Hawaii Revised Statutes 516-45 – General obligation bonds
Terms Used In Hawaii Revised Statutes 516-45
- 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
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- 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.
The director of finance may, from time to time, issue general obligation bonds in such amounts as may be authorized by the legislature, for the purpose of acquisition by the Hawaii housing finance and development corporation of residential houselots within development tracts pursuant to chapter 516, part II or for the acquisition of suitable properties to exchange pursuant to section 516-24.5 or for the acquisition by the department of land and natural resources under section 171-50.1 of suitable properties for exchange pursuant to section fee simple ownership” class=”unlinked-ref” datatype=”S” sessionyear=”2022″ statecd=”HI”>171-50.2 to effectuate the purpose of this chapter. Pending the receipt of funds from the issuance and sale of general obligation bonds, amounts required within the limits of legislative authorization may be advanced to the Hawaii housing finance and development corporation from the general fund of the State. Upon the receipt of the bond funds, the general fund shall be reimbursed the amount advanced.