hawaii Revised Statutes 206M-1
  • Person: means a sole proprietorship, partnership, joint venture, corporation, or other association of persons organized for commercial or industrial purposes. See Hawaii Revised Statutes 206M-1
  • Project: means the acquisition, construction, improvement, installation, equipping, and development of any combination of land, buildings, and other improvements thereon, including, without limitation, parking facilities for use of, or to assist a technology industrial, manufacturing, or processing enterprise located within or without an econimic zone, including, without limiting the generality of the foregoing, machinery, equipment, furnishings, and apparatus that shall be deemed necessary, suitable, or useful to the enterprise. See Hawaii Revised Statutes 206M-1
  • Project agreement: means any agreement entered into under this chapter by the development corporation with a qualified person to finance, construct, operate, or maintain a project or an econimic zone from the proceeds of special purpose revenue bonds, or to lend the proceeds of special purpose revenue bonds to assist a technology industrial, manufacturing, or processing enterprise, including, without limitation, any lease, sublease, loan agreement, conditional sale agreement, or other similar financing contract or agreement, or any combination thereof. See Hawaii Revised Statutes 206M-1
  • Technology: means industries that are technology-intensive, including but not limited to electronics, biotechnology, software, computers, telecommunications, and other computer-related technologies. See Hawaii Revised Statutes 206M-1
(2) To the extent not paid by the qualified person to provide for all expenses of administration, operation, and maintenance of the project, including reserves therefor.

Unless and until adequate provision has been made for the foregoing purposes, the development corporation shall not transfer the revenues derived from the project agreement to the technology special fund of the State.

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