§53-32  Limitations.  In addition to limitations prescribed by this part a redevelopment corporation shall not have power to:

     (1)  Acquire any real property or interest therein for a project or projects unless the redevelopment agency determines as provided in this part that the acquisition is necessary or convenient for the public purpose defined in this part.

     (2)  Issue its stock, debentures, and bonds covering any project undertaken by it in an amount greater in the aggregate than the total actual final cost of the project.  The actual cost of the project shall include the cost of the lands and improvements constituting the project and charges for planning, financing, and supervision approved by the supervising agency, condemnation charges and interest and other carrying charges during the period of acquisition and of construction.  The total actual final cost shall be deemed to be an amount equal to the actual cost plus an allowance for working capital.  The allowance for working capital shall not exceed an amount equal to five per cent of the estimated cost or of the total actual final cost of the project if that shall be greater than the estimated cost.

     (3)  Enter into contracts for the payment of salaries to officers or employees, or for the construction or for the substantial repair, improvement, or operation of projects, except subject to the approval of the agency. [L 1949, c 379, §15; RL 1955, §143-31; HRS §53-32]