Hawaii Revised Statutes 37D-9 – Line of credit
Terms Used In Hawaii Revised Statutes 37D-9
- Agency: means the judiciary, any executive department, independent commission, board, authority, bureau, office, other establishment of the State (except the legislature and its agencies), or public corporation that is supported in whole or in part by state funds, or any agent thereof, authorized by law to expend available moneys; provided that the Hawaii health systems corporation and its regional system boards shall not be governed by this chapter for any financing agreement unless it elects to be. See Hawaii Revised Statutes 37D-1
- Contract: A legal written agreement that becomes binding when signed.
- Department: means the department of budget and finance of the State. See Hawaii Revised Statutes 37D-1
- Director: means the director of finance of the State or any duly designated deputy director of finance. See Hawaii Revised Statutes 37D-1
- Financial institution: means any organization authorized to do business under state or federal laws relating to financial institutions, including without limitation banks, savings banks, savings and loan companies or associations, financial services loan companies, and credit unions. See Hawaii Revised Statutes 37D-1
- Financing agreement: means any lease purchase agreement, installment sale agreement, loan agreement, line of credit, or other agreement of the department or, with the approval of the director, and any agency, to finance the improvement, use, or acquisition of real or personal property that is or will be owned or operated by one or more agencies of the State, the department, or any agency, or to refinance previously executed financing agreements including certificates of participation relating thereto. See Hawaii Revised Statutes 37D-1
- Line of credit: means an account at a financial institution under which the financial institution agrees to lend money to the department or to an agency, with the approval of the director and the agency, from time to time to finance one or more projects that are authorized by this chapter. See Hawaii Revised Statutes 37D-1
- Project: means the real and personal property to be acquired or improved by the department or an agency with the proceeds of a financing agreement of the department or the agency, respectively, or provided to the agency by the department. See Hawaii Revised Statutes 37D-1
The department or, with the approval of the director, an agency may contract with a financial institution for one or more lines of credit in amounts and for periods as the legislature shall from time to time determine. The department, an agency, or the department on behalf of a requesting agency, may borrow under a line of credit and use the amount or amounts borrowed to pay the cost of the improvements, use, or acquisition of real or personal property comprising a project. Upon the execution and delivery of a financing agreement to refinance the amount or amounts borrowed under the line of credit, the department or the agency that is party to the financing agreement shall apply the proceeds thereof to the repayment of any amount or amounts.