HRS §174-10
Who is allowed to invest in these revenue bonds
This section says that many types of organizations and people, like banks, insurance companies, and fiduciaries, are allowed to invest their money in these revenue bonds. It also says that bondholders cannot force the State to use taxes to pay the bonds.
countiesfinancial institutionsguardianspersonal representativesstate agenciestrustees
The statute, as written — Eligibility of revenue bonds for investment
It shall be legal for the State and any of its political subdivisions, or any political or public corporation, including the employees' retirement system of the State, or any instrumentality of the State, or any insurance company, building and loan association, savings bank, trust company, or any bank or other financial institution operating under the laws of the State, or for any personal representative, guardian, trustee, or other fiduciary, or any educational, charitable, or eleemosynary institution to invest their funds or moneys in their custody in the revenue bonds issued hereunder; provided that the foregoing shall not be deemed to obviate or otherwise affect any statutory or other requirement with respect to the use of judgment and care in investing any such funds. No holder of any revenue bonds issued hereunder, however, shall have the right to compel any exercise of the taxing power of the State to pay the bonds or interest thereon.
LawTrove is not legal advice. The summary above is a computer-generated restatement — the authoritative text is the official version linked above.