HAR §6-17-1. Purpose

This chapter is adopted pursuant to chapter 91, HRS, and implements part VIII of chapter 39A, HRS, providing for the issuance of special purpose revenue bonds to assist not-for-profit corporations that provide nonsectarian and sectarian elementary schools, secondary schools, colleges and universities serving the general public. The objectives of this chapter are: (1) To offset the growth of the cost of providing elementary, secondary, and post-secondary education to the people of the State of Hawaii; (2) To assist in the development and maintenance of sectarian and nonsectarian elementary, secondary, and post-secondary educational facilities by providing the proceeds of special purpose revenue bonds to not-for-profit corporations for the purpose of providing sectarian and nonsectarian elementary, secondary, and post-secondary educational facilities, or for refinancing debt incurred to provide sectarian and nonsectarian elementary, secondary, and post-secondary educational facilities; and (3) To provide a means for the not-for-profit corporations so assisted to provide sectarian and nonsectarian elementary, secondary, and post-secondary educatio~the ge~al public at the lowest practicable cost. [Eff 1 r 2ll"1 ] (Auth: HRS §26­ 38) (Imp: HRS Chapter 39A)