§516-103 - Revenue bonds; interest rate, price, and sale. - Hawaii Statutes

     §516-103  Revenue bonds; interest rate, price, and sale.  (a)  The revenue bonds shall bear interest at a rate or rates payable monthly, quarterly, or semiannually.

     (b)  The corporation shall include the costs of undertaking and maintaining the acquisition loan programs for which the revenue bonds are issued in determining the principal amount of revenue bonds to be issued.  In determining the cost of undertaking and maintaining the acquisition loan programs, the corporation may include the cost of purchasing or funding loans or other agreements entered into for the acquisition loan programs; the costs of studies and surveys; insurance premiums; underwriting fees; financial consultant, legal, accounting, and marketing services incurred; reserve account, trustee, custodian, and rating agency fees; and interest on the bonds for a period not to exceed one year from the date of issuance.

     (c)  The revenue bonds may be sold at public or private sale, and for a price as may be determined by the corporation to be in the best interest of the State.

     (d)  Section 39-65 shall not apply to revenue bonds issued for the purpose of undertaking and maintaining any of the acquisition loan programs as permitted by this part.  The legislature consents to the taxation by the United States of America of interest on revenue bonds issued for the purpose of undertaking and maintaining any of the acquisition loan programs as permitted by this part. [L 1983, c 270, pt of §1; am L 1987, c 337, §16; am L 1988, c 104, §2; am L 2005, c 196, §26(b); am L 2006, c 180, §16]

 

Revision Note

 

  Section "39-65" substituted for "39-61".