(a) Each project party with a project agreement with the department shall allow the department full access to its financial records. Upon the request of the department for the examination of the financial records, the project party shall allow the department to examine the requested records within a reasonably prompt time from the date of the request. If the department requests copies of the records, the project party shall provide the copies.

Terms Used In Hawaii Revised Statutes 39A-270

  • 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
(b) To provide the public with full knowledge of the use of the proceeds and benefits derived from special purpose revenue bonds issued under this part, the department shall require each project party with a project agreement with the department to make available to the public all relevant financial records that pertain to the use of or savings resulting from the use of special purpose revenue bonds.
(c) The department shall adopt rules under chapter 91 for the purpose of this section.

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