HRS §39A-201
Special bonds are not backed by the state
This section says that special purpose revenue bonds are not a general debt of the state. Bondholders cannot force the state to use taxes or other money to pay them. The bonds are paid only from the specific revenues promised for them.
state agencies
The statute, as written — ‑201 Special purpose revenue bonds not a general obligation of the State
No holder or holders of any special purpose revenue bonds issued under this part shall ever have the right to compel any exercise of taxing power of the State to pay such bonds or the interest thereon and no moneys other than the revenues pledged to such bonds shall be applied to the payment thereof. Each special purpose revenue bond issued under this part shall recite in substance that such bond, including interest thereon, is not a general obligation of the State and is payable solely from the revenues pledged to the payment thereof, and that such bond is not secured directly or indirectly by the full faith and credit or the general credit of the State or by any revenues or taxes of the State other than the revenues specifically pledged thereto.
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