§48E-7  Authorization of special purposerevenue bonds.  (a)  The governing body of a county, by an ordinancefinally enacted by an affirmative vote of two-thirds of the members to whichsuch governing body is entitled, and by a separate ordinance for each singlepollution control project or a single program of pollution control projects mayauthorize the issuance of special purpose revenue bonds for the purposes ofthis chapter; provided the governing body of such county finds that theissuance of such bonds is in the public interest.  Special purpose revenuebonds issued pursuant to this chapter may be in one or more series for eachsingle pollution control project or single program of pollution controlprojects.  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 timesnot exceeding thirty years from their date or dates, shall have such rank orpriority, 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 andconditions, all as may be determined by the county.

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

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

(c)  Should any bond issued under this chapteror any coupon appertaining thereto become mutilated or be lost, stolen, ordestroyed, the county may cause a new bond or coupon of like date, number, andtenor to be executed and delivered in exchange and substitution for, and uponthe cancellation of such mutilated bond or coupon, or in lieu of and insubstitution for, such lost, stolen, or destroyed bond or coupon.  Such newbond or coupon shall not be executed or delivered until the holder of themutilated, lost, stolen, or destroyed bond or coupon has (1) paid thereasonable expense and charges in connection therewith and (2) in the case of alost, stolen, or destroyed bond or coupon, has filed with the county, or itsfiduciary, evidence satisfactory to such county or its fiduciary that such bondor coupon was lost, stolen, or destroyed and that the holder was the ownerthereof and (3) has furnished indemnity satisfactory to the county.

(d)  The governing body of a county issuingspecial purpose revenue bonds pursuant to this chapter in its discretion mayprovide that CUSIP identification numbers shall be imprinted on such bonds.  Ifsuch numbers are imprinted on any such bonds (1) no such number shallconstitute a part of the contract evidenced by the particular bond upon whichit is imprinted, and (2) no liability shall attach to the county or any officeror agent thereof, including any fiscal agent, paying agent, or registrar forsuch bonds, by reason of such numbers or any use made thereof, including anyuse thereof made by the county, any such officer, or any such agent, or byreason of any inaccuracy, error, or omission with respect thereto or in suchuse.  The governing body in its discretion may require that all cost ofobtaining and imprinting such numbers shall be paid by the purchaser of suchbonds.  For the purposes of this section, the term "CUSIP identificationnumbers" means the numbering system adopted by the Committee for UniformSecurity Identification Procedures formed by the Securities IndustryAssociation. [L 1983, c 237, pt of §2]