2011 Hawaii Code
DIVISION 1. GOVERNMENT
TITLE 1. GENERAL PROVISIONS
10. Office of Hawaiian Affairs
§10-25 Revenue bonds.

§10-25 Revenue bonds. (a) Revenue bonds shall be issued in the name of the board, may be in one or more series, may be in the denomination or denominations, may bear the date or dates, may mature at the time or times not exceeding fifty years from their respective dates, may bear interest at the rate or rates payable at the time or times at the place or places within or without the State, may carry the registration privileges as to principal alone or as to both principal and interest, may be subject to the terms or redemption with or without premium, may be executed in the manner, may contain the terms, covenants, and conditions, and may be in such form as the resolution authorizing the issuance of the bonds, or subsequent resolutions may provide.

(b) The board may acquire policies of insurance and enter into banking arrangements upon terms and conditions as the board may deem necessary or desirable, at the time of delivery of an issue of revenue bonds or a later date as the board deems in the best interest of the office, including contracting for a support facility or facilities as permitted in section 10-25.5, and contracting for interest rate swaps, swaptions, interest rate floors, and other similar contracts to hedge or reduce the amount or duration of payment, rate, spread, or similar risk, or to reduce the cost of borrowing when used in conjunction with revenue bonds issued pursuant to this chapter.

(c) The board may make arrangements as may be necessary or proper for the sale of each issue of revenue bonds or part thereof as are issued pursuant to this chapter, including arranging for the preparation and printing of the revenue bonds, the official statement, and any other documents or instruments deemed required for the issuance and sale of revenue bonds and retaining financial, accounting, and legal consultants, all upon terms and conditions as the board deems advisable and in the best interest of the State and the office. The board may offer the revenue bonds at competitive sale or may negotiate the sale of the revenue bonds to any person or group of persons, to the United States, or any board, agency, instrumentality, or corporation thereof, to the employees' retirement system of the State, to any political subdivision of the State, or to any board, agency, instrumentality, public corporation, or other governmental organization of the State or of any political subdivision thereof.

The sale of the revenue bonds by the board by negotiation shall be at a price or prices, and upon terms and conditions, and the revenue bonds shall bear interest at a rate or rates or varying rates determined from time to time, in the manner as the board shall approve.

The sale of the revenue bonds by the board at competitive sale shall be at a price or prices and upon terms and conditions, and the revenue bonds shall bear interest at a rate or rates or varying rates determined from time to time in the manner as specified by the successful bidder. The revenue bonds shall be sold in the manner provided in section 39-55.

(d) The board may delegate the responsibility for the sale and the fixing of the terms and details of revenue bonds and such other determinations or actions as may be provided by resolution of the board, to the chairperson of the board, the administrator, or another designated officer.

(e) All public officers and bodies of the State, all political subdivisions, all insurance companies and associations, all banks, savings banks, and savings institutions, including building or savings and loan associations, all credit unions, all trust companies, all personal representatives, guardians, trustees, and all other persons and fiduciaries in the State who are regulated by law as to the character of their investment, may legally invest funds within their control and available for investment in revenue bonds issued under this chapter. The purpose of this subsection is to authorize any person, firm, corporation, association, political subdivision, body, or officer, public or private, to use any funds owned or controlled by them, including, without prejudice to the generality of the foregoing, sinking, insurance, investment, retirement, compensation, pension, or trust funds, and funds held on deposit, for the purchase of any revenue bonds issued under this chapter. [L 1994, c 283, pt of §2(2); am L 2009, c 146, §6]