Title 15 – Chapter 164 – Rental Assistance Program

HAWAII 	ADMINISTRATIVE RULES
TITLE 	15
DEPARTMENT OF BUSINESS, 	ECONOMIC 	DEVELOPMENT
AND TOURISM
SUBTITLE 	14
HOUSING AND 	COMMUNITY DEVELOPMENT CORPORATION OF 	HAWAII
CHAPTER 164
RENTAL ASSISTANCE PROGRAM
Subchapter 	1 	General 	Provisions
§15-164-1 	Purpose
§15-164-2 	Definitions
§15-164-3 	Delegation
Subchapter 2 	Eligible Project Loan Funding
Program
§15-164-11 	Rental 	assistance 	revolving 	fund
§15-164-12 	Rental 	assistance 	contracts; 	sharing of
appreciation
§15-164-13 	Procedures, 	implementation 	of 	program
Subchapter 	3 	Interim Construction 	Program
§15-164-21 	Interim 	construction 	program
§15-164-22 	Project 	criteria 	for 	funding; 	minimum
requirements
§15-164-23 	Applications 	for 	program funds
§15-164-24 	Evaluation of 	requests 	for 	program 	funds
§15-164-25 	Corporation 	action
SlS-164-26 	Commitment of 	program funds
§15-164-27 	Conditions 	for 	program 	funds
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22 3 6. 	··r-

§15-164-1
Historical 	note: 	Chapter 	164 	of 	Title 	15, 	Hawaii
Administrative Rules, 	is 	based substantially upon
Chapter 	314, 	of 	Title 	6, 	Hawaii Administrative 	Rules.
[Eff 	5/24/93; 	R 	OCT 25 1999 	]
SUBCHAPTER 	1
GENERAL PROVISIONS
SlS-164-1 	Purpose. 	This 	rule 	is 	adopted 	under
chapter 	91, 	HRS, 	and 	implements 	subpart 	III.C. 	of
chapter 201G, 	HRS. 	The purpose of 	this 	program 	is 	to
increase 	the number of 	safe 	and 	sanitary 	rental 	housing
accommodations 	available 	at 	affordable 	rents 	in 	the
State by:
(1) 	Assisting owners 	of 	rental 	housing
accommodations 	in maintaining the 	rentals 	at
levels 	affordable by families 	and 	individuals
of 	low and moderate income 	through 	the
provision of 	rental 	assistance 	payments
which, 	with 	rentals 	received 	from 	tenants 	of
low and moderate 	income, 	will 	provide 	the
owners 	with 	limited but 	acceptable 	rates 	of
return on 	their 	investment 	in 	rental 	housing
accommodations; 	and
(2) 	Providing a 	funding 	source 	for 	low-interest
interim construction 	financing 	for 	the
development of 	affordable 	rental 	housing by
nonprofit 	and for-profiOAJ}.tAtJ.~g,11s 	well 	as
the 	corporation. 	[Eff 	l,I 	l~ 	t~ 	~ 	J 	(Auth:
HRS 	§201G-225) 	(Imp: 	HRS 	§§201G-222, 	201G-
223, 	201G-224, 	201G-225)
§15-164-2 	Definitions. 	(a) 	The 	definition of
the 	terms 	"eligible tenant", 	"owner", 	.. regulatory
agreement••, 	and 	"rental 	assistance 	contract O 	shall be
the 	same 	as 	defined 	in part 	III, 	chapter 	201G, 	HRS.
(b) 	As 	used 	in 	this 	subchapter and 	the 	procedural
handbook:
11
Discount 	rate" 	means 	the 	rate 	to 	be used 	to
determine 	the 	present 	value of 	the 	cumulative 	rental
assistance payments made to 	an 	owner.
0
Eligible·project" 	means 	an 	eligible 	project-as
defined~in 	part 	III, 	chapter 	201G, 	HRS 	and which 	is 	not
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§15-164-11
feasible 	at affordable rentals without 	a 	rental
assistance 	contract.
"Owner's 	equity" means 	the 	capital 	contributed by
the owner 	to the 	eligible project and 	approved by the
corporation pursuant 	to the procedural 	handbook 	and
regulatory 	agreement.
