HRS §48E-13
Use of project agreement money
This section says a county that issues special purpose revenue bonds for a pollution control project can use the money from the project agreement only to pay the bonds and interest, and to cover project costs if the project party does not pay them. The county cannot move that money into its general fund until those needs are covered.
counties
The statute, as written — Use of receipts derived from project agreement
Any county issuing special purpose revenue bonds pursuant to this chapter for a pollution control project shall have the right to appropriate, apply, or expend the receipts derived from the project agreement entered into with respect thereto for the following purposes: (1) To pay when due all special purpose revenue bonds and interest thereon, for the payment of which the receipts are or have been pledged, charged, or otherwise encumbered, including reserves therefor; and (2) To the extent not paid by the project party to provide for all expenses of administration, operation, and maintenance of the pollution control project, including reserves therefor. Unless and until adequate provision has been made for the foregoing purposes, no county shall transfer receipts derived from the project agreement to its general fund.
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