Haw. Code R. § 15-31-25 - Bonds

(a) As contained in section 206M-9, HRS, the development corporation may finance all or a part of the cost of developing, constructing and equipping a project or industrial park with loans, including construction and permanent loans, to qualified persons with funds raised through the issuance of bonds.

(1) If the development and construction of an industrial park, a project or a multi-project program is proposed to be financed through the issuance of bonds, the development corporation shall submit to the governor of the State a request that bonds be issued

(2) If the governor's approval is obtained, the request that bonds be issued for the industrial park, project or multi-project program shall be submitted to the legislature for its authority to issue bonds.

(b) As part of any request seeking the governor's approval and the legislature's authority to issue bonds to finance all or a part of the cost of developing, constructing or equipping an industrial park, the development corporation may also include a request for the governor's approval and the legislature's authorization to issue additional bonds, which the development corporation anticipates will be necessary and advisable for the purpose of having financing available to persons who desire to finance the cost of developing, constructing and equipping all or a part of any project in the industrial park through bond financing and who will be applying for such financial assistance as a qualified person under these rules. The development corporation may issue such additional bonds in such principal amounts as the governor has approved and the legislature has authorized at such time or times as the development corporation deems necessary and advisable to finance all or part of the cost of any project in the industrial park.

Notes

Haw. Code R. § 15-31-25

[Eff MAR 20 1987] (Auth: HRS Sec. 206M-3) (Imp: HRS Sec. 206M-3)