(a) Prior to entering into negotiations with any project party, the department shall require that the project party shall agree to pay all fees, costs, and expenses (direct or indirect) assessed by the department in implementing and administering this part, as determined by the department, even though a project agreement may not be entered into. The department may further require the deposit of moneys with it to pay for fees, costs, and expenses. The department shall return any amount of the deposit exceeding the amount required to reimburse the State to the party that made the deposit. The State shall not be required to pay to the project party any interest or earnings on the deposit.

Terms Used In Hawaii Revised Statutes 39A-254

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Department: means the department of budget and finance. See Hawaii Revised Statutes 39A-251
  • 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 the project party or for the project party or to loan the proceeds of such bonds to assist not-for-profit private nonsectarian and sectarian elementary schools, secondary schools, colleges, and universities that serve the general public, including, without limitation, on any loan agreement. See Hawaii Revised Statutes 39A-251
  • Project party: means a not-for-profit private nonsectarian and sectarian elementary school, secondary school, college, and university that serves the general public. See Hawaii Revised Statutes 39A-251
(b) The department shall not enter into any project agreement with respect to any project unless the department shall determine that:

(1) The project party is a responsible party, whether by reason of economic assets or experience in the type of enterprise to be undertaken through the project, or some other reason; or
(2) The obligations of the project party under the project agreement will be unconditionally guaranteed by a person who is a responsible party, whether by reason of economic assets or experience in the type of enterprise to be undertaken through the project, or some other reason.
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