HRS §49-12
Revenue bonds get first claim on pledged income
This section says that revenue bonds from the same issue have a top-priority claim on the income (revenue or user taxes) promised to pay them, unless the bond resolution says otherwise. This claim comes before later bonds and later debts. All bonds in the same issue share this claim equally, no matter when they were sold or delivered.
borrowerscreditorsfinancial institutions
The statute, as written — Lien and charge of revenue bonds
Unless otherwise provided in the resolution or resolutions, all revenue bonds of the same issue, subject to the prior and superior rights of outstanding revenue bonds, claims, or obligations, shall have a prior and paramount lien and charge on the revenue, or the user taxes, or combination of both, pledged to the payment thereof, of the undertaking or loan program for which the revenue bonds have been issued, over and ahead of all bonds of any issue payable from the revenue, or user taxes, or combination of both, which may be subsequently issued and over and ahead of any claims or obligations of any nature against the revenue, or user taxes, or combination of both, subsequently arising or subsequently incurred. All revenue bonds of the same issue shall be equally and ratably secured without priority by reason of number, date of bonds, of sale, of execution, or of delivery, by a lien and charge on the revenue or user taxes, or combination of both, pledged to the payment thereof, in accordance with this chapter and the resolution or resolutions authorizing the revenue bonds.
LawTrove is not legal advice. The summary above is a computer-generated restatement — the authoritative text is the official version linked above.