Hawaii Revised Statutes 47-11 – Support facility for variable rate bonds
If bonds issued pursuant to this chapter are issued bearing interest at a rate or rates which vary from time to time or with a right of holders to tender the bonds for purchase, or both, the director of finance with the approval of the governing body, may contract for such support facility or facilities and remarketing arrangements as are required to market the bonds to the greatest advantage of the county upon such terms and conditions as the director of finance deems necessary and proper. The director of finance may select and enter into contracts or agreements with the entity or entities providing a support facility; provided that any contract or agreement shall provide, in essence, that any amount due and owing by the county under the contract or agreement on an annual basis shall be subject to annual appropriation by the governing body and any obligation issued or arising pursuant to the terms of the contract or agreement in the form of bonds, notes, or other evidences or indebtedness shall only arise at such time as either:
Terms Used In Hawaii Revised Statutes 47-11
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Bonds: means bonds, notes, and other instruments of indebtedness. See Hawaii Revised Statutes 47-1
- Contract: A legal written agreement that becomes binding when signed.
- County: means the counties of Hawaii, Kauai, and Maui and the city and county of Honolulu. See Hawaii Revised Statutes 47-1
- Director of finance: means the director of finance of each county. See Hawaii Revised Statutes 47-1
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Governing body: means the council of each county, or any other body exercising the legislative powers of the county. See Hawaii Revised Statutes 47-1
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.