(a) Moneys in the revolving fund, if consistent with the purpose of the revolving fund stated in section 342D-83(b), may be used to:

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Terms Used In Hawaii Revised Statutes 342D-84

  • Corpus allocation: means the amount of moneys in the revolving fund that is allocated by the director to provide earnings to reduce an eligible party's total financing costs for one or more eligible projects. See Hawaii Revised Statutes 342D-80
  • Department: means the department of health. See Hawaii Revised Statutes 342D-1
  • Director: means the director of health. See Hawaii Revised Statutes 342D-1
  • Eligible party: means a county, state agency, or private person. See Hawaii Revised Statutes 342D-80
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Party: means each person or agency named as party or properly entitled to be a party in any court or agency proceeding. See Hawaii Revised Statutes 342D-1
  • Pollution: means water pollution. See Hawaii Revised Statutes 342D-1
  • Revolving fund: means the water pollution control revolving fund established by section 342D-83. See Hawaii Revised Statutes 342D-80
  • Water pollution: means :

    (1) Such contamination or other alteration of the physical, chemical, or biological properties of any state waters, including change in temperature, taste, color, turbidity, or odor of the waters, or
    (2) Such discharge of any liquid, gaseous, solid, radioactive, or other substances into any state waters,

    as will or is likely to create a nuisance or render such waters unreasonably harmful, detrimental, or injurious to public health, safety, or welfare, including harm, detriment, or injury to public water supplies, fish and aquatic life and wildlife, recreational purposes and agricultural and industrial research and scientific uses of such waters or as will or is likely to violate any water quality standards, effluent standards, treatment and pretreatment standards, or standards of performance for new sources adopted by the department. See Hawaii Revised Statutes 342D-1

(1) Provide, make, and condition loans;
(2) Guarantee eligible party loans and bonds and to purchase or provide bond insurance or other credit enhancement or liquidity support for eligible party debt service payments when such action would improve credit market access or reduce interest rates;
(3) Buy or refinance debt obligations of eligible parties at or below market rates, when the debt obligations were incurred after March 7, 1985;
(4) Support and pay the reasonable costs of administering the revolving fund, including operation and maintenance of the revolving fund, subject to the limits in Title pollution control revolving loan funds” class=”unlinked-ref” datatype=”S” statecd=”US” title=”33″>33 United States Code § 1383(d)(7) and Title 40 C.F.R. § 35.3120(g), and to provide a source of revenue or security for such support and payment;
(5) Pay the principal, interest, and redemption premium, if any, on revenue bonds issued by the director, if the proceeds of revenue bonds will be deposited in the revolving fund;
(6) Provide interest rate subsidies from earnings on corpus allocation to subsidize loans to eligible parties made from the proceeds of the revenue bonds of the department; and
(7) Provide interest rate subsidies to eligible parties by depositing revolving fund moneys into interest bearing accounts in participating financial institutions that issue loans for the implementation of eligible projects under section 342D-83(b).
(b) The entire water pollution control loan program, and not only those accounts or subaccounts funded by revenue bond proceeds, shall be subject to section 39-61 for the purposes of accomplishing leveraging and exclusion of the revenue bonds from the state constitutional debt ceiling.

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