§39-62  Use of revenue and user taxes by any
undertaking, loan program, or the Hawaii hurricane relief fund.  Whenever
any revenue bonds have been issued pursuant to this part for an undertaking, a
loan program, or the Hawaii hurricane relief fund, the revenue, or the user
taxes, or combination of both, of the undertaking, loan program, or fund from
which the revenue bonds are payable and by which they are secured shall be
deposited in a special fund and shall be appropriated, applied, or expended in
the amount necessary therefor for the following purposes and in the order of
priority as the department shall provide in the resolution or certificate
authorizing the issuance of revenue bonds pursuant to this part:



(1)  To pay when due all revenue bonds and interest
thereon issued for the undertaking, loan program, or the Hawaii hurricane
relief fund for the payment of which the revenue, or user taxes, or combination
of both, is or shall have been pledged, charged, or otherwise encumbered,
including reserves therefor;



(2)  To pay or provide for the payment of the cost of
operation, maintenance, and repair of the undertaking, or to pay or provide for
the payment of administering, operating, and maintaining the loan program,
including reserves therefor;



(3)  For such purposes, within the jurisdiction,
powers, duties, and functions of the department, including the creation and
maintenance of reserves, as shall have been covenanted in any resolution or
resolutions or certificate or certificates of the department providing for the
issuance of revenue bonds;



(4)  To reimburse the general fund of the State for
all bond requirements for general obligation bonds which are or shall have been
issued for the undertaking, loan program, or the Hawaii hurricane relief fund,
or to refund any general obligation bonds, except insofar as the obligation of
reimbursement has been or shall be canceled by the legislature, the bond
requirements being the interest on term and serial bonds, sinking fund for term
bonds, and principal of serial bonds maturing the following year;



(5)  To provide for betterments and improvements to
the undertaking or expansion of the loan program or the Hawaii hurricane relief
fund including reserves therefor; and



(6)  To provide special reserve funds and other special
funds as are or may be created by law.



The appropriation, application, or expenditure of
amounts deposited in the special fund pursuant to this section shall be
accounted for on a fiscal year basis.  Unless and until adequate provision has
been made for the foregoing purposes, the State shall not have the right to
transfer to its general fund or any special fund or to apply to any other
purposes any part of the revenue or user taxes pledged to the payment of
revenue bonds of the undertaking or loan program. [L 1988, c 28, pt of §3; am L
1989, c 15, §3; am L 1996, c 307, §6]