HCC §32-66
Rules for when the county can issue refunding bonds
Read the official text at hawaiicounty.gov ↗This section limits when the county can issue refunding bonds, except for refunding general obligation bonds. The total cost of the new bonds cannot be more than the cost of the old bonds. The new bond amount can be different but does not count against the original bond limit.
counties
The ordinance, as written (Hawaiʻi County) — Limitations on issuance of refunding bonds
A copy, taken August 21, 2026. The version published by Hawaiʻi County is the one that governs, and it may have changed since. Check it before relying on anything here.
Except in the case of bonds issued to refund general obligation bonds, refunding bonds shall not be issued if the total net interest cost to maturity on the refunding bonds plus the principal amount of the refunding bonds exceeds the total net interest cost to maturity on the bonds to be refunded plus the principal amount of the bonds to be refunded. Subject to such limitations, the principal amount of the refunding bonds may be more than, less than, or the same as the principal amount of the bonds to be refunded. The principal amount of such refunding bonds shall not count against any maximum amount of bonds authorized in the original bond ordinance. (1994, ord 94-77, sec 3.)32-66
Published by the County of Hawaiʻi Office of the County Clerk.
LawTrove is not legal advice. The summary above is a computer-generated restatement — the authoritative text is the official version linked above.