§53-27 - Limited return on investment.
§53-27 Limited return on investment. Subject to section 53-36, there shall be paid annually out of the earnings ofthe redevelopment corporation, after providing for all expenses, taxes,assessments, and depreciation in improvements, or, in the case of a lease, foramortization, a sum for interest and dividends not exceeding eight per cent ofthe total actual final cost of the project as defined by [paragraph] (2) ofsection 53-32. The obligation in respect of the payments shall be cumulative,and any deficiency in interest and dividends in any year shall be paid from thefirst available earnings in subsequent years; and any cash surplus derived fromearnings remaining in the treasury of the redevelopment corporation in excessof the amount necessary to provide the cumulative annual sums shall, upondissolution of the corporation, be paid into the redevelopment fund of thecounty in which the project lies. [L 1949, c 379, §10; am L 1951, c 244, §6; RL1955, §143-26; am L 1959, c 44, §3; HRS §53-27]