§356D-28 - Public housing revolving fund; housing project bond special funds. - Hawaii Statutes

     [§356D-28]  Public housing revolving fund; housing project bond special funds.  (a)  There is established the public housing revolving fund to be administered by the authority. Notwithstanding section 36-21, the proceeds in the fund shall be used for long-term and other special financings of the authority and for necessary expenses in administering this chapter.

     (b)  All moneys received and collected by the authority, not otherwise pledged, obligated, or required by law to be placed in any other special fund, shall be deposited into the public housing revolving fund.

     (c)  A separate special fund shall be established for each public housing project or projects financed from the proceeds of bonds secured under the trust indenture.  Each fund shall be designated "housing project bond special fund" and shall bear any additional designation as the authority deems appropriate to properly identify the fund.

     (d)  Notwithstanding any other law to the contrary, all revenues, income, and receipts derived from a public housing project or projects financed from the proceeds of bonds or pledged to the payment of principal of and interest and premium on bonds, shall be paid into the housing project bond special fund established for the public housing project or projects and applied as provided in the proceedings authorizing the issuance of bonds. [L 2006, c 180, pt of §2]