Hawaii Revised Statutes 39B-4 – Report of unused allocation; reversion to State
Terms Used In Hawaii Revised Statutes 39B-4
- 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.
- county: includes the city and county of Honolulu. See Hawaii Revised Statutes 1-22
- Department: means the department of budget and finance. See Hawaii Revised Statutes 39B-1
- Issuer: means any state department, board, commission, officer, or authority, or private not-for-profit corporation authorized under the laws of the State to issue private activity bonds. See Hawaii Revised Statutes 39B-1
The director of finance of each county shall report to the department and Hawaii housing finance and development corporation in writing by November 15 of each year as to the amount of allocation to the county that has not been applied to private activity bonds in the year or assigned pursuant to this chapter.
In preparing the report, the director of finance of the county shall deduct any allocation that is unused or unassigned as of November 15 but will be applied to private activity bonds on or before December 1 of the specified year.
Unless the director of finance of the county or any issuer, by written certificate, indicates to the department and the Hawaii housing finance and development corporation before November 15 of each year that it intends to carry forward all or any portion of its allocation that has not been applied to private activity bonds in the specified year or assigned pursuant to this chapter, the unused or unassigned allocation shall revert to the State on December 1 and the State shall be entitled to carry forward the unused or unassigned allocation as permitted by federal law.