In addition to powers that it may now have, the department shall have all powers necessary or convenient to accomplish the purposes of this part. The powers of the department include but are not limited to the following:

(1) Notwithstanding and without compliance with section 103-7, but with the approval of the governor, to:

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Terms Used In Hawaii Revised Statutes 39A-282

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • bonds: means bonds, notes, or other evidence of indebtedness of the State issued pursuant to this part. See Hawaii Revised Statutes 39A-281
  • Department: means the department of budget and finance. See Hawaii Revised Statutes 39A-281
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Project: means the acquisition, purchase, design, development, construction, reconstruction, rehabilitation, improvement, betterment, extension, financing, or refinancing of low- and moderate-income housing. See Hawaii Revised Statutes 39A-281
  • Project agreement: means any agreement entered into under this part by the department with a project party providing for the issuance of special purpose revenue bonds to finance the development of low- and moderate-income housing, or to loan the proceeds of the special purpose revenue bonds to assist a project party in the development of low- and moderate-income housing, including without limitation any loan agreement. See Hawaii Revised Statutes 39A-281
  • Project party: means an entity engaged in the development of a low- and moderate-income housing project, including a not-for-profit private organization, for-profit private organization, or public instrumentalities and their qualified affiliates. See Hawaii Revised Statutes 39A-281
(A) Enter into and carry out a project agreement, or an amendment or supplement to an existing project agreement, with a project party; and
(B) Enter into and carry out any agreement whereby the obligation of a project party under a project agreement will be unconditionally guaranteed by a person other than a project party;
(2) To issue special purpose revenue bonds pursuant to and in accordance with this part;
(3) To lend the proceeds of the special purpose revenue bonds issued for a project to the project party for use and application by the project party for the project;
(4) As security for the payment of the principal, premium, if any, and interest of the special purpose revenue bonds issued for this project, to:

(A) Pledge, assign, hypothecate, or otherwise encumber all or any part of the revenues and receipts derived or to be derived by the department under the project agreement for the project for which the bonds are issued;
(B) Pledge and assign the interest and rights of the department under the project agreement or other agreement with respect to the project or the special purpose revenue bonds;
(C) Pledge and assign any bond, debenture, note, or other evidence of indebtedness received by the department with respect to the project; or
(D) Any combination of the foregoing;
(5) To extend or renew any project agreement or any other agreement related to the project agreement; provided that any renewal or extension shall be subject to the approval of the governor unless made in accordance with provisions for the extension or renewal contained in a project agreement or related agreement theretofore approved by the governor; and
(6) To do any and all things necessary or convenient to carry out its purposes and exercise the powers given and granted in this part.

When the department finances or refinances a project by the issuance of special purpose revenue bonds as contemplated by this part, the State shall not exercise the power of eminent domain to acquire a project or any part of the project for lease or transfer to a project party, nor shall the State operate a project on behalf of a project party.

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