"Qualified sponsor" 	means 	qualified 	sponsor as
defined 	in part 	III, 	chapter 201G, 	HRS, 	and who 	is
determined by 	the 	corporation to have articles 	of
incorporation or 	comparable documents 	of organization
or a 	written agreement with the 	corporation which, 	in
addition to 	other 	requirements 	of 	law, 	provides 	that 	if
the person or entity 	receives 	an 	interim construction
loan 	under part 	III, 	chapter 	201G, 	HRS, 	and 	subpart 	3
of 	these 	rules, 	it 	shall 	be 	authorized to 	enter 	into 	an
agreement with 	the 	corporation, 	providing for
regulations 	with respect to 	rents, 	profits, 	dividends,
and dispositions 	of property or franchises.
"Rate of 	return 	on owner's 	equity" 	means 	the
annual 	percentages 	derived by dividing the owner's 	net
earnings, 	as 	defined in the procedural 	handbook, 	by the
owner. 6 	equity. 	[Eff or.r 2b 1~99 	) (Auth: 	HRS
§201G-225) 	(Imp: 	HRS §§201G-2i~, 	201G-223, 	201G-224,
201G-225)
SlS-164-3 	Delegation. 	The 	corporation delegates
to 	the administrator the 	authority to 	implement 	and
carry out 	the~u~oses 	of 	this 	chapter.
[Eff 	OCT 25 	9~- 	J 	(Auth: 	HRS 	§201G-225)
(Imp: 	HRS 	§20 G-225)
SUBCHAPTER 2
RENTAL ASSISTANCE 	PROGRAM
SlS-164-11 	Rental 	assistance 	revolving 	fund. 	(a)
The 	corporation shall 	administer the 	rental 	assistance
revolving fund 	established pursuant 	to 	section 	201G-
223, 	HRS.
(b) 	Subject 	to 	the restrictions 	in 	section 	201G-
223, 	HRS, 	the 	corporation may use the 	aggregate
principal 	sum and the 	accumulated earnings 	in 	the
rental 	assistance 	revolving fund 	to make payments·under
the 	re~tal 	assistance 	contracts 	or to 	subsidize
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§15-164-11
tenants• 	rents 	in projects 	developed by the 	corporation
under ~lrt 	IJI 	of 	chapter 	201G, 	HRS.
[Eff 	u~T 2a 1999 	] (Auth: 	HRS 	§201G-225)
(Imp: 	HRS 	§201G-223)
SlS-164-12 	Rental 	assistance contracts; 	sharing
of appreciation. 	(a) 	The 	corporation may enter 	into
an 	agreement to 	enter 	into a 	rental 	assistance 	contract
in 	accordance 	with 	section 	201G-224, 	HRS. 	The
agreement 	shall 	provide 	for 	the 	execution 	of 	a 	rental
assistance 	contract upon 	satisfaction of 	the 	terms 	set
forth 	in 	the procedural 	handbook. 	The maximum annual
rental 	assistance payment 	amount 	shall 	be 	determined
pursuant 	to 	the procedural 	handbook. 	The 	rate 	of
return 	on 	owner's 	equity 	shall 	not 	exceed 	fifteen 	per
cent 	annually.
(b) 	The 	corporation 	shall 	be 	entitled to 	share 	in
the 	appreciation of the 	value 	of 	units 	maintained 	for
eligible tenants 	within 	an eligible project 	realized 	at
the 	time of 	refinancing or prepayment 	of 	the 	eligible
project 	loan 	in accordance with 	section 	201G-225, 	HRS;
provided 	that 	the 	corporation 	shall 	exempt projects
owned by a 	county 	from 	this 	shared 	appreciation
requirement 	if 	all 	of 	the 	following 	requirements 	are
met: (1) 	The 	funds 	derived by 	the 	county 	as 	a 	result
of 	appreciation 	in value 	of 	the 	units 	are
used 	for 	housing projects wherein:
{A) 	At 	least 	sixty per 	cent of 	the 	project
is 	affordable 	to 	families 	earning up 	to
one hundred per 	cent 	of 	the 	area median
income 	as 	determined by the United
Stated Department of 	Housing and Urban
Development 	and 	as 	adjusted 	for 	family
size; 	and
(B) 	At 	least 	one-half 	of 	the 	foregoing 	sixty
per 	cent 	is 	affordable 	to 	families
earning up 	to eighty per 	cent of 	the
area median 	income 	as 	determined by 	the
United 	Stated Department 	of 	Housing 	and
(2)
Urban 	Development 	and as 	adjusted 	for
family 	size; 	and
The project 	from which 	the 	appreciation 	in
value 	is 	derived 	remains 	as 	affordable as 	it
was 	prior 	to 	the 	refinancing or prepayment 	of
the 	eligible project 	loan.
