Report Title:

Revenue Bonds; Details

Description:

Allows counties to establish certain details of bonds issued by the counties.

THE SENATE

S.B. NO.

1165

TWENTY-SECOND LEGISLATURE, 2003

 

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

relating to bonds.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. Section 49-4, Hawaii Revised Statutes, is amended by amending subsection (c) to read as follows:

"(c) The governing body shall determine the date, denomination or denominations, interest payment dates, maturity date or dates, place or places of payment, registration privileges and place or places of registration, redemption price or prices and time or times and terms and conditions and method of redemption, the rights of the holder to tender for purchase and the price or prices and time or times and terms and conditions upon which the rights might be exercised, the rights to purchase and the price or prices and the time or times and terms and conditions upon which the rights might be exercised and the purchase may be made, and all other details of revenue bonds issued under this part. The governing body may also determine to acquire such policies of insurance and enter into such banking arrangements on such terms as the county may deem necessary or desirable in order to carry out the purposes of this chapter, including, without limitation, credit and liquidity support facilities and interest rate swaps, swaptions, interest rate floors or caps, and other similar contracts to hedge or reduce the amount or duration of payment, rate, spread or similar risk or to reduce the cost of borrowing when used in conjunction with the bonds. A governing body may delegate the responsibility for any or all of the aforesaid determinations, within limits prescribed by the governing body, to the director of finance."

SECTION 2. New statutory material is underscored.

SECTION 3. This Act shall take effect upon its approval.

INTRODUCED BY:

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By Request