(a) A trust indenture may contain covenants and provisions authorized by part III of chapter 39, and as deemed necessary or convenient by the corporation for the purposes of this part.
lease

Need help with a review of a residential lease?
Have it reviewed by a lawyer, get answers to your questions and move forward with confidence.
Connect with a lawyer now

Terms Used In Hawaii Revised Statutes 516-108

  • acquisition loan programs: includes all or any part of the loan to lenders program, the purchase of existing loans program, the advance commitments program, and the eligible loan funding program authorized under this part. See Hawaii Revised Statutes 516-91
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Corporation: means the Hawaii housing finance and development corporation created by chapter 201H. See Hawaii Revised Statutes 516-1
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • 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.
  • Revenue bond: means bonds, notes, or other evidence of indebtedness of the corporation issued to finance any of the acquisition loan programs under this part. See Hawaii Revised Statutes 516-91
  • Trust indenture: means an agreement by and between the corporation and the trustee, which sets forth the duties of the trustee with respect to the revenue bonds, the security therefor, and other provisions as deemed necessary or convenient by the corporation to secure the revenue bonds. See Hawaii Revised Statutes 516-91
  • Trustee: A person or institution holding and administering property in trust.
  • Trustee: means a national or state bank or trust company within or without the State which enters into a trust indenture. See Hawaii Revised Statutes 516-91
(b) A trust indenture may allow the corporation to pledge and assign to the trustee loans and other agreements related to the acquisition loan programs, and the rights of the corporation thereunder, including the right to receive revenues thereunder and to enforce the provision thereof.
(c) Where a trust indenture provides that any revenue bond issued under that trust indenture is not valid or obligatory for any purpose unless certified or authenticated by the trustee, all signatures of the officers of the State upon the revenue bonds required by § 39-56 may be facsimiles of their signatures.
(d) A trust indenture also shall contain provisions as to:

(1) The investment of the proceeds of the revenue bonds, the investment of any reserve for the bonds, the investment of the revenues of the acquisition loan programs, and the use and application of the earnings from investments; and
(2) The terms and conditions upon which the holders of the revenue bonds or any portion of them or any trustee thereof may institute proceedings for the foreclosure of any loan or other agreement or any note or other undertaking, obligation, or property securing the payment of the bonds and the use and application of the moneys derived from the foreclosure.
(e) A trust indenture also may contain provisions deemed necessary or desirable by the corporation to obtain or permit, by grant, interest subsidy, or otherwise, the participation of the federal government in the acquisition loan programs or in the financing of the costs of administering, operating, or maintaining the acquisition loan programs.

  Previous
Next  
 Part V Contents