§174-7  Issuance of revenue bonds.  Theboard of land and natural resources shall have the power to issue revenuebonds, as provided by part III of chapter 39 to finance in whole or in part,the cost of construction, acquisition, or maintenance of any facility orproject hereunder, and, in connection therewith, to pledge for the punctualpayment of the bonds, and interest thereon, any and all revenues derived fromthe project or projects for the construction, acquisition, or maintenance ofwhich the bonds were issued, and the revenue of other or all projects, in anamount sufficient to pay the principal and interest of the bonds as they becomedue, and to create and maintain reasonable reserves or sinking funds therefor. Funds of the board, not otherwise required, may be advanced to pay necessaryexpenses incurred in making preparation for the initial issuance of bonds underthis chapter, and to take any other action necessary or proper in connectiontherewith.  Any project authorized by this chapter shall be designated an"undertaking" within the meaning of part III of chapter 39 and shallbe the public undertaking, the revenues of which are hereby charged with thepayment of the principal and interest of the bonds. [L 1961, c 166, pt of §3;Supp, §86-6; HRS §174-7]