§48E-7  Authorization of special purpose
revenue bonds.  (a)  The governing body of a county, by an ordinance
finally enacted by an affirmative vote of two-thirds of the members to which
such governing body is entitled, and by a separate ordinance for each single
pollution control project or a single program of pollution control projects may
authorize the issuance of special purpose revenue bonds for the purposes of
this chapter; provided the governing body of such county finds that the
issuance of such bonds is in the public interest.  Special purpose revenue
bonds issued pursuant to this chapter may be in one or more series for each
single pollution control project or single program of pollution control
projects.  The special purpose revenue bonds of each issue shall be dated,
shall bear interest at such rate or rates, shall mature at such time or times
not exceeding thirty years from their date or dates, shall have such rank or
priority, and may be made redeemable before maturity at the option of the county,
the holder, or both, at such price or prices and under such terms and
conditions, all as may be determined by the county.



The county shall determine the form of the
special purpose revenue bonds, including any interest coupons to be attached
thereto, and the manner of execution of the special purpose revenue bonds, and
shall fix the denomination or denominations of the special purpose revenue
bonds and the place or places of payment of principal and interest, which may
be at any bank or trust company within or without the State of Hawaii.  The
special purpose revenue bonds may be issued in coupon or in registered form, or
both, as the county may determine, and provisions may be made for the
registration of any coupon bonds as to principal alone and also as to both
principal and interest, and for the reconversion into coupon bonds of any bonds
registered as to both principal and interest.  The county may sell special
purpose revenue bonds in such manner, either at public or at private sale, and
for such price as it may determine to be for the best interest of the county.



(b)  Prior to the preparation of definitive
special purpose revenue bonds, the county may issue interim receipts or
temporary bonds, with or without coupons, exchangeable for definitive bonds
when such bonds have been executed and are available for delivery.



(c)  Should any bond issued under this chapter
or any coupon appertaining thereto become mutilated or be lost, stolen, or
destroyed, the county may cause a new bond or coupon of like date, number, and
tenor to be executed and delivered in exchange and substitution for, and upon
the cancellation of such mutilated bond or coupon, or in lieu of and in
substitution for, such lost, stolen, or destroyed bond or coupon.  Such new
bond or coupon shall not be executed or delivered until the holder of the
mutilated, lost, stolen, or destroyed bond or coupon has (1) paid the
reasonable expense and charges in connection therewith and (2) in the case of a
lost, stolen, or destroyed bond or coupon, has filed with the county, or its
fiduciary, evidence satisfactory to such county or its fiduciary that such bond
or coupon was lost, stolen, or destroyed and that the holder was the owner
thereof and (3) has furnished indemnity satisfactory to the county.



(d)  The governing body of a county issuing
special purpose revenue bonds pursuant to this chapter in its discretion may
provide that CUSIP identification numbers shall be imprinted on such bonds.  If
such numbers are imprinted on any such bonds (1) no such number shall
constitute a part of the contract evidenced by the particular bond upon which
it is imprinted, and (2) no liability shall attach to the county or any officer
or agent thereof, including any fiscal agent, paying agent, or registrar for
such bonds, by reason of such numbers or any use made thereof, including any
use thereof made by the county, any such officer, or any such agent, or by
reason of any inaccuracy, error, or omission with respect thereto or in such
use.  The governing body in its discretion may require that all cost of
obtaining and imprinting such numbers shall be paid by the purchaser of such
bonds.  For the purposes of this section, the term "CUSIP identification
numbers" means the numbering system adopted by the Committee for Uniform
Security Identification Procedures formed by the Securities Industry
Association. [L 1983, c 237, pt of §2]