HRS §206M-11
Special purpose revenue bonds are not state obligations
This section says that special purpose revenue bonds are paid only from the specific revenues promised for them. The state is not legally or morally required to use tax money or other funds to pay these bonds, and each bond must say this clearly.
everyone
The statute, as written — Special purpose revenue bonds not a general or moral obligation of State
No holder or holders of special purpose revenue bonds issued under this chapter shall ever have the right to compel any exercise of the taxing power of the State to pay the bonds or the interest thereon and no moneys other than the revenues pledged to the bonds shall be applied to the payment thereof. Each special purpose revenue bond issued under this chapter shall recite in substance that the bond, including interest thereon, is not a general or moral obligation of the State and is payable solely from the revenues pledged to the payment thereof, and that the bond is not secured, directly or indirectly, by the full faith and credit or the general credit of the State or by revenues or taxes of the State other than the revenues specifically pledged thereto.
LawTrove is not legal advice. The summary above is a computer-generated restatement — the authoritative text is the official version linked above.