PART VI.  ISSUANCE OF BONDS
	SECTION 119. GOVERNOR'S DISCRETIONARY POWERS.  When it is 
deemed in the public interest of the State, the governor, in his 

discretion, is authorized to use general fund savings or 
balances determined to be available from authorized general fund 
program appropriations to finance capital improvement projects 
authorized in this Act or any other act currently authorized by 
the legislature, where the method of financing is designated to 
be the general obligation bond fund.  Any law or provision to 
the contrary notwithstanding, the governor may replace general 
obligation bond funds appropriated for capital improvement 
projects with general obligation reimbursable bond funds, when 
the expenditure of such general obligation reimbursable bond 
funds is deemed appropriate for the project.
	SECTION 120.  AIRPORT REVENUE BONDS.  The department of 
transportation is authorized to issue airport revenue bonds for 
airport capital improvement program projects authorized in part 
II and listed in part IV of this Act and designated to be 
financed by revenue bond funds or by general obligation bond 
funds with debt service cost to be paid from special funds, in 
such principal amount as shall be required to yield the amounts 
appropriated for such capital improvements program projects, 
and, if so determined by the department and approved by the 
governor, such additional principal amount as may be deemed 
necessary by the department to pay interest on such airport 
revenue bonds during the estimated period of construction of the 
capital improvements program project for which such airport 
revenue bonds are issued, to establish, maintain, or increase 
reserves for the airport revenue bonds and to pay the expenses 
of issuance of such bonds.  The aforementioned airport revenue 
bonds shall be issued pursuant to the provisions of part III of 
chapter 39, Hawaii Revised Statutes, as the same may be amended 
from time to time.  The principal of and interest on airport 
revenue bonds, to the extent not paid from the proceeds of such 
bonds, shall be payable solely from and secured solely by the 
revenues from airports and related facilities under the 
ownership of the State or operated and managed by the department 
and the aviation fuel taxes levied and paid pursuant to 
sections 243-4(a)(2) and 248-8, Hawaii Revised Statutes, or such 
parts of either thereof as the department may determine, 
including rents, landing fees, and other fees or charges 
presently or hereafter derived from or arising through the 
ownership, operation, and management of airports and related 
facilities and the furnishing and supplying of the services 
thereof.  The expenses of the issuance of such airport revenue 
bonds shall to the extent not paid from the proceeds of such 
bonds be paid from the airport revenue fund.
	The governor, in his discretion, is authorized to use the 
airport revenue fund to finance those projects authorized in 
part II and listed in part IV of this Act where the method of 
financing is designated to be by airport revenue bond funds.
	SECTION 121.  HARBOR REVENUE BONDS.  The department of 
transportation is authorized to issue harbor revenue bonds for 
harbor capital improvement program projects authorized in 
part II and listed in part IV of this Act and designated to be 
financed by revenue bond funds or by general obligation bond 
funds with debt service cost to be paid from special funds, in 
such principal amount as shall be required to yield the amounts 
appropriated for such capital improvement program projects, and, 
if so determined by the department and approved by the governor, 
such additional amounts as may by deemed necessary by the 
department to pay interest on such revenue bonds during the 
estimated construction period of the capital improvement project 
for which such harbor revenue bonds are issued, to establish, 
maintain, or increase reserves for the harbor revenue bonds or 
harbor revenue bonds heretofore authorized (whether authorized 
and issued or authorized and still unissued), and to pay the 
expenses of issuance of such bonds.  The aforementioned harbor 
revenue bonds shall be issued pursuant to the provisions of part 
III of chapter 39, Hawaii Revised Statutes, as the same may be 
amended from time to time.  The principal of and interest on 
harbor revenue bonds, to the extent not paid from the proceeds 
of such bonds, shall be payable solely from and secured solely 
by the revenues derived from harbors and related facilities 
under the ownership of the State or operated and managed by the 
department, including rents, mooring, wharfage, dockage, and 
pilotage fees, and other fees or charges presently or hereafter 
derived from or arising through the ownership, operation, and 
management of harbor and related facilities and the furnishing 
and supplying of the services thereof.  The expenses of the 
issuance of such harbor revenue bonds shall, to the extent not 
paid from the proceeds of such bonds, be paid from the harbor 
special fund.
	The governor, in his discretion, is authorized to use the 
harbor revenue fund to finance those projects authorized in part 
II and listed in part IV of this Act where the method of 
financing is designated to be by harbor revenue bond funds.
