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STAT.]

PUBLIC LAW 85-534-JULY 18, 1958

379

Public Law 85-534 AN ACT To amend section 73(q) of the Hawaiian Organic Act; to approve and ratify joint resolution 32, session laws of Hawaii, 1957, authorizing the issuance of $14,000,000 in aviation revenue bonds; to authorize certain land exchanges at Honolulu, Oahu, Territory of Hawaii, for the development of the Honolulu airport complex; and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 73(q) of the Hawaiian Organic Act (31 Stat. 141), as amended (48 U.S.C. 677), is further amended as follows: (a) By inserting in the first sentence, after the words "all sales and other dispositions of such land shall" a comma and the following: "except as otherwise provided by the Congress,". (b) By inserting at the end thereof the following new paragraph: "Within the meaning of this section, the management of lands set aside for public purposes may, if within the scope of authority conferred by the legislature, include the making of leases by the Hawaii Aeronautics Commission with respect to land set aside to it, on reasonable terms, for carrying out the purposes for which such land was set aside to it, such as for occupancy of land at an airport for facilities for carriers or to serve the traveling public. No such lease shall continue in effect for a longer term than fifty-five years. If, at the time of the execution of any such lease, the Governor shall have approved the same, then and in that event the Governor shall have no further authority under this or any other Act to set aside any or all of the lands subject to such lease for any other public purpose during the term of such lease." SEC. 2. (a) Joint Kesolution 32, Session Laws of Hawaii, 1957, is hereby amended by inserting in the place provided in section 137-94 thereof the public law number assigned to this Act, and by striking the words "first session,". (b) The Territory of Hawaii, any provision of the Hawaiian Organic Act or any other Act of Congress to the contrary notwithstanding, is authorized and empowered to issue aviation revenue bonds in a sum not to exceed $14,000,000 payable from funds derived from aviation fuel taxes and all other revenues of the Hawaii Aeronautics Commission, including rents, fees, and other charges for the purpose of providing for the construction, operation, and maintenance of airports and air navigation facilities, including acquisition of real property and interests therein, in the Territory, and for expenses incurred for engraving, printing, advertising, legal services, financial consultant'services, or otherwise, with respect to the issuance of such aviation revenue bonds. The issuance of such aviation revenue bonds shall not constitute the incurrence of an indebtedness within the meaning of the Hawaiian Organic Act, and shall not require the approval of the President of the United States. (c) All aviation revenue bonds issued under authority of section 2 above shall be issued pursuant to legislation enacted by the legislature of the Territory which shall provide (1) that, so long as any of the bonds are outstanding, aviation fuel taxes shall be levied and collected in amounts at least sufficient to provide for the payment of the principal of the bonds and the interest thereon, as such principal and interest become due, and for such reserve funds and sinking funds as may be provided therefor; (2) that the Hawaii Aeronautics Commission or any officer or agency succeeding to its powers and duties, shall have the power to issue and sell the bonds and to expend the proceeds thereof and provide for the repayment thereof, in accordance with standards and pursuant to provisions which shall be set

July 18, 1958 [H.R. 10347]

Hawaii Aeronaut i c s Commission. Public l and leases.

Aviation revenue bonds.

31 Stat. 141. 48 USC 678.

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