HRS §10-30
Revenue bonds are paid only from project or loan revenues, not state taxes
This section explains that revenue bonds for office projects or loan programs are paid only from the money those projects or programs bring in. The state is not required to use taxes or other state funds to pay them. Each bond must say this on its face.
everyone
The statute, as written — Payment and security of revenue bonds; revenue bonds not a debt of the State
Revenue bonds issued under this part shall be payable from and secured solely by the revenues of the office project or projects, the revenues of the loan program or programs, or revenues of the office pledged to the payment thereof, or both, and those revenues shall be applied to the payment in accordance with the provisions of this part and the resolution or resolutions authorizing the issuance of the revenue bonds. No holder or holders of any revenue bonds issued under this part shall have the right to compel any exercise of the taxing power of the State or the making of any appropriation to pay the revenue bonds, or interest thereon. Each revenue bond shall recite in substance that the revenue bond, including interest thereon, is payable solely from and secured by the revenue pledged to the payment thereof, and that the bond does not constitute a general or moral obligation or indebtedness of the State within the meaning of any law.
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