§39-62  Use of revenue and user taxes by anyundertaking, loan program, or the Hawaii hurricane relief fund.  Wheneverany revenue bonds have been issued pursuant to this part for an undertaking, aloan program, or the Hawaii hurricane relief fund, the revenue, or the usertaxes, or combination of both, of the undertaking, loan program, or fund fromwhich the revenue bonds are payable and by which they are secured shall bedeposited in a special fund and shall be appropriated, applied, or expended inthe amount necessary therefor for the following purposes and in the order ofpriority as the department shall provide in the resolution or certificateauthorizing the issuance of revenue bonds pursuant to this part:

(1)  To pay when due all revenue bonds and interestthereon issued for the undertaking, loan program, or the Hawaii hurricanerelief fund for the payment of which the revenue, or user taxes, or combinationof 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 ofoperation, maintenance, and repair of the undertaking, or to pay or provide forthe 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 andmaintenance of reserves, as shall have been covenanted in any resolution orresolutions or certificate or certificates of the department providing for theissuance of revenue bonds;

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

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

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

The appropriation, application, or expenditure ofamounts deposited in the special fund pursuant to this section shall beaccounted for on a fiscal year basis.  Unless and until adequate provision hasbeen made for the foregoing purposes, the State shall not have the right totransfer to its general fund or any special fund or to apply to any otherpurposes any part of the revenue or user taxes pledged to the payment ofrevenue bonds of the undertaking or loan program. [L 1988, c 28, pt of §3; am L1989, c 15, §3; am L 1996, c 307, §6]