HAR §6-16-1. Purpose

This chapter is adopted pursuant to chapter 91, HRS, and implements part VII of chapter 39A, HRS, providing for the issuance of special purpose revenue bonds to assist not-for-profit corporations that provide early childhood education and care facilities serving the general public. The objectives of this chapter are: (1) To offset the growth of the cost of providing early childhood education and care to the people of the State of Hawaii; To assist in the development and maintenance of early childhood education and care facilities by providing the proceeds of special purpose revenue bonds to not-for-profit corporations for the purpose of providing early childhood education and care facilities, or for refinancing debt incurred to provide early childhood education and care facilities; and (3) To provide a means for the not-for-profit corporations so assisted to provide early childhood care and education to the general public at the lowest practicable cost. [Eff ,U>R 2flS ] 1 (Auth: HRS §26-38) (Imp: HRS Chapter 39Ar l