HRS §39A-299
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 to back public money. It also says the bonds are valid security for those deposits, as long as they include all unpaid interest coupons.
financial institutionsstate agencies
The statute, as written — Special purpose revenue bonds as legal investments and lawful security
The special purpose revenue bonds issued pursuant to this part shall be and are declared to 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 and its political corporations or subdivisions. The special purpose revenue bonds shall be eligible to secure the deposit of any and all public funds of the State and of the counties or other political corporations or subdivisions of the State. The bonds shall be lawful and sufficient security for these deposits to the extent of their value when accompanied by all unmatured coupons pertaining to the bonds.
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