Hawaii Revised Statutes 49-19 – Bond anticipation notes
Terms Used In Hawaii Revised Statutes 49-19
- County: means the city and county of Honolulu and the counties of Hawaii, Kauai, and Maui, the board of water supply of the city and county of Honolulu and the boards of water supply of the counties of Hawaii, Kauai, and Maui. See Hawaii Revised Statutes 49-1
- Governing body: means council of each county, or any other body exercising the legislative powers of the county. See Hawaii Revised Statutes 49-1
- Loan program: means the activities and policies undertaken by any county to provide:
(1) Assistance to members of the general public who are residents of the county by making loans or causing loans to be made available to them for purposes as may be authorized by law; or
(2) Loans to private nonprofit organizations or public instrumentalities, or to wholly owned affiliates thereof, for the development of low and moderate income housing pursuant to section 46-15. See Hawaii Revised Statutes 49-1
- Revenue: means the moneys collected, including any moneys collected from the county or any department thereof, from the rates, rentals, fees and charges prescribed for the use and services of, and the facilities and commodities furnished by, an undertaking or the use and services and benefits of a loan program. See Hawaii Revised Statutes 49-1
- Revenue bonds: means all bonds payable solely from and secured by the revenue, or user taxes, or any combination of both, of an undertaking or loan program or any loan made thereunder for which such bonds are issued and as otherwise provided in this chapter. See Hawaii Revised Statutes 49-1
- Undertaking: means any public works and properties, improvement, or system owned or operated by the county, and from which the county may derive revenue, or with respect to which the county may derive user taxes, including but not limited to one or a combination of two or more of the following: water, sewerage, gas or electric, heat, light or power works, solid waste processing and disposal, public off-street parking facilities, plants, systems, and low and moderate income housing projects provided pursuant to section 46-15. See Hawaii Revised Statutes 49-1
- User taxes: means taxes on goods or services or on the consumption thereof, the receipts of which are substantially derived from the consumption, use or sale of goods and services in the utilization of the functions or services furnished by the undertaking. See Hawaii Revised Statutes 49-1
In anticipation of the issuance under this chapter of revenue bonds theretofore authorized by the governing body for an undertaking or a loan program and of the receipt of the proceeds of the bonds, the county, with the approval of the governing body, may issue and sell revenue bond anticipation notes for the purposes for which the revenue bonds have been authorized, the maximum principal amount of which notes shall not exceed the authorized principal amount of the revenue bonds. The notes shall be payable solely from and secured by the proceeds of the sale of the revenue bonds in anticipation of which they were issued and the revenue, or the user taxes, or a combination of both, from which would be payable and by which would be secured those revenue bonds; provided that to the extent the principal of the notes is paid from moneys other than the proceeds of sale of the revenue bonds, the maximum amount of revenue bonds in anticipation of which the notes are issued that has been authorized shall be reduced by the amount of the notes paid in that manner. The issuance of the notes and the details thereof shall be governed by this chapter with respect to revenue bonds insofar as the same may apply, provided that each note, together with all renewals and extensions thereof or refundings thereof by other notes issued under this section, shall mature within five years from the date of the original note.