(a) Each project party with a project agreement with the department shall estimate the benefits derived from the use of the proceeds of special purpose revenue bonds. The benefits estimated shall be based on a comparison between the use of the proceeds of the special purpose revenue bonds instead of other means of financing and shall be in terms of dollars projected to be or actually saved by consumers of the services of the project party. The format of and method for determining the estimates shall be established by the department and shall be uniform for each project party.
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Terms Used In Hawaii Revised Statutes 39A-271

  • bonds: means bonds, notes, or other evidence of indebtedness of the State issued pursuant to this part. See Hawaii Revised Statutes 39A-251
  • Department: means the department of budget and finance. See Hawaii Revised Statutes 39A-251
  • 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 facilities of the project party or for the project party or to loan the proceeds of such bonds to assist not-for-profit private nonsectarian and sectarian elementary schools, secondary schools, colleges, and universities that serve the general public, including, without limitation, on any loan agreement. See Hawaii Revised Statutes 39A-251
  • Project party: means a not-for-profit private nonsectarian and sectarian elementary school, secondary school, college, and university that serves the general public. See Hawaii Revised Statutes 39A-251
(b) To promote public understanding of the role played by special purpose revenue bonds in providing less costly services by a project party to the general public, the department shall take appropriate steps to ensure public access to and scrutiny of the estimates determined under subsection (a).
(c) The department shall adopt rules under chapter 91 for the purposes of this section.

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