HRS §39A-351
Special bonds are not backed by state taxes
This section says that special purpose revenue bonds are not a general debt of the state. Bond holders cannot force the state to use tax money to pay them. The bonds are paid only from the specific revenues set aside for them, and the state's full credit is not behind them.
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 the bonds or the interest thereon and no moneys other than the revenues pledged to the bonds shall be applied to the payment thereof. Each special purpose revenue bond issued under this part shall recite in substance that the 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 the 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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