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§15-164-12
(c) 	The discount 	rate 	used 	in 	calculating the
corporation 1 s 	share 	of 	the appreciation 	in value 	shall
be as 	stated in the 	rental 	assistance 	contract, 	but
shall 	not 	exceed 	fifteen 	per 	cent.
[Eff OCT?~ 1009 	] 	(Auth: 	HRS 	§201G-225)
(Imp: 	Hk~f2d~~ 225)
515-164-13 	Procedures, 	implementation of
program. 	(a) 	The 	corporation 	shall 	develop 	a
procedural 	handbook which 	shall 	contain, 	but 	not 	be
limited to, 	procedures 	for 	evaluating rental 	schedules,
reviewing tenants' 	income 	in eligible projects,
inspecting units, 	and 	calculating appreciation 	upon
refinancing or prepayment 	of 	the eligible 	project 	loan.
(b) 	The operation and 	implementation of 	the
rental 	assistance program shall 	be 	conducted 	in
accordance with part 	III, 	chapter 	201G, 	HRS, 	these
rules, 	and the 	procedural 	handbook as 	amended or
supplemented from 	time to 	time by the 	corporation 	at
its 	sole 	discretion.
(c) 	A copy of 	the 	procedural 	handbook, 	in 	its
most 	current 	form, 	shall 	at 	all 	times 	be 	kept 	at 	the
principal 	office of 	the 	corporation and 	shall 	be
avail._able 	f~r 	inspection during normal 	business 	hours.
[Eff UCT 2a 1999 	] (Auth: 	HRS 	§201G-225)
(Imp: 	HRS 	§§201G-223, 	201G-224, 	201G-225
SUBCHAPTER 3
INTERIM CONSTRUCTION PROGRAM
§15-164-21 	Interim construction program. 	(a)
Subject 	to 	the 	restrictions 	and 	funding 	limitations 	in
section 	201G-223, 	HRS, 	the 	corporation may use 	the
aggregate 	principal 	sum and the 	accumulated 	earnings 	in
the 	rental 	assistance 	revolving 	fund 	to provide 	interim
construction 	financing 	to:
(1) 	Qualified sponsors 	of 	rental 	housing projects
who 	are private 	nonprofit 	or for-profit
entities; 	or
(2) 	The 	corporation; 	provided 	that 	in allotting
interim 	construction 	financing moneys 	under
this 	program, 	the 	corporation 	shall 	give 	a
preference 	to 	rental 	housing projects
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§15-164-21
developed by qualified 	sponsors 	who 	are
private nonprofit 	or 	for-profit 	entities.
(b) 	Fund moneys 	used 	for 	thi9 program 	shall 	be
leveraged with bond proceeds 	for 	the 	development 	of
affordable 	rental 	housing. 	[Eff n~r 2 5 1999 	] 	(Auth:
HRS 	§201G-225) 	(Imp: 	HRS §201G-2~~)
§15-164-22 	Project criteria 	for 	funding; 	minimum
requirements. 	Affordable 	rental 	housing projects
funded 	in whole 	or 	in 	part 	through 	loans 	under 	this
program must meet 	the 	following 	criteria:
(1) 	At 	least 	twenty per 	cent 	of 	the 	units 	in 	the
project 	are 	rented 	to 	households 	with 	incomes
of 	up to 	fifty per 	cent of 	the 	area median
income 	as 	determined by 	the U~S. 	department
of 	housing and urban 	development; 	or
(2) 	At 	least 	forty per 	cent of 	the 	units 	are
rented 	to households with 	incomes 	of 	up 	to
sixty per 	cent of 	the 	area 	median 	income, 	as
determined by 	the 	U.S. 	department 	of 	housing
and urban development; 	or
(3) 	At 	least 	sixty per 	cent of 	the 	units 	must be
rented 	to households with 	incomes 	of 	up 	to
one hundred 	forty 	per 	cent 	of 	the 	area median
income, 	as 	determined by the U.S. 	department
of 	housing and urban 	development; 	provided,
however, 	that 	if 	there 	is 	an 	insufficient
number 	of 	persons 	or 	families 	who meet 	the
income 	qualifying 	criteria 	for 	admission 	into
the housing project, 	the 	corporation may
permit 	the 	developer 	to 	rent 	units 	to 	higher
income 	tenants 	in order 	to 	ensure 	full
occupHl'rf ~f 	funded 	projects.
