§53-27 Limited return on investment.
170 words·~1 min read·
/hi/chapter-53/53-27A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§53-27 Limited return on investment. Subject to section 53-36, there shall be paid annually out of the earnings of the redevelopment corporation, after providing for all expenses, taxes, assessments, and depreciation in improvements, or, in the case of a lease, for amortization, a sum for interest and dividends not exceeding eight per cent of the total actual final cost of the project as defined by [paragraph]
(2)of section 53-32. The obligation in respect of the payments shall be cumulative, and any deficiency in interest and dividends in any year shall be paid from the first available earnings in subsequent years; and any cash surplus derived from earnings remaining in the treasury of the redevelopment corporation in excess of the amount necessary to provide the cumulative annual sums shall, upon dissolution of the corporation, be paid into the redevelopment fund of the county in which the project lies. [L 1949, c 379, §10; am L 1951, c 244, §6; RL 1955, §143-26; am L 1959, c 44, §3; HRS §53-27]