§173-1 Issuance of revenue bonds.
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§173-1 Issuance of revenue bonds. Revenue bonds, as provided for by part III of chapter 39, may be issued to finance in whole or in part the cost of construction of such new land areas and means of access thereto, the acquisition, by condemnation, purchase, or otherwise, of littoral or other private rights, if any, which may be affected by such construction, and of rights-of-way to the shore and such shore lands as may be necessary to enable such construction, and the costs of maintenance, betterment, and extension of such new land areas and means of access thereto.
The revenues derived from the lease of the new land areas shall be pledged for the punctual payment of the bonds, and interest thereon, and the revenues are hereby charged with the payment of the principal and interest. Each reclamation project, including a specific new land area or areas and all of the matters relating thereto enumerated in the first sentence of this section, is designated as an "undertaking" within the meaning of part III of chapter 39. The department of land and natural resources is charged with the administration of such undertakings. [L 1957, JR 45, §4; am L Sp 1959 2d, c 1, §21; am L 1961, c 132, §2;
Supp, §99D-4; HRS §173-1]
Cross References
Reclamation of submerged lands, see §171-53.