(a) Any project agreement entered into by the county shall contain provisions unconditionally obligating the project party to pay the county during the period or term of the project agreement, exclusive of any renewal or extension thereof and whether or not the pollution control project is used or occupied by the project party, at such time or times and in such amount or amounts that will be at least sufficient:

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Terms Used In Hawaii Revised Statutes 48E-5

  • County: means the city and county of Honolulu, the county of Hawaii, the county of Kauai, and the county of Maui. See Hawaii Revised Statutes 48E-1
  • Pollution control project: means any processing enterprise consisting of property, or improvements or alterations to property, designed, acquired, constructed, installed, or modified, and certified as necessary or desirable by the state department of health, to abate, control, reduce, treat, eliminate, or dispose of solid waste, and specifically includes facilities which incidentally provide for the recovery of energy or material resources, or both. See Hawaii Revised Statutes 48E-1
  • Project agreement: means any lease, sublease, loan agreement, conditional sale agreement, or other similar financing contract or agreement, or combination thereof entered into under this chapter by the county, including the financing of a pollution control project from the proceeds of the special purpose revenue bonds. See Hawaii Revised Statutes 48E-1
  • Project party: means the person with whom the county enters into a project agreement. See Hawaii Revised Statutes 48E-1
  • Special purpose revenue bonds: means bonds, notes, or other evidences of indebtedness of a county issued pursuant to this chapter. See Hawaii Revised Statutes 48E-1
(1) To pay the principal of, and premium, if any, and interest on all special purpose revenue bonds issued to finance the costs of the pollution control project as and when the same becomes due, including upon any required redemption thereof;
(2) To establish or maintain such reserves, if any, as may be required by the instrument authorizing or securing the special purpose revenue bonds;
(3) To pay the fees and expenses of the paying agents and trustees for the special purpose revenue bonds;
(4) To pay the expenses incurred by the county in administering the bonds or in carrying out the project agreement; provided that moneys received by the county to pay such expenses shall not be, nor be deemed to be, revenues derived under the project agreement which may be pledged as security for special purpose revenue bonds and shall be paid into the county fund from which such payments are made; and
(5) To pay any and all of the cost, direct or indirect, in the operation, maintenance, and repair of the pollution control project.
(b) Any project agreement entered into by the county may contain such provisions as the county deems necessary or desirable to obtain or permit the participation of the state and federal government in the pollution control project or in the financing of the costs thereof.
(c) A project agreement shall provide that the county shall have all rights and remedies generally available at law or in equity to reenter and take possession of a pollution control project upon the breach or default by a project party of any term, condition, or provision of a project agreement.
(d) The county may extend or renew any project agreement or any other agreement related thereto, in accordance with the project agreement.

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