[ Eff 	U\., 	l 5 1999 	J 	(Auth: 	HRS 	§201G-225)
(Imp: 	HRS 	§201G-223)
§15-164-23 	Applications 	for program funds. 	(a)
Applicants 	desiring to 	utilize 	fund moneys 	under 	this
•program shall 	submit 	to 	the 	corporation 	an 	application,
containing the 	following 	information.
(1) 	Name, 	address, 	and 	telephone 	number of 	the
applicant and evidence of 	the 	applicant's
status 	as 	a 	sole 	proprietorship, 	corporation,
partnership, 	joint venture 	or 	other business
organization;
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§15-164-23
(2)
(3)
(4)
(5)
(6)
(7)
(8)
If 	the 	applicant 	is 	a 	corporation, 	certified
copies 	of 	the 	articles 	of 	incorporation, 	and
the 	names, 	addresses, 	and 	telephone numbers
of 	each of 	the officers and directors 	of 	the
corporation, 	and 	of 	any 	shareholder of 	the
corporation holding more 	than 	twenty 	five 	per
cent 	of 	the outstanding shares 	issued by the
corporation. 	If 	the 	applicant 	is 	a
partnership, 	joint venturer, 	or 	sole
proprietorship, 	certified 	copies 	of 	the
partnership, 	joint venture 	agreement 	or
proprietorship, 	as 	applicable, 	and 	the 	names,
addresses, 	and telephone numbers 	of 	each of
the 	individual 	partners, 	joint venturers, 	or
owners;
A resume of 	the 	applicant's 	or 	project 	team's
experience 	in 	the development 	of 	housing
projects 	including a 	list 	and 	a 	brief
description 	of 	the 	projects 	in which 	the
applicant 	participated;
The name, 	title, 	address, 	telephone 	number,
and 	facsimile 	number 	of 	the 	person 	to whom
communications 	should be addressed;
Evidence of 	the 	applicant's 	legal 	authority
to 	incur obligations 	and to 	sign and 	deliver
such documents 	as 	may be necessary 	to
finance, 	develop, 	and construct 	the project;
A 	current 	certificate of 	good 	standing from
the 	department of 	commerce 	and 	consumer
affairs 	and 	tax 	clearance 	from 	the department
of 	taxation;
Evidence of 	the 	applicant*s 	creditworthiness
including, 	to 	the 	extent 	available, 	the
following 	financial 	information, 	which 	shall
be 	kept 	confidential to 	the 	extent 	permitted
by 	law:
(A) 	Three years' 	fiscal 	year-end 	financial
statements of 	the borrowing 	entity. 	If
the 	statements 	are 	unaudited, 	tax
returns 	shall be provided;
(B) 	Personal 	financial 	statements 	and
tax 	returns 	if 	the borrower 	or 	guarantor
is 	an 	individual; 	and
(C) 	Any other 	financial 	information the
corporation deems 	necessary;
Description of 	all 	housing projects 	or
facilities 	owned or operated by 	the
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§15-164-23
applicant;
(9) 	A description of 	any 	financial 	default,
modification of 	terms 	and 	conditions 	of
financing, 	or 	legal 	action taken or pending
against 	the 	applicant or 	its 	principals;
(10) 	Evidence of 	ability to 	secure the 	necessary
performance or payment bond or 	other 	evidence
of 	surety and the 	ability to 	perform the 	work
required to 	be performed 	in 	the 	housing
project proposed;
(11) 	A statement of 	the 	applicant's 	past or
current 	involvement with the 	corporation 	or
other governmental 	entity and the 	assistance,
if 	any, 	received from those 	entities;
(12) 	Evidence 	that 	the 	applicant 	has met 	the
requirements 	of 	section 	201G-223, 	and 	these
rules;
(13) 	A project 	plan, 	including:
(A) 	Evidence 	of 	site 	control 	(such 	as 	a
deed, 	agreement 	of 	sale, 	commitment
letter, 	or 	development 	agreement) 	or 	a
site 	acquisition plan 	(such 	as 	a 	letter
of 	intent), 	and names 	and addresses 	of
all 	legal 	and 	equitable holders 	of 	an
interest 	in 	the 	land and a 	complete
description 	of 	each 	holder's 	interest 	in
the 	land;
(B) 	Approximate 	number of 	dwelling units,
within 	the 	proposed project and 	the
total 	area of 	the 	proposed project;
