Other Indebtedness Authorized

The Board may at any time, or from time to time, by resolution adopted by a majority of all the members of the Board and approved by I Maga’håga/Maga’låhi, incur indebtedness for any lawful purpose for any period not exceeding five

(5)years evidenced by a contract with any person or by one or more promissory notes executed as provided in this Article and delivered to any person. Any such indebtedness incurred shall be subject and subordinate to any contractual obligations of the Authority to the holders of any bonds and the principal thereof and interest thereon may be repaid either from revenue or, if incurred for a purpose for which bonus may be issued, from revenue or from the proceeds of sale of bonds.