2011 Hawaii Code
DIVISION 1. GOVERNMENT
TITLE 5. STATE FINANCIAL ADMINISTRATION
37D. Management of Financing Agreements
§37D-9 Line of credit
§37D-9 Line of credit. The department or, with the approval of the director, an agency may contract with a financial institution for one or more lines of credit in amounts and for periods as the legislature shall from time to time determine. The department, an agency, or the department on behalf of a requesting agency, may borrow under a line of credit and use the amount or amounts borrowed to pay the cost of the improvements, use, or acquisition of real or personal property comprising a project. Upon the execution and delivery of a financing agreement to refinance the amount or amounts borrowed under the line of credit, the department or the agency that is party to the financing agreement shall apply the proceeds thereof to the repayment of any amount or amounts. [L 2001, c 200, §1; am L 2007, c 126, pt of §1]
Note
This section is new. Former §37D-9 renumbered as §37D-10.
Disclaimer: These codes may not be the most recent version. Hawaii may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
