§516-45  General obligation bonds.  The
director of finance may, from time to time, issue general obligation bonds in
such amounts as may be authorized by the legislature, for the purpose of
acquisition by the Hawaii housing finance and development corporation of
residential houselots within development tracts pursuant to chapter 516, part
II or for the acquisition of suitable properties to exchange pursuant to
section 516-24.5 or for the acquisition by the department of land and natural
resources under section 171-50.1 of suitable properties for exchange pursuant
to section 171-50.2 to effectuate the purpose of this chapter.  The principal
and interest of general obligation bonds issued pursuant to this section shall
be reimbursed to the general fund from the fee simple residential revolving
fund as provided in section 516-44.  Pending the receipt of funds from the
issuance and sale of general obligation bonds, amounts required within the
limits of legislative authorization may be advanced to the Hawaii housing
finance and development corporation from the general fund of the State.  Upon
the receipt of the bond funds, the general fund shall be reimbursed the amount
advanced. [L 1971, c 215, §4; am L 1975, c 184, §2(17); am L 1987, c 337, §16;
am L 1988, c 104, §2; am L 1997, c 350, §14; am L 2005, c 196, §26(b); am L
2006, c 180, §16]



 



Note



 



  Part IIA heading was deleted by L 1980, c 107, §3.