HRS §39A-359
Special purpose revenue bonds as legal investments and security
This section says that special purpose revenue bonds issued under this part are legal investments for certain financial groups and for public funds. They can also be used as security for public fund deposits, up to their value, if all unpaid interest coupons are included.
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The statute, as written — Special purpose revenue bonds as legal investments and lawful security
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 or other political corporations or subdivisions of the State. The 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 the bonds shall be lawful and sufficient security for public fund deposits to the extent of their value when accompanied by all unmatured coupons appertaining thereto.
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