37D-1 Definitions. Unless the context requires otherwise, as used in this chapter:

"Agency" means the judiciary, any executive department, independent commission, board, authority, bureau, office, other establishment of the State (except the legislature and its agencies), or public corporation that is supported in whole or in part by state funds, or any agent thereof, authorized by law to expend available moneys; provided that the Hawaii health systems corporation and its regional system boards shall not be governed by this chapter for any financing agreement unless it elects to be.

"Attorney general" means the attorney general of the State or any duly designated deputy attorney general.

"Available moneys" means moneys appropriated or otherwise made available, from time to time, by the legislature to pay amounts due under a financing agreement for the fiscal period in which the payments are due, together with any unexpended proceeds of the financing agreement, and any reserves or other amounts that have been deposited in trust to pay amounts due under the financing agreement. The legislature shall not be obligated to appropriate or otherwise make moneys available.

"Certificate of participation" means any certificate evidencing a participation right or a proportionate interest in any financing agreement or the right to receive proportionate payments from an agency due under any financing agreement.

"Credit enhancement agreement" means any agreement or contractual relationship between the State, the department, or, with the approval of the director, any agency, and any bank, trust company, insurance company, surety bonding company, pension fund, or other financial institution providing additional credit on or security for a financing agreement or certificates of participation authorized by this chapter.

"Department" means the department of budget and finance of the State.

"Director" means the director of finance of the State or any duly designated deputy director of finance.

"Financial institution" means any organization authorized to do business under state or federal laws relating to financial institutions, including without limitation banks, savings banks, savings and loan companies or associations, financial services loan companies, and credit unions.

"Financing agreement" means any lease purchase agreement, installment sale agreement, loan agreement, line of credit, or other agreement of the department or, with the approval of the director, and any agency, to finance the improvement, use, or acquisition of real or personal property that is or will be owned or operated by one or more agencies of the State, the department, or any agency, or to refinance previously executed financing agreements including certificates of participation relating thereto.

"Line of credit" means an account at a financial institution under which the financial institution agrees to lend money to the department or to an agency, with the approval of the director and the agency, from time to time to finance one or more projects that are authorized by this chapter.

"Personal property" means tangible personal property, software, and fixtures.

"Project" means the real and personal property to be acquired or improved by the department or an agency with the proceeds of a financing agreement of the department or the agency, respectively, or provided to the agency by the department.

"Property rights" means, with respect to personal property, the rights of a secured party under chapter 490, and, with respect to real property, the rights of a trustee or lender under a lease authorized by section 37D-3(4).

"Software" includes software, training, and maintenance contracts related to the operation of computer equipment. [L 1996, c 119, pt of 2; am L 1998, c 263, 1; am L 2001, c 200, pt of 3; am L 2007, c 126, pt of 1 and c 290, 11]



Previous Vol01_Ch0001-0042F Next