Board to Declare Purpose and Maximum Amount of Bonds to be Issued

(a)Before issuing any bond or bonds, the Board shall by indenture, approved by I Maga’håga/Maga’låhi, declare the purpose for which the proceeds of the bonds proposed to be issued shall be expended and shall specify the maximum amount of bonds to be issued or sold for such purpose. Bonds shall not be issued or sold for such purpose in an amount exceeding such specified maximum except either:

(1)pursuant to a provision in an indenture pursuant to § 8210(l); or

(2)with the consent of bondholders, pursuant to amendment or modification of an indenture, as provided in § 8210(p).

(b)Nothing contained in this Section shall be construed to prevent the Board, with the approval of I Maga’håga/Maga’låhi, from amending any such indenture prior to the issuance of bonds authorized thereby to increase or decrease the maximum amount of bonds to be issued or sold. The issuance of bonds for one or more purposes may be included in a single indenture.