§53-32  Limitations.  In addition tolimitations prescribed by this part a redevelopment corporation shall not havepower to:

(1)  Acquire any real property or interest therein fora project or projects unless the redevelopment agency determines as provided inthis part that the acquisition is necessary or convenient for the publicpurpose defined in this part.

(2)  Issue its stock, debentures, and bonds coveringany project undertaken by it in an amount greater in the aggregate than thetotal actual final cost of the project.  The actual cost of the project shallinclude the cost of the lands and improvements constituting the project andcharges for planning, financing, and supervision approved by the supervisingagency, condemnation charges and interest and other carrying charges during theperiod of acquisition and of construction.  The total actual final cost shallbe deemed to be an amount equal to the actual cost plus an allowance forworking capital.  The allowance for working capital shall not exceed an amountequal to five per cent of the estimated cost or of the total actual final costof the project if that shall be greater than the estimated cost.

(3)  Enter into contracts for the payment of salariesto officers or employees, or for the construction or for the substantialrepair, improvement, or operation of projects, except subject to the approvalof the agency. [L 1949, c 379, §15; RL 1955, §143-31; HRS §53-32]