Hawaii Revised Statutes 39A-255 – 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 to:
Terms Used In Hawaii Revised Statutes 39A-255
- bonds: means bonds, notes, or other evidence of indebtedness of the State issued pursuant to this part. See Hawaii Revised Statutes 39A-251
- 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
- refinancing: means the liquidation; the retirement; the provision for retirement through the proceeds of bonds issued by the State of any indebtedness of a project party incurred to finance or help finance a lawful purpose of the project party not financed pursuant to this part; or the consolidation of such indebtedness with indebtedness of the State incurred by the project party related to the purpose for which the indebtedness of the project party was initially incurred. See Hawaii Revised Statutes 39A-251
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.