HRS §39A-261
Special purpose revenue bonds are not state debts
This section says that special purpose revenue bonds are not debts of the State. Bondholders cannot force the State to use tax money to pay them. The bonds are paid only from the specific revenues promised for them, and each bond must say this on its face.
state agencies
The statute, as written — 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 the taxing power of the State to pay such bonds or the interest on the bonds, and no moneys other than the revenues pledged to such bonds shall be applied toward their payment. Each special purpose revenue bond issued under this part shall recite in substance that such bond, including interest on the bond, 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 of the State, by the general credit of the State, or by any revenue or taxes of the State other than the revenues specifically pledged thereto.
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