	SECTION 122.  HIGHWAY REVENUE BONDS.  The department of 
transportation is authorized to issue highway revenue bonds for 
highway capital improvement projects authorized in part II and 
listed in part IV of this Act and designated to be financed by 
revenue bond funds or by general obligation bond funds with the 
debt service cost to be paid from special funds, in such 
principal amount as shall be required to yield the amounts 
appropriated for such capital improvement projects, and, if so 
determined by the department and approved by the governor, such 
additional principal amount as may be deemed necessary by the 
department to pay interest on such highway revenue bonds during 
the estimated period of construction of the capital improvement 
project for which such highway revenue bonds are issued, to 
establish, maintain, or increase reserves for such highway 
revenue bonds or highway revenue bonds heretofore authorized 
(whether authorized and issued or authorized and still 
unissued). And to pay all or any part of the expenses related to 
the issuance of such highway revenue bonds.  The aforementioned 
highway revenue bonds shall be issued pursuant to the provisions 
of part III of chapter 39, Hawaii Revised Statutes, as the same 
may be amended from time to time.  The principal of and interest 
on such highway revenue bonds, to the extent not paid from the 
proceeds of such highway revenue bonds, shall be payable from 
and secured by the revenues derived from highways and related 
facilities under the ownership of the State or operated and 
managed by the department, from the highway fuel taxes, vehicle 
weight taxes, and vehicle registration fees, levied and paid 
pursuant to sections 243-4, 248-8, 249-31, and 249-33, Hawaii 
Revised Statutes, and federal moneys received by the State or 
any department thereof which are available to pay principal of 
and/or interest on indebtedness of the State, or such part of 
any thereof as the department may determine, and other user 
taxes, fees or charges currently or hereafter derived from or 
arising through the ownership, operation, and management of 
highways and related facilities and the furnishing and supplying 
of the services thereof.  The expenses related to the issuance 
of such highway revenue bonds, to the extent not paid from the 
proceeds of such bonds, shall be paid from the State highway 
fund.
	The governor, in his discretion, is authorized to use 
moneys in the State highway fund to finance those highway 
capital improvement projects authorized in part II and listed in 
part IV of this Act where the method of financing is designated 
to be by revenue bond funds.
	SECTION 123.  SMALL BOAT HARBOR REVENUE BONDS.  The 
department of land and natural resources is authorized to issue 
small boat harbor revenue bonds for small boat harbor capital 
improvement projects authorized in part II and listed in part IV 
of this Act and designated to be financed by revenue bond funds 
or by general obligation bond funds with debt service cost to be 
paid from special funds.  The principal amount of such bonds 
shall be sufficient to yield the amounts appropriated for such 
capital improvements, and, if so determined by the department 
and approved by the governor, such additional amounts as may be 
deemed necessary by the department to pay interest on such 
revenue bonds during the construction period of the capital 
improvement project for which such small boat harbor revenue 
bonds are issued, to establish, maintain, or increase reserves 
for the small boat harbor revenue bonds, and to pay the expenses 
for the issuance of such bonds.  The aforementioned small boat 
harbor revenue bonds shall be issued pursuant to the provisions 
of part III of chapter 39, Hawaii Revised Statutes, as the same 
may be amended from time to time.  The principal of and interest 
on the small boat harbor revenue bonds, to the extent not paid 
from the proceeds of such bonds, shall be payable solely from 
and secured solely by the revenues from small boat harbors and 
related facilities under the ownership of the State or operated 
and managed by the department.  The revenues shall include 
rents, mooring, wharfage, dockage, and permit fees, and other 
fees or charges presently or hereafter derived from or arising 
through the ownership and operation of small boating activities 
and the furnishing and supplying of the services thereof.  The 
expenses of the issuance of such small boat harbor revenue bonds 
shall, to the extent not paid from the proceeds of such bonds, 
be paid from the harbor special fund.
	SECTION 124.  PUBLIC FACILITY REVENUE BONDS.  The Hawaii 
Community Development Authority is authorized to issue revenue 
bonds for public facility projects authorized in part II and 
listed in part IV of this Act and designated to be financed by 
revenue bond funds or by general obligation bond funds with the 
debt service cost to be paid from special funds.  The principal 
amount of such bonds shall be sufficient to yield the amounts 
appropriated to construct, acquire, remodel, furnish, and equip 
any public facility, including acquisition of the site thereof.  
