§268-6 Bonds, certificates of issuance; terms and conditions.

235 words·~1 min read·/hi/chapter-268/268-6

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(a)Any certificate or certificates providing for the issuance of revenue bonds pursuant to this chapter shall provide that the revenue bonds shall be redeemable before the maturity thereof at the option of the department of transportation at any time after five years from the date of such bonds on such terms and conditions as the certificate or certificates providing for the issuance of the bonds shall prescribe, including the payment of premiums upon the redemption thereof, and may contain covenants on behalf of the State to protect and safeguard the security and rights of the holders thereof authorized by chapter 39, part III, and, in addition thereto, covenants as to, among other things:

(1)Subject to section 268-8, the establishment and maintenance of adequate rates, rentals, and charges for the services and facilities sold, furnished, or supplied through the ferry system; and

(2)Limitations upon the right to dispose of the ferry system or any part thereof without providing for the payment of revenue bonds issued pursuant to this chapter.

(b)All gross revenues derived from the operation of the ferry system and any additions or extensions thereof shall be deposited to the credit of the state general fund. [L 1963, c 186, pt of §5; am L 1965, c 204, pt of §1(b); Supp, pt of §114-5; HRS §268-6; am L 1993, c 280, §55]