§356D-21 - Bonds; authorization. - Hawaii Statutes

     [§356D-21]  Bonds; authorization.  (a)  The authority, with the approval of the governor, may issue from time to time bonds (including refunding bonds to pay, retire, or provide for the retirement of bonds previously issued by the authority) in amounts not exceeding the total amount of bonds authorized to be issued by the legislature for any of its corporate purposes.

     (b)  All bonds shall be issued pursuant to part III of chapter 39, except as provided in this part.

     (c)  The bonds shall be issued in the name of the authority, and not in the name of the State.  The final maturity date of the revenue bonds may be any date not exceeding sixty years from the date of issuance.

     (d)  The authority may issue bonds as it may determine, including without limitation bonds payable from and secured, in whole or in part, by:

     (1)  Income and revenues derived from the public housing project or projects financed from the proceeds of bonds;

     (2)  Receipts derived from any grant from the federal government made in aid of a public housing project or projects financed from the proceeds of bonds;

     (3)  Income and revenues derived from a particular designated public housing project or projects whether or not financed, in whole or in part, from the proceeds of bonds;

     (4)  Income and revenues of the authority generally; or

     (5)  Any combination of paragraphs (1) through (4).

     (e)  Any pledge made by the authority shall create a perfected security interest in the revenues, moneys, or property so pledged and thereafter received by the authority from and after the time that a financing statement with respect to the revenues, moneys, or property so pledged and thereafter received shall be filed with the bureau of conveyances.  Upon the filing, the revenues, moneys, or property so pledged and thereafter received by the authority shall immediately be subject to the lien of the pledge without any physical delivery thereof or further act, and the lien of the pledge shall be prior to the lien of all parties having claims of any kind in tort, contract, or otherwise against the authority, irrespective of whether the parties have notice thereof.  This section shall apply to any financing statement heretofore or hereafter filed with the bureau of conveyances with respect to any pledge made to secure revenue bonds issued under this part.

     (f)  Any public housing project or projects authorized by, and undertaken pursuant to, this chapter shall constitute an "undertaking" within the meaning of that term as defined and used in part III, chapter 39.  The authority shall constitute a "department" and the board shall constitute a "governing body" within the meaning of those terms as defined and used in part III, chapter 39.

     (g)  Neither the members of the board nor any person executing the bonds shall be liable personally on the bonds by reason of the issuance thereof. [L 2006, c 180, pt of §2]