(a) A separate special fund shall be established for each project facility financed from the proceeds of the revenue bonds secured under the same trust indenture. Each fund shall be designated “project facility revenue bond special fund” and shall bear additional designation as the corporation deems appropriate to properly identify the fund.

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Terms Used In Hawaii Revised Statutes 163D-13

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Corporation: means the agribusiness development corporation. See Hawaii Revised Statutes 163D-2
  • Fund: means the Hawaii agricultural development revolving fund. See Hawaii Revised Statutes 163D-2
  • Project: means a specific undertaking, improvement, or system consisting of work or improvement, including personal property or any interest therein, acquired, constructed, reconstructed, rehabilitated, improved, altered, or repaired by the corporation. See Hawaii Revised Statutes 163D-2
  • Revenue bonds: means bonds, notes, or other evidence of indebtedness of the corporation issued to finance any project facility. See Hawaii Revised Statutes 163D-2
  • Trust indenture: means an agreement by and between the corporation and a trustee that sets forth the duties of the trustee with respect to the revenue bonds, the security thereof, and other provisions as may be deemed necessary or convenient by the corporation to secure the revenue bonds. See Hawaii Revised Statutes 163D-2
(b) Notwithstanding any other law to the contrary, including section [ corporation funds” class=”unlinked-ref” datatype=”S” sessionyear=”2019″ statecd=”HI”>163D-17 ], all revenues, income, and receipts derived from the project facility for which the revenue bonds are issued shall be paid into the project facility revenue bond fund established for that project facility and applied as provided in the proceedings authorizing the issuance of the revenue bonds.