Hawaii Revised Statutes Division 1. Government § 49-17

(a) The director of finance shall be the fiscal agent for the payment of all principal and interest, and for the transfer of revenue bonds. The director of finance may appoint other fiscal agents and transfer agents.

The director of finance shall cause to be set up in the treasury of the county suitable accounts for the deposit of all revenue of the undertaking or loan program, and for the payment of all revenue bonds and the interest thereon and for all other payment provided or required by this chapter, and for the holding of all reserves created under this chapter.

If deemed necessary or advisable by the director of finance, the director may appoint a national or state bank or trust company within or without the State to serve as trustee for the holders of the revenue bonds and the director of finance may enter into a trust indenture or trust agreement or indenture of mortgage with the trustee. The trustee may be authorized by the county to receive and receipt for, hold and administer the proceeds of the revenue bonds and to apply the same to the purposes for which the bonds are issued, or to receive and receipt for, hold and administer all or part of the revenue derived by the county from the undertaking and to apply the revenue to the payment of the principal of and interest on the revenue bonds, or both. In the event that the trustee shall be appointed, any trust indenture or trust agreement or indenture of mortgage entered into by the director of finance with the trustee may contain whatever covenants and provisions as may be authorized by this chapter as may be deemed necessary by the director, and any covenants or provisions so contained need not be included in a resolution or resolutions adopted under this chapter, but may be incorporated by general reference thereto in such resolution or resolutions. Any resolution or resolutions, trust indenture or trust agreement or indenture of mortgage adopted by the governing body or entered into by the director of finance pursuant to this chapter may also contain any provisions required for the qualification thereof under the United States Trust Indenture Act of 1939 or deemed necessary or desirable by the director of finance for the security and protection of the holders of the revenue bonds or to carry out the purposes of this chapter. The county may pledge and assign to the trustee all or part of the revenue of the undertaking or the loan program for the benefit of the holders of the revenue bonds.

(b) If the director of finance appoints a trustee for the holders of the revenue bonds, then notwithstanding the first sentence of subsection (a), the director of finance may elect not to serve as fiscal agent for the payment of the principal and interest, and for the purchase, registration, transfer, exchange and redemption, of the revenue bonds, or may elect to limit the functions the director shall perform as the fiscal agent. The director of finance may appoint the trustee to serve as the fiscal agent, and may authorize and empower the trustee to perform the functions with respect to the payment, purchase, registration, transfer, exchange and redemption, as the director of finance may deem necessary, advisable, or expedient, including without limitation the holding of the revenue bonds and coupons which have been paid and the supervision and conducting of the destruction thereof in accordance with law, to appoint the trustee or others as fiscal agents, paying agents, and registrars for the revenue bonds or to authorize and empower the fiscal agents, paying agents, and registrars to perform the functions referred to in subsection (a), it being the intent of this subsection to permit, the director of finance, at the director's election, not to serve as fiscal agent for the revenue bonds or to limit the functions the director shall perform as such fiscal agent, as the director may deem necessary, advisable, or expedient.