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<br /> <br /> <br /> <br /> <br /> Page 10 S , B , NO. S319 <br /> .D 51 <br /> <br /> <br /> <br /> 1prescribed by the commission. Such public report may not be used <br /> <br /> 2for the purpose of selling any apartments in the project unless <br /> 3 and until the commission issues an effective date for the public <br /> <br /> 4 report. The commission's issuance of an effective date for a <br /> <br /> 5public report shall not be construed to constitute the <br /> <br /> 6 commission's approval or disapproval of the project, or the <br /> 7 commission's representation that all material facts concerning <br /> <br /> 8the project have been fully or adequately disclosed, or the <br /> <br /> 9 commission's judgment of the value or merits of the project. No <br /> <br /> 10 effective date for a final public report shall be issued until <br /> 11execution and recordation of the deed or master lease, the <br /> <br /> 12 declaration, the bylaws, and plans including site and floor <br /> <br /> 13 plans, as provided by sections 514A-12, 514A-20, 514A-40, and <br /> 14514A-81." <br /> <br /> 15 SECTION 7. Section 514A-40, Hawaii Revised Statutes, is <br /> <br /> 16 amended by amending subsections (a) and (b) to read as follows: <br /> <br /> 17 "(a) No effective date shall be issued by the commission <br /> 18for a final public report prior to completion of construction of <br /> <br /> 19the project, unless there is filed with the commission: <br /> <br /> 20 (1) A statement showing all costs involved in completing <br /> <br /> 21 the project, including land payments or lease payments, <br /> <br /> 22 real property taxes, construction costs, architect, <br /> 23 engineering, and attorneys' fees, financing costs, <br /> <br /> <br /> <br /> <br /> <br /> 1998-0772 SB3195 SD1 SMA <br />