§268-6  Bonds, certificates of issuance;terms and conditions.  (a)  Any certificate or certificates providing forthe issuance of revenue bonds pursuant to this chapter shall provide that therevenue bonds shall be redeemable before the maturity thereof at the option ofthe department of transportation at any time after five years from the date ofsuch bonds on such terms and conditions as the certificate or certificatesproviding for the issuance of the bonds shall prescribe, including the paymentof premiums upon the redemption thereof, and may contain covenants on behalf ofthe State to protect and safeguard the security and rights of the holdersthereof authorized by chapter 39, part III, and, in addition thereto, covenantsas to, among other things:

(1)  Subject to section 268-8, the establishment andmaintenance of adequate rates, rentals, and charges for the services andfacilities sold, furnished, or supplied through the ferry system; and

(2)  Limitations upon the right to dispose of theferry system or any part thereof without providing for the payment of revenuebonds issued pursuant to this chapter.

(b)  All gross revenues derived from theoperation of the ferry system and any additions or extensions thereof shall bedeposited to the credit of the state general fund. [L 1963, c 186, pt of §5; amL 1965, c 204, pt of §1(b); Supp, pt of §114-5; HRS §268-6; am L 1993, c 280,§55]