HAR §13-140-35. Proceeds

(a) Whenever any land acquired with a land acquisition grant is sold by any state agency, county, or nonprofit land conservation organization, that portion of the net proceeds (sale price less actual expenses of sale) of such sale equal to the proportion that the grant by the State bears to the original cost of the land or other property shall be paid to the State and redeposited or credited to the fund. (b) In the event any such land or other property is leased, rented, or otherwise disposed of, that portion of the rental or proceeds equal to the proportion that the grant by the State bears to the original cost of the land or other property shall be paid to the State and redeposited or credited to the fund. [Eff 7/21/12] (Auth: HRS §173A-7) (Imp: HRS §§173A-5, 173A-9, 173A-10)