(C) 	Site 	plan 	showing the 	general
development of 	the 	site, 	including the
locations 	and descriptions 	of 	proposed
and existing buildings, 	parking areas,
and 	service 	areas;
(D) 	Description of 	existing improvements
within and 	adjacent 	to 	the 	proposed
project, 	as 	well 	as 	off-site 	and on-site
infrastructure and 	improvements
requirements;
(14) 	Preliminary plans 	and 	specifications 	of
typical 	housing 	units 	and other 	improvements
in 	the 	project, 	including the number of
proposed housing units, 	the number 	and 	types
of 	structures, 	the 	number of 	stories, 	and 	the
number 	of 	units 	by 	size 	(number 	of 	bedrooms
and bathrooms);
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§15-164-24
(15) 	Proposed 	financing 	of 	the 	project, 	including:
(A) 	The manner 	in which the project will 	be
financed 	during 	the development 	and
construction of 	the project and 	upon
completion of 	the project;
(B) 	The 	sources 	of 	repayment of 	such
financing;
(C) 	Estimated 	start-up expenses 	and 	the
sources 	of 	funds 	to meet 	these 	expenses;
(D) 	The equity, 	if 	any, 	which the developer
intends 	to 	contribute 	to 	the 	proposed
project; 	and
(E) 	Budgets 	and 	cashflow requirements,
showing, 	among other things, 	the
projected rental 	rates 	for 	the 	units;
(16) 	Development 	timetable, 	market 	analysis, 	and
other 	activities 	relating to a 	successful
development 	of 	the 	project 	to 	completion;
(17) 	Comments 	from the 	community 	or 	community
groups;
(18) 	If 	the 	proposal 	for 	the 	development will
cause displacement, 	the proposal 	shall
include a 	program of 	housing accommodation
for 	displaced persons;
(19) 	Evidence that 	the project 	is 	in 	compliance
with 	existing 	state 	and 	county 	zoning and
planning 	laws;
(20) 	Any other 	information 	that 	the 	corporation
finds 	necessary 	to 	determine whether 	or 	not
the proposed project meets 	the 	intent 	and
purposes 	of 	section 	201G-223, 	HRS.
Additional 	information may also 	be 	requested by
the 	corporation 	to determine 	the qualification 	of
the 	aRtlicant 	and the 	project.
[Eff U 	T 9 ~ ]999 	] 	(Auth: 	HRS 	§201G-225) 	( Imp:
HRS 	§2 	1b-,~3
§6-164-24 	Evaluation of 	requests 	for program
funds. 	(a) 	The 	corporation will 	review and 	evaluate
each 	application 	for 	program 	funds, 	and 	shall 	take 	into
consideration 	factors 	such 	as 	compliance with the
purposes 	and intent 	of 	section 	201G-223, 	HRS, 	and other
relevant 	factors~
(b) 	In 	evaluating the 	requests 	for 	program
funding, 	the 	corporation 	shall 	provide a 	preference 	to
projects 	meeting the 	following 	criteria:
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§15-164-24
(1) 	Projects 	which dedicate 	a 	greater number of
units 	or 	a 	larger proportion of 	their 	project
for 	very 	low and 	low income persons 	or
families; 	and
(2) 	Projects 	which 	are 	committed to 	serving very
low and 	low income persons 	or families 	over a
longer period of 	time.
The 	corporation may also 	include other 	criteria as
it deems 	necessarx to 	carry out 	the 	purposes 	of 	the
fund. 	[Eff OCT i 	5 1999 	] 	(Auth: 	HRS 	§201G-225)
(Imp: 	HRS 	§201G-223)
§6-164-25 	Corporation action. 	(a) 	The
corporation may accept 	a 	request 	that program funds 	be
allocated or may deny 	a 	request 	for 	program 	funds 	for 	a
project. 	The 	corporation may also 	defer 	action 	on any
request 	for 	project 	funds 	and may 	request 	that
additional 	information 	be 	submitted. 	If 	the
corporation 	accepts 	a 	request 	that 	program funds 	be
allocated for 	a 	project, 	the 	corporation must 	make
specific findings 	that 	the 	use 	and 	application 	of
program 	funds 	for 	the 	project 	are 	consistent with 	the
purposes 	of 	the program and must submit a
recommendation 	to 	the 	governor 	that 	program funds 	be
allocated for 	the project.
