MCC §14.58.150
Protecting bondholder rights during refunding
Read the official text at library.municode.com ↗This section says the county cannot use this chapter to break promises made to people who hold the bonds being refinanced. The county must run the refunding process so it doesn't hurt those bondholders. It can make agreements with them and set up procedures to protect their rights.
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The ordinance, as written (Maui County) — Administration
A copy, taken August 21, 2026. The version published by Maui County is the one that governs, and it may have changed since. Check it before relying on anything here.
No provision contained in this chapter shall be construed as authorizing the council
to violate any contractual or other vested rights arising out of or from the issuance
of the bonds to be refunded or to impair the obligations created by the issuance of
such bonds. Refunding proceedings shall be conducted in such manner as to avoid such
violation or impairment, and to that end the council may approve and authorize agreements
between the county and some or all of the holders of bonds to be refunded relating
to exchange of refunding bonds for bonds to be refunded, and/or other appropriate
matters, and may provide in such proceedings for any procedures not otherwise provided
for in this chapter which appear to be necessary to avoid such violation or impairment,
including refunding rules and regulations to be followed by county officials and agents,
and may appoint a bank or trust company to act as depository of the bonds to be refunded
and otherwise assist in consumption of the refunding plan.
(Ord. 801 § 1 (part), 1974: prior code § 25-11.11)
Read the official text at library.municode.com ↗as published Nov 21, 2025our copy taken Aug 21, 2026
Published by the County of Maui through Municode.
LawTrove is not legal advice. The summary above is a computer-generated restatement — the authoritative text is the official version linked above.