§516-44 Fee simple residential revolving fund. A fee simple residential revolving fund is hereby 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. 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 of the corporation in administering chapters 516 and 519. All interest earned on moneys deposited by lessees into this revolving fund shall accrue to the lessees.

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]