Haw. Rev. Stat. § 39A-325 — HI Code / Division 1 / Title 5 / Chapter 39A / Section 39A-325
Federal tax exempt status.
Status: in_force

To the extent practicable, special purpose revenue bonds issued pursuant to this part shall be issued to comply with requirements imposed by applicable federal law providing that the interest on the special purpose revenue bonds shall be excluded from gross income for federal income tax purposes, except as certain minimum taxes or environmental taxes may apply. The director of finance may enter into agreements, establish funds or accounts, and take any action required to comply with applicable federal law. Nothing in this part shall be deemed to prohibit the issuance of special purpose revenue bonds, the interest on which may be included in gross income for federal income tax purposes.
Haw. Rev. Stat. § 39A-328 — HI Code / Division 1 / Title 5 / Chapter 39A / Section 39A-328
Status of special purpose revenue bonds under the Uniform Commercial Code.
Status: in_force

Notwithstanding any of the provisions of this part or any recitals in any special purpose revenue bonds issued under this part, all special purpose revenue bonds shall be deemed to be investment securities under the Uniform Commercial Code, chapter 490, subject only to the provisions of the special purpose revenue bonds pertaining to registration.
Haw. Rev. Stat. § 40-89 — HI Code / Division 1 / Title 5 / Chapter 40 / Section 40-89
Prior year accounts.
Status: in_force

The comptroller shall establish new accounts for all special and revolving funds on July1 of each fiscal year. All unencumbered cash balances for special and revolving funds established in previous years shall be deposited in the appropriate account for the current fiscal year unless otherwise provided by law; provided that this section shall not apply to those funds which are designated by either the legislature or the director of finance for transfer to the general fund.
Haw. Rev. Stat. § 41D-6 — HI Code / Division 1 / Title 5 / Chapter 41D / Section 41D-6
Fund advancement; dissolution.
Status: in_force

If the state risk management revolving fund should become financially incapable of meeting its obligations under this chapter, the comptroller, in the comptroller's discretion, may:

(1) Request that the governor authorize the transfer of sufficient sums to meet the fund's obligations from whatever such savings as may be available from other current appropriation for any other state program. Money so advanced shall be repaid from the state risk management revolving fund in annual installments, without interest. The amount of installments shall be fixed by the director of finance at whatever amount as can reasonably be expected to liquidate indebtedness of the fund in not more than ten years; or

(2) Dissolve the fund, prorating remaining assets of the fund among the claimants, giving priority to those claims as, in the comptroller's discretion, is appropriate. [L 1988, c 266, pt of §1]
Haw. Rev. Stat. § 40-81.5 — HI Code / Division 1 / Title 5 / Chapter 40 / Section 40-81.5
Rapid transportation authority; certification statement.
Status: in_force

(a) Beginning on September 5, 2017, and ending on December 31, 2031, the comptroller, upon the request for payment by the rapid transportation authority, shall verify that the authority's invoices for the capital costs of a locally preferred alternative for a mass transit project comply with section 46-16.8(f).

(b) The rapid transportation authority subject to this section shall provide the comptroller with:

(1) The authority's financial plan and related systems for accounting, including a budget for a locally preferred alternative for a mass transit project;

(2) Expenditures for capital costs for a locally preferred alternative for a mass transit project;

(3) Expenditures for personnel costs, lease rent, and any other costs associated with the authority's management and operations; and

(4) Any other information the comptroller may require to accomplish the purpose of this section.

(c) After submission of invoices by the rapid transportation authority for capital costs of a locally preferred alternative for a mass transit project are verified by the comptroller as an acceptable use of funds received pursuant to a surcharge on state tax authorized pursuant to section 46-16.8, the comptroller shall submit a certification statement, including any appropriate supporting documents, to the department of budget and finance for the allocation of funds, if available, pursuant to sections 248-2.7 and 248-2.6(d). The certification statement shall include, at a minimum, the total amount contained in the invoices for capital costs that are verified as an appropriate use of funds pursuant to section 46-16.8(f).

(d) The comptroller may establish rules, exempt from chapter 91, for the purposes of this section.

(e) For the purposes of this section, "rapid transportation authority" means any entity established by a county in the State for the purpose of constructing, operating, or maintaining a locally preferred alternative for a mass transit project and that receives moneys from a surcharge on state tax established pursuant to section 46-16.8, transient accommodations tax revenues pursuant to section 237D-2(e), or both. [L Sp 2017, c 1, §13; am L 2023, c 48, §6]
Haw. Rev. Stat. § 39A-318 — HI Code / Division 1 / Title 5 / Chapter 39A / Section 39A-318
Special purpose revenue bond anticipation notes.
Status: in_force

Whenever the department has authorized the issuance of special purpose revenue bonds under this part, special purpose revenue bond anticipation notes of the department may be issued in anticipation of the issuance of the bonds and of the receipt of the proceeds of sale of the bonds, for the purposes for which the bonds have been authorized. All special purpose revenue bond anticipation notes shall be authorized by the department, and the maximum principal amount of the notes shall not exceed the authorized principal amount of the bonds. The notes shall be payable solely from and secured solely by the proceeds of sale of the special purpose revenue bonds in anticipation of which the notes are issued and the revenues from which would be payable and by which the bonds would be secured; provided that to the extent that the principal of the notes shall be paid from moneys other than the proceeds of sale of the bonds, the maximum amount of bonds in anticipation of which the notes are issued that has been authorized shall be reduced by the amount of notes paid in such manner. The authorization, issuance, and the details of the notes shall be governed by this part with respect to special purpose revenue bonds insofar as the same may be applicable; provided that each note, together with all renewals and extensions thereof, or refundings thereof by other notes issued under this section, shall mature within five years from the date of the original note.
Haw. Rev. Stat. § 39A-348 — HI Code / Division 1 / Title 5 / Chapter 39A / Section 39A-348
Special purpose revenue bond anticipation notes.
Status: in_force

Whenever the department has authorized the issuance of special purpose revenue bonds under this part, special purpose revenue bond anticipation notes of the department may be issued in anticipation of the issuance of the bonds and of the receipt of the proceeds of sale of the bonds, for the purposes for which the bonds have been authorized. All special purpose revenue bond anticipation notes shall be authorized by the department, and the maximum principal amount of the notes shall not exceed the authorized principal amount of the bonds. The notes shall be payable solely from and secured solely by the proceeds of sale of the special purpose revenue bonds in anticipation of which the notes are issued and the revenues from which would be payable and by which the bonds would be secured; provided that to the extent that the principal of the notes shall be paid from moneys other than the proceeds of sale of the bonds, the maximum amount of bonds in anticipation of which the notes are issued that has been authorized shall be reduced by the amount of notes paid in such manner. The authorization, issuance, and the details of the notes shall be governed by this part with respect to special purpose revenue bonds insofar as the same may be applicable; provided that each note, together with all renewals and extensions thereof, or refundings thereof by other notes issued under this section, shall mature within five years from the date of the original note.
Haw. Rev. Stat. § 39A-266 — HI Code / Division 1 / Title 5 / Chapter 39A / Section 39A-266
Exemption from taxation of department property.
Status: in_force

All revenues derived by the department from any project or under the project agreement pertaining to it shall be exempt from all state, county, and municipal taxation. Any right, title, and interest of the department in any project shall also be exempt from all state, county, and municipal taxation.

Except as otherwise provided by law, the interest of the project party or user of such project under the project agreement or related agreement shall