§39A-256 
Issuance of special purpose revenue bonds to finance projects.  In addition to the other powers that it may
otherwise have, the department may issue special purpose revenue bonds to
finance or refinance the costs of facilities of or for project parties or to
loan the proceeds of such bonds to assist project parties.  All revenue bonds
issued under this part are special purpose revenue bonds, and the provisions of
part III of chapter 39 shall not apply.  All special purpose revenue bonds
shall be issued in the name of the department and not in the name of the State.



In
determining the cost of any project, the department may also include the
following:  financing charges, fees, the expenses of trustees, and the cost of
paying agents to issue special purpose revenue bonds to fund the project;
interest on the bonds and the expenses of the State in connection with the
bonds and the project to be financed or refinanced from the proceeds of the
bonds accruing or incurred prior to and during the period of construction, not
to exceed twelve months thereafter; amounts necessary to establish or increase
reserves for the special purpose revenue bonds; the cost of plans,
specifications, studies, surveys, and estimates of costs and of revenues; other
expenses incidental to determining the feasibility or practicability of the
project; administration expenses; the cost of interest incurred by the project
party with respect to the project prior to the issuance of the special purpose
revenue bonds; fees and expenses incurred in connection with the refinancing of
outstanding obligations; other costs, commissions, and expenses incidental to
the construction, acquisition, reconstruction, renovation, rehabilitation,
improvement, betterment, operation, or extension of the project; the financing
or refinancing of the project and placing the project in operation; and the
issuance of the special purpose revenue bonds, whether incurred prior to or
after the issuance of such bonds.



The
legislature finds and determines that the exercise of the powers vested in the
department by this part constitutes assistance to not-for-profit private
nonsectarian and sectarian elementary schools, secondary schools, colleges, and
universities serving the general public and that the issuance of special
purpose revenue bonds to finance or refinance facilities of or for project
parties or to loan the proceeds of the bonds to assist project parties is in
the public interest.  The legislature also finds and determines that the
exercise of the powers vested in the department by this part are pursuant to
separate acts of the legislature, each of which shall be enacted in a
nondiscriminatory manner on the basis of neutral, secular criteria and will not
in any manner violate the First Amendment of the Constitution of the United
States or article I, section 4, of the Constitution of the State of Hawaii.
[L 2002, c 257, pt of §1; am L 2004, c 10, §1]