Additionally, if so determined by the authority and approved by 
the governor, the principal amount of such bonds shall be in an 
additional amount deemed necessary by the Authority to pay 
interest on such revenue bonds during the estimated period of 
construction of the capital improvement project for which such 
public facility revenue bonds are issued, to establish, 
maintain, or increase reserves for such public facility revenue 
bonds, and to pay all or any part of the expenses related to the 
issuance of such public facility revenue bonds.  The 
aforementioned public facility revenue bonds shall be issued 
pursuant to the provisions of Part III of chapter 39, Hawaii 
Revised Statutes, as the same may be amended from time to time.  
The principal of and interest on such public facility revenue 
bonds, to the extent not paid from the proceeds of such public 
facility revenue bonds, shall be payable from and secured by the 
revenues derived from the public facility for which the revenue 
bonds are issued, including revenue derived from insurance 
proceeds and reserve accounts and earnings thereon.
	SECTION 125.  HAWAIIAN HOME LANDS REVENUE BONDS.  The 
department of Hawaiian home lands is authorized to issue 
Hawaiian home lands revenue bonds for Hawaiian home lands 
capital improvement projects authorized in part II and listed in 
part IV of this Act and designated to be financed by revenue 
bond funds or by general obligation bond funds with debt service 
cost to be paid from special funds, in such principal amount as 
shall be required to yield the amounts appropriated for such 
capital improvements, and, if so determined by the department 
and approved by the governor, such additional amounts as may be 
deemed necessary by the department to increase reserves for the 
Hawaiian home lands revenue bonds and to pay the expenses of the 
issuance of such bonds.  Notwithstanding any limitations 
contained in any prior authorization of Hawaiian home lands 
revenue bonds, the aforementioned Hawaiian home lands revenue 
bonds and all prior authorized revenue bonds shall be issued 
pursuant to the provisions of part III of chapter 39, Hawaii 
Revised Statutes, as the same may be amended from time to time.  
The principal of and interest on Hawaiian home lands revenue 
bonds, to the extent not paid from the proceeds of such bonds, 
shall be payable from and secured by the revenues from Hawaiian 
home lands, revenues from available lands and related facilities 
under the ownership of the State or operated and managed by the 
department or such parts of either thereof as the department may 
determine, including rents and other fees or charges presently 
or hereafter derived from or arising through the ownership, 
operation, and management of Hawaiian home lands, available 
lands and related facilities.  The expenses of the issuance of 
such Hawaiian home lands revenue bonds, to the extent not paid 
from the proceeds of such bonds, shall be paid from the Hawaiian 
home lands special fund.
	The governor, in the governor's discretion, is authorized 
to use the Hawaiian home lands special fund to finance those 
projects authorized in part II and listed in part IV of this Act 
where the method of financing is designated to be by the 
Hawaiian home lands revenue bond funds.
	SECTION 126.  HOUSING REVENUE BONDS.  The housing finance 
and development corporation is authorized to issue housing 
revenue bonds for housing capital improvement projects 
authorized in Part II and listed in Part IV of this Act and 
designated to be financed by revenue bond funds in such 
principal amounts as shall be required to yield the amounts 
appropriated for such capital improvements, and, if so 
determined by the corporation and approved by the governor, such 
additional amounts as may be deemed necessary by the corporation 
to increase reserves for the housing revenue bonds and to pay 
the expenses of the issuance of such bonds.  The aforementioned 
housing revenue bonds shall be issued pursuant to the provisions 
of part III of chapter 39, Hawaii Revised Statutes, as the same 
may be amended from time to time.  The principal of and interest 
on housing revenue bonds, to the extent not paid from the 
proceeds of such bonds, shall be payable and secured by revenues 
from housing and related facilities under the ownership of the 
State or operated and managed by the department or such parts of 
either thereof as the department may determine, including rents 
and other fees or charges presently or hereafter derived from or 
arising through the ownership, operation, and management of 
housing and related facilities.
