§516-44  Fee simple residential revolving
fund.  A fee simple residential revolving fund is created.  The funds
appropriated for the purposes of this chapter and chapter 519 and all moneys
received or collected by the Hawaii housing finance and development corporation
under this chapter and chapter 519 shall be deposited in the revolving fund. 
Moneys collected to reimburse the corporation from the lessees for their pro
rata share of the direct costs incurred by the corporation under this chapter
shall be deposited into the revolving fund.  The proceeds in the funds shall
first be used to pay the principal and interest on bonds or other indebtedness
issued by the corporation, or by the State, and then for necessary expenses,
including indirect costs of the corporation in administering chapters 516 and
519.



Moneys in the fund shall be used to pay all
costs of chapters 516 and 519 including administration. [L 1967, c 307, §33;
HRS §516-44; am L 1971, c 215, §3; am L 1983, c 270, §4; am L 1984, c 89, §1;
am L 1987, c 337, §16; am L 1988, c 104, §2; am L 1997, c 350, §14; am L 2001,
c 60, §4; am L 2005, c 196, §26(b); am L 2006, c 180, §16]