HRS §342D-91
How the director can invest bond money and buy back bonds
This section lets the director invest bond money that is not needed right away, as long as it follows any agreements with bondholders. The director can also buy back the department's own revenue bonds and then keep, cancel, or resell them. Other public investment rules do not apply unless the legislature says so.
state agencies
The statute, as written — Revenue bonds; investment of proceeds, and redemption
Subject to any agreement with the holders of its revenue bonds, the director may: (1) Invest moneys not required for immediate use, including proceeds from the sale of any revenue bonds, funds held in reserve or sinking funds or any funds not required for immediate disbursement, in property or securities in which savings banks may legally invest funds subject to their control. No provisions with respect to the investment of moneys or the acquisition, operation, or disposition of property by other public bodies shall be applicable to the director or department unless the legislature shall specifically so state; and (2) Purchase revolving fund revenue bonds out of any fund or money available therefor, and hold, cancel, or resell the revenue bonds.
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