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



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



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



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