§39-54  Authorization of revenuebonds; details of revenue bonds.  (a)  The issuance of revenue bonds forthe acquisition, purchase, construction, reconstruction, improvement,betterment, or extension of any undertaking; the establishment and administrationof any loan program authorized by law; or the coverage of policies of hurricaneproperty insurance issued by the Hawaii hurricane relief fund shall beauthorized:

(1)  By a resolution or resolutions of the governingbody of the department, which may be adopted at the same meeting at which thesame are introduced by a majority of all the members of the governing body ofthe department then in office, and shall take effect immediately upon filingwith the director of finance; or

(2)  By a certificate or certificates of a departmenthead, which shall take effect immediately upon filing with the director offinance.

(b)  The revenue bonds shall bear interest atsuch rate or rates payable at such time or times, may be in one or more series;may bear such date or dates; may mature at such time or times not exceedingthirty years from their respective dates; may be payable in such medium ofpayment and at such place or places within or without the State; may carryregistration privileges; may be subject to such terms of redemption, to tendersfor purchase or to purchase prior to their stated maturity at the option of theState or the holder, or both; may contain terms, covenants, and conditions; andmay be in such form, either coupon or registered, as the resolution orcertificate and subsequent resolutions or certificates, may provide; providedthat notwithstanding the foregoing the department, with the approval of thegovernor and the director of finance, may provide for deeply discounted revenuebonds which do not bear interest but are subject to redemption or retirement attheir accreted value so long as the discounted value of the revenue bonds shallnot exceed ten per cent of any series or issue of revenue bonds.

(c)  The department head or the governing bodyshall determine the date, denomination or denominations, interest paymentdates, maturity date or dates, place or places of payment, registrationprivileges and place or places of registration, redemption price or prices andtime or times and terms and conditions and method of redemption, the right ofthe holder to tender for purchase and the price or prices and time or times andterms and conditions upon which the right might be exercised, the right topurchase and the price or prices and the time or times and terms and conditionsupon which the right might be exercised and the purchase may be made, and allother details of revenue bonds issued pursuant to this part.  A governing bodymay delegate the responsibility for any or all of the determinations, withinlimits prescribed by the governing body, to the member who is the presidingofficer or to the executive director or other officer of the board, commission,agency, authority, public corporation, instrumentality, or other body. [L 1988,c 28, pt of §3; am L 1996, c 307, §4]