HRS §39A-128
Special purpose revenue bonds as legal investments and lawful security
This section says that special purpose revenue bonds are allowed investments for certain financial groups and can be used as security for public money deposits. It does not create new rules for ordinary people; it simply confirms these bonds are legal for those purposes.
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The statute, as written — ‑128 Special purpose revenue bonds as legal investments and lawful security
The special purpose revenue bonds issued pursuant to this part shall be legal and authorized investments for banks, savings banks, trust companies, savings and loan associations, insurance companies, credit unions, fiduciaries, trustees, guardians, and for all public funds of the State or other political corporations or subdivisions of the State. Such special purpose revenue bonds shall be eligible to secure the deposit of any and all public funds of the State and any and all public funds of counties or other political corporations or subdivisions of the State, and such bonds shall be lawful and sufficient security for such deposits to the extent of their value when accompanied by all unmatured coupons appertaining thereto.
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