HRS §37B-2
Paying off state bonds early
Read the official text at capitol.hawaii.gov ↗This section lets the state legislature pay off general obligation bonds early using general funds. It defines what counts as the debt service due for a year and allows the payment to include a redemption premium. It does not cover late fees or penalties from past years.
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The statute, as written — -2] Prepayment of general obligation bond debt service
A copy, taken August 20, 2026. The version published by the Legislature is the one that governs, and it may have changed since. Check it before relying on anything here.
(a) To comply with article VII, section 6, of the Constitution of the State of Hawaii, the legislature may prepay general obligation bond debt service. When choosing to do so, the legislature shall appropriate general funds to be expended to pay more than the general obligation bond debt service due in a fiscal year in order to retire general obligation bonds earlier than scheduled at the time of the appropriation. (b) For the purpose of this section, the "general obligation bond debt service due in a fiscal year" means the principal of and interest on general obligation bonds that mature and are payable in a fiscal year under the applicable bond covenant and section 39-12. The term shall not mean any delinquent debt service payment accrued from a prior fiscal year, penalty or interest imposed because of the delinquent payment, or principal or interest on bond anticipation notes. (c) An appropriation of general funds to prepay general obligation bond debt service may include an appropriation to pay a redemption premium.
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