§516-44 Fee simple residential revolving fund. [Section effective until June 30, 2006. For section effective July 1, 2006, see below.] A fee simple residential revolving fund is created. The funds appropriated for the purposes of this chapter and chapter 519 and all moneys received or collected by the housing and community development corporation of Hawaii under this chapter and chapter 519 shall be deposited in the revolving fund. Moneys collected to reimburse the corporation from the lessees for their pro rata share of the direct costs incurred by the corporation under this chapter shall be deposited into the revolving fund. The proceeds in the funds shall first be used to pay the principal and interest on bonds or other indebtedness issued by the corporation, or by the State, and then for necessary expenses, including indirect costs of the corporation in administering chapters 516 and 519.

Moneys in the fund shall be used to pay all costs of chapters 516 and 519 including administration. [L 1967, c 307, §33; HRS §516-44; am L 1971, c 215, §3; am L 1983, c 270, §4; am L 1984, c 89, §1; am L 1987, c 337, §16; am L 1988, c 104, §2; am L 1997, c 350, §14; am L 2001, c 60, §4]

§516-44 Fee simple residential revolving fund. [Section effective July 1, 2006. For section effective until June 30, 2006, see above.] A fee simple residential revolving fund is created. The funds appropriated for the purposes of this chapter and chapter 519 and all moneys received or collected by the Hawaii housing finance and development administration under this chapter and chapter 519 shall be deposited in the revolving fund. Moneys collected to reimburse the administration from the lessees for their pro rata share of the direct costs incurred by the administration under this chapter shall be deposited into the revolving fund. The proceeds in the funds shall first be used to pay the principal and interest on bonds or other indebtedness issued by the administration, or by the State, and then for necessary expenses, including indirect costs of the administration in administering chapters 516 and 519.