Hawaii Revised Statutes 39A-225 – Project agreement
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No special purpose revenue bonds shall be issued unless at the time of issuance the department shall have entered into a project agreement with respect to the project for the financing or refinancing of which the revenue bonds are to be issued. Any project agreement entered into by the department shall contain provisions unconditionally obligating the project party:
Terms Used In Hawaii Revised Statutes 39A-225
- bonds: means bonds, notes, or other evidences of indebtedness of the State issued pursuant to this part. See Hawaii Revised Statutes 39A-221
- Department: means the department of budget and finance. See Hawaii Revised Statutes 39A-221
- 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 a project party or for a project party or to loan the proceeds of such bonds to assist not-for-profit corporations that provide early childhood education and care facilities that serve the general public, including without limitation any loan agreement. See Hawaii Revised Statutes 39A-221
- Project party: means a not-for-profit corporation that provides an early childhood education and care facility that serves the general public. See Hawaii Revised Statutes 39A-221
- refinancing: means the liquidation, retirement, or provision for retirement with the proceeds of bonds issued by the State, of any indebtedness of a project party incurred to finance or aid in financing a lawful purpose of such project party not financed pursuant to this part which constitutes an early childhood education and care facility or consolidation of such indebtedness with indebtedness of the State incurred for an early childhood education and care facility related to the purpose for which the indebtedness of the project party was initially incurred. See Hawaii Revised Statutes 39A-221
Moneys received by the department pursuant to paragraph (1)(D) shall not be, nor be deemed to be, revenues of the project and shall be paid into the general fund of the State.