2013 Hawaii Revised Statutes
48E. Political Subdivision Pollution Control Special Purpose Revenue Bonds
48E-7 Authorization of special purpose revenue bonds.

HI Rev Stat § 48E-7 (2013) What's This?

§48E-7 Authorization of special purpose revenue bonds. (a) The governing body of a county, by an ordinance finally enacted by an affirmative vote of two-thirds of the members to which such governing body is entitled, and by a separate ordinance for each single pollution control project or a single program of pollution control projects may authorize the issuance of special purpose revenue bonds for the purposes of this chapter; provided the governing body of such county finds that the issuance of such bonds is in the public interest. Special purpose revenue bonds issued pursuant to this chapter may be in one or more series for each single pollution control project or single program of pollution control projects. The special purpose revenue bonds of each issue shall be dated, shall bear interest at such rate or rates, shall mature at such time or times not exceeding thirty years from their date or dates, shall have such rank or priority, and may be made redeemable before maturity at the option of the county, the holder, or both, at such price or prices and under such terms and conditions, all as may be determined by the county.

The county shall determine the form of the special purpose revenue bonds, including any interest coupons to be attached thereto, and the manner of execution of the special purpose revenue bonds, and shall fix the denomination or denominations of the special purpose revenue bonds and the place or places of payment of principal and interest, which may be at any bank or trust company within or without the State of Hawaii. The special purpose revenue bonds may be issued in coupon or in registered form, or both, as the county may determine, and provisions may be made for the registration of any coupon bonds as to principal alone and also as to both principal and interest, and for the reconversion into coupon bonds of any bonds registered as to both principal and interest. The county may sell special purpose revenue bonds in such manner, either at public or at private sale, and for such price as it may determine to be for the best interest of the county.

(b) Prior to the preparation of definitive special purpose revenue bonds, the county may issue interim receipts or temporary bonds, with or without coupons, exchangeable for definitive bonds when such bonds have been executed and are available for delivery.

(c) Should any bond issued under this chapter or any coupon appertaining thereto become mutilated or be lost, stolen, or destroyed, the county may cause a new bond or coupon of like date, number, and tenor to be executed and delivered in exchange and substitution for, and upon the cancellation of such mutilated bond or coupon, or in lieu of and in substitution for, such lost, stolen, or destroyed bond or coupon. Such new bond or coupon shall not be executed or delivered until the holder of the mutilated, lost, stolen, or destroyed bond or coupon has (1) paid the reasonable expense and charges in connection therewith and (2) in the case of a lost, stolen, or destroyed bond or coupon, has filed with the county, or its fiduciary, evidence satisfactory to such county or its fiduciary that such bond or coupon was lost, stolen, or destroyed and that the holder was the owner thereof and (3) has furnished indemnity satisfactory to the county.

(d) The governing body of a county issuing special purpose revenue bonds pursuant to this chapter in its discretion may provide that CUSIP identification numbers shall be imprinted on such bonds. If such numbers are imprinted on any such bonds (1) no such number shall constitute a part of the contract evidenced by the particular bond upon which it is imprinted, and (2) no liability shall attach to the county or any officer or agent thereof, including any fiscal agent, paying agent, or registrar for such bonds, by reason of such numbers or any use made thereof, including any use thereof made by the county, any such officer, or any such agent, or by reason of any inaccuracy, error, or omission with respect thereto or in such use. The governing body in its discretion may require that all cost of obtaining and imprinting such numbers shall be paid by the purchaser of such bonds. For the purposes of this section, the term "CUSIP identification numbers" means the numbering system adopted by the Committee for Uniform Security Identification Procedures formed by the Securities Industry Association. [L 1983, c 237, pt of §2]

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