HRS §39A-72
State department's powers for manufacturing projects
This section gives the department broad powers to set up and manage manufacturing projects, including making deals, borrowing money, and securing loans. It can act without following some normal state purchasing rules, but needs the governor's approval for certain agreements. The department can also handle related paperwork and take other steps needed to run these projects.
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The statute, as written — ‑72 Department powers as to manufacturing enterprises
In addition to powers that it may now have, the department shall have all powers necessary or convenient to accomplish the purposes of this part. The powers of the department include but are not limited to the following: (1) Notwithstanding and without compliance with section 103‑7 and chapter 103D, but with the approval of the governor, to: (A) Enter into and carry out a project agreement, or an amendment or supplement to an existing project agreement, with a project party; and (B) Enter into and carry out any agreement, whereby the obligation of a project party under a project agreement will be unconditionally guaranteed by a person other than a project party; (2) To issue special purpose revenue bonds pursuant to and in accordance with this part; (3) To lend the proceeds of the special purpose revenue bonds issued for a project to the project party for use and application by the project party for the acquisition, purchase, construction, reconstruction, improvement, betterment, extension, or maintenance of a project; (4) As security for the payment of the principal, premium, if any, and interest of the special purpose revenue bonds issued for a project, to: (A) Pledge, assign, hypothecate, or otherwise encumber all or any part of the revenues and receipts derived or to be derived by the department under the project agreement for the project for which the special purpose revenue bonds are issued; (B) Pledge and assign the interest and rights of the department under the project agreement or other agreement with respect to the project or the special purpose revenue bonds; (C) Pledge and assign any bond, debenture, note, or other evidence of indebtedness received by the department with respect to the project; or (D) Any combination of the foregoing; (5) To extend or renew any project agreement or any other agreement related thereto; provided that any renewal or extension shall be subject to the approval of the governor unless made in accordance with provisions for the extension or renewal contained in a project agreement or related agreement theretofore approved by the governor; and (6) To do any and all things necessary or convenient to carry out its purposes and exercise the powers given and granted in this part.
LawTrove is not legal advice. The summary above is a computer-generated restatement — the authoritative text is the official version linked above.