§206-30  Provisions of bonds.  Inconnection with the issuance of bonds or the incurring of any obligation and tosecure the payment of the bonds or obligations, the board of land and naturalresources in addition to its other powers may:

(1)  Pledge all or any part of its revenues under thischapter to which its right then exists or may thereafter come into existence;

(2)  Covenant against mortgaging all or any part ofits property, real or personal, then owned or thereafter acquired, inconnection with development projects or against permitting or suffering anylien thereon;

(3)  Covenant with respect to limitations on its rightto sell, lease, or otherwise dispose of any project or any part thereof;

(4)  Covenant against pledging all or any part of itsrevenues from any development project to which its right then exists or maythereafter come into existence, or against permitting or suffering any lienthereon;

(5)  Covenant as to the bonds to be issued and as tothe issuance of the bonds in escrow or otherwise, and as to the use anddisposition of the proceeds thereof;

(6)  Covenant as to what other, or additional debtsmay be incurred by it in the exercise of its authority under this chapter;

(7)  Provide for the replacement of lost, destroyed,or mutilated bonds;

(8)  Covenant that the board warrants title;

(9)  Covenant as to the amount to be raised each yearor other period of time by revenues under this chapter and as to the use anddisposition to be made thereof;

(10)  Covenant as to the use of any or all of itsproperty, real or personal, acquired or held for use in connection withdevelopment projects under this chapter;

(11)  Create or authorize the creation of special fundssegregating the proceeds of any loans or grants, the revenue of any project orprojects, reserves for principal and interest on its bonds and for operatingcontingencies and other reserves; and covenant as to the use and disposal ofthe moneys held in the funds;

(12)  Redeem the bonds and covenant for theirredemption and provide the terms and conditions thereof;

(13)  Covenant against extending the time for thepayment of its bonds or interest thereon;

(14)  Prescribe the procedure, if any, by which theterms of any contract with bondholders may be amended or abrogated, the amountof bonds the holders of which must consent thereto and the manner in which theconsent may be given;

(15)  Covenant as to the maintenance of its propertyacquired or held for use in connection with development projects under thischapter, and replacement thereof, the insurance to be carried thereon, and theuse and disposition of insurance moneys;

(16)  Vest in an obligee, in the event of a default bythe board, the right to cure any such default and to advance any moneysnecessary for the purpose and covenant that the moneys so advanced be anadditional obligation of the board with such interest, security, and priorityas may be provided in any lease or contract;

(17)  Covenant and prescribe as to the events ofdefault and terms and conditions upon which any or all of its bonds shallbecome or may be declared due before maturity and as to the terms andconditions upon which such declaration and its consequences may be waived;

(18)  Covenant as to the rights, liabilities, powers,and duties arising upon the breach by it of any covenant, condition, orobligation;

(19)  Covenant to surrender possession of a project orprojects or parts thereof upon the happening of an event of default; and vestin any obligee the right, upon a default and without judicial proceedings, totake possession and use, operate, manage, and control the projects or any partsthereof and to collect and receive revenues arising therefrom in the samemanner as the board itself might do and to dispose of the moneys collected inaccordance with the agreement of the obligee with the board;

(20)  Vest in a trustee the right to enforce anycovenant to secure, or pay the bonds, or otherwise relating to the bonds;provide for the powers and duties of the trustee, limit the liabilitiesthereof, and provide the terms and conditions upon which the trustee or theholders of bonds, or any proportion of them may enforce any such covenant;

(21)  Make covenants other than, and in addition to,the covenants herein expressly authorized, of like or different character; andexecute all instruments necessary or convenient in the exercise of the powersherein granted, or in the performance of its covenants or duties, which maycontain such covenants and provisions, in addition to those above specified, asthe government or any purchaser of the bonds of the board may require;

(22)  Make such covenants and do any and all such actsand things as may be necessary, convenient, or desirable to secure its bonds,or, in the absolute discretion of the board, tend to make the bonds moremarketable, notwithstanding that such covenants, acts or things may not beenumerated herein. [L 1961, c 6, §28; Supp, §98J-28; HRS §206-30]