(b) 	For 	any project that 	the 	corporation
recommends 	to be 	assisted by program funds, 	the
corporation 	shall 	provide 	the 	governor with 	a 	summary
of 	the 	project 	to 	be developed. 	The 	summary 	shall
include:
(1) 	The various 	aspects 	of 	the 	project, 	including
any projects 	or 	loan programs 	to be 	a 	part 	of
the program;
( 2) 	The methods 	of 	financing 	the_project or
loans;
( 3 ) 	If 	applicable, 	how the program funds 	will 	be
returned 	to 	the program;
(4) 	Specific 	findings 	that 	the application of
program funds 	will meet 	the 	requirements 	of
the program and that 	the application of
program funds 	will 	comply with 	the primary
objectives 	of 	the 	program;
(5) 	Other 	information which 	the 	corporation deems
relevant; 	and
( 6) 	Other 	information 	as 	the 	governor may
request. 	[Eff 	OCT 2 51999 	] 	(Auth: 	HRS
164-10
2236

§15-164-27
§201G-225)
§15-164-26 	Commitment 	of program funds~ 	Program
funds 	may be 	committed in participation with 	other
lenders. 	The 	corporation 	shall 	not 	issue nor make
any 	commitment 	of 	program funds 	for 	any project
unless 	the 	corporation has 	first 	made 	a 	determination
that 	the purposes 	and 	amounts 	for 	which program funds
are 	to be 	applied 	are 	consistent with the 	purposes 	of
the 	program and the 	governor has 	approved 	the
commitment 	of 	program funds 	for 	the 	project. 	All
commitments 	for 	program funds 	shall 	be made 	subject 	to
availability of program funds. 	[ Ef f 	OCT 2 5 1999 	)
(Auth: 	HRS 	§201G-225) 	(Imp: 	HRS 	§201G-223)
§6-164-27 	Conditions 	for program. funds. 	For 	a
commitment 	of 	project 	funds, 	the 	corporation may
require 	the 	applicant 	to 	enter 	into 	an 	agreement with
the 	corporation, 	including a 	development 	agreement 	or
regulatory 	agreement, 	evidencing the 	applicant's
obligation to 	develop the 	project 	in 	a manner 	which
will 	carry out the 	intent and purpose 	of 	the program.
The 	corporation may 	require 	the applicant 	to 	prepare
and maintain 	such 	records, 	including cost
certifications, 	which evidence 	that project 	funds 	are
being 	applied 	in 	a 	manner which meets 	the 	requirements
of 	the program.
Additionally, 	the 	corporation may impose other
restrictions 	which 	the 	corporation 	shall 	require 	as 	a
condition 	for 	project 	funds. 	[Eff 	OCT?~ 1999 	]
(Auth: 	HRS 	§201G-225) 	(Imp: 	HRS §201G-!2~)
164-11
2236

......
...
repeal 	and 	adoption 	sha
the effect 	ten days 	after
nt 	Governor .
• W. 	LA
ve 	Director
ng and 	Comrnuni 	Development
H.
DEPARTMENT OF 	BUSINESS, 	ECONOMIC 	DEVELOPMENT,
AND 	TOURISM
The 	repeal of 	chapter 	6-314 	and 	the 	adoption 	of 	chapter
15-164, 	Hawaii 	Administrative 	Rules, 	on 	the 	Summary 	Page
dated August 	27, 	1999, 	was 	adopted on August 	27, 	1999,
following 	public 	hearings 	held on Maui 	on 	July 	15, 	1999,
Hilo on 	July 	16, 	1999, 	Oahu 	on 	July 	19, 	1999, 	and 	Kauai 	on
July 	20, 	1999, 	after public 	notice was 	given 	in 	the 	Midweek
newspaper 	on 	June 	7, 	1999.
The
filing 	with the 	Office of
Corporation of 	Hawaii
SEI.J 	F. 	NAYA,
Director
Department of 	siness, 	Economic
Development, 	and 	Tourism
~
APPROVED AS 	TO FORM: 	NEAL 	YAHIRA
-~ 	Di recto 	of 	Finance
:22 	-~. 	/t5epuefAt~neyGe~
, __ 	APPROVED:,-•..... 	tn	'·-.,
..~
uJ 	N
::... 	Q_
OL•.'
C.:,(.) LO
i-~
;-;a:4... 	-..;;rO
GS.....:::> 	Dated:
~
-J
Hawaii