§516-32 Not for profit.

248 words·~1 min read·/hi/chapter-516/516-32

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

§516-32 Not for profit. It is declared to be the policy of the State that the Hawaii housing finance and development corporation shall carry out its responsibilities under this part in an efficient manner so as to enable it to fix the sales prices and rentals for residential lots at the lowest possible rates consistent with the purpose of this part; and that the corporation shall not administer this part for profit or as a source of revenue to the State. To this end, the corporation shall fix the sales prices for residential lots or rentals for lots at no higher rates or prices than it shall find to be necessary in order to produce revenues that (together with all other available moneys, revenues, income, and receipts of the corporation from whatever sources derived under the administration of this part) will be sufficient to:

(1)Pay, as the same becomes due, the principal and interest on the bonds of the corporation;

(2)Meet the cost of and provide for the administration of this part; and

(3)Create a reserve sufficient to meet the largest principal and interest payments that will be due on the bonds in any one year thereafter and to maintain the reserve. [L 1967, c 307, §21; HRS §516-32; am L 1987, c 337, §16; am L 1988, c 104, §2; am L 1997, c 350, §14; am L 2005, c 196, §26(b); am L 2006, c 180, §16; am L 2018, c 18, §37]