(a) A trust indenture may contain covenants and provisions authorized by part III of chapter 39, and as deemed necessary or convenient by the authority for the purposes of this part.
lawyer at desk

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Hawaii Revised Statutes 206E-108

  • Authority: means the Hawaii community development authority. See Hawaii Revised Statutes 206E-101
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. 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.
  • Reserved housing: means housing designated for residents in the low- or moderate-income ranges who meet such eligibility requirements as the authority may adopt by rule. See Hawaii Revised Statutes 206E-101
  • Reserved housing loan programs: includes all or any part of the loan to lenders program, the purchase of existing loans program, the advance commitments program, and the eligible loan and eligible project loan funding program authorized under this part. See Hawaii Revised Statutes 206E-101
  • Revenue bonds: means bonds, notes, or other evidence of indebtedness of the authority issued to finance any of the reserved housing loan programs under this part. See Hawaii Revised Statutes 206E-101
  • Trust indenture: means an agreement by and between the authority and the trustee, which sets forth the duties of the trustee with respect to the revenue bonds, the security therefor, and other provisions as deemed necessary or convenient by the authority to secure the revenue bonds. See Hawaii Revised Statutes 206E-101
  • Trustee: A person or institution holding and administering property in trust.
  • Trustee: means a national or state bank or trust company within or without the State which enters into a trust indenture. See Hawaii Revised Statutes 206E-101
(b) A trust indenture may allow the authority to pledge and assign to the trustee loans and other agreements related to the reserved housing loan programs, and the rights of the authority thereunder, including the right to receive revenues thereunder and to enforce the provision thereof.
(c) Where a trust indenture provides that any revenue bond issued under that trust indenture is not valid or obligatory for any purpose unless certified or authenticated by the trustee, all signatures of the officers of the State upon the revenue bonds required by § 39-56 may be facsimiles of their signatures.
(d) A trust indenture shall also contain provisions as to:

(1) The investment of the proceeds of the revenue bonds, the investment of any reserve for the bonds, the investment of the revenues of the reserved housing loan programs, and the use and application of the earnings from investments; and
(2) The terms and conditions upon which the holders of the revenue bonds or any portion of them or any trustee thereof may institute proceedings for the foreclosure of any loan or other agreement or any note or other undertaking, obligation or property securing the payment of the bonds and the use and application of the moneys derived from the foreclosure.
(e) A trust indenture may also contain provisions deemed necessary or desirable by the authority to obtain or permit, by grant, interest subsidy, or otherwise, the participation of the federal government in the reserved housing loan programs or in the financing of the costs of administering, operating, or maintaining such reserved housing loan programs.

  Previous
Next  
 Part III Contents