	SECTION 127.  HOSPITAL REVENUE BONDS.  The Hawaii Health 
Systems Corporation is authorized to issue hospital revenue 
bonds for hospital capital improvements program projects 
authorized in part II and listed in part IV of this Act and 
designated to be financed by revenue bond funds, in such 
principal amount as shall be required to yield the amounts 
appropriated for such capital improvements program projects, and 
if so determined by the corporation and approved by the 
governor, such additional principal amount as may be deemed 
necessary by the corporation to pay interest on such hospital 
revenue bonds during the estimated period of construction of the 
capital improvements program project for which such hospital 
revenue bonds are issued, to establish, maintain, or increase 
reserves for such hospital revenue bonds, and to pay all or any 
part of the expenses related to the issuance of such hospital 
revenue bonds.  The aforementioned hospital revenue bonds shall 
be issued pursuant to the provisions of part III of chapter 39, 
Hawaii Revised Statutes, as the same may be amended from time to 
time, except that such bonds shall be issued in the name of the 
corporation and not in the name of the State.  The principal of 
and interest on such hospital revenue bonds, to the extent not 
paid from the proceeds of such hospital revenue bonds, shall be 
payable from and secured by the revenues derived from facilities 
under the ownership of the corporation or operated and managed 
by the corporation, or such part of any thereof as the 
corporation may determine, including other moneys, rates, rents, 
fees or charges currently or hereafter derived from or arising 
through the ownership, operation, and management of hospitals 
and related facilities and the furnishings and supplying of the 
services thereof.  The expenses related to the issuance of such 
hospital revenue bonds, to the extent not paid from the proceeds 
of such bonds, shall be paid from the facility administration 
fund of the corporation.
	SECTION 128.  SPECIAL FACILITY REVENUE BONDS.  The High 
Technology Development Corporation is authorized to issue 
special facility revenue bonds for high technology special 
facility projects authorized in part II and listed in part IV of 
this Act and designated to be financed by revenue bond funds or 
by general obligation bond funds with the debt service cost to 
be paid from special funds.  The principal amount of such bonds 
shall be sufficient to yield the amounts appropriated to 
construct, acquire, remodel, furnish, and equip any high 
technology facility, including acquisition of the site thereof.  
Additionally, if so determined by corporation and approved by 
the governor, the principal amount of such bonds shall be in an 
additional amount deemed necessary by the corporation to pay 
interest on such special facility revenue bonds during the 
estimated period of construction of the capital improvement 
project for which such high technology special facility revenue 
bonds are issued, to establish, maintain, or increase reserves 
for such high technology special facility revenue bonds, and to 
pay all or any part of the expenses related to the issuance of 
such high technology special facility revenue bonds.  The 
aforementioned high technology special facility revenue bonds 
shall be issued pursuant to the provisions of part III of 
chapter 39, Hawaii Revised Statutes, as the same may be amended 
from time to time.  The principal of and interest on such high 
technology special facility revenue bonds, shall be payable from 
and secured by the revenues derived from the high technology 
facility for which the special facility revenue bonds are 
issued, including revenue derived from insurance proceeds and 
reserve accounts and earnings thereon.
	SECTION 129.  HAWAII COMMUNITY DEVELOPMENT AUTHORITY 
SPECIAL FACILITY REVENUE BONDS.  The Hawaii Community 
Development Authority is authorized to issue special facility 
revenue bonds for special facility projects authorized in 
part II and listed in part IV of this Act and designated to be 
financed by revenue bond funds or by general obligation bond 
funds with the debt service cost to be paid from special funds.  
The principal amount of such bonds shall be sufficient to yield 
the amounts appropriated to construct, acquire, remodel, 
furnish, and equip any special facility, including acquisition 
of the site thereof.  Additionally, if so determined by the 
authority and approved by the governor, the principal amount of 
such bonds shall be in an additional amount deemed necessary by 
the Authority to pay interest on such special facility revenue 
bonds during the estimated period of construction of the capital 
improvement project for which such special facility revenue 
bonds are issued, to establish, maintain, or increase reserves 
for such special facility revenue bonds, and to pay all or any 
part of the expenses related to the issuance of such special 
facility revenue bonds.  The aforementioned special facility 
revenue bonds shall be issued pursuant to the provisions of part 
III of chapter 39, Hawaii Revised Statutes, as the same may be 
amended from time to time.  The principal of and interest on 
such special facility revenue bonds, to the extent not paid from 
the proceeds of such special facility revenue bonds, shall be 
payable from and secured by the revenues derived from the 
special facility for which their special facility revenue bonds 
are issued, including revenue derived from insurance proceeds 
and reserve accounts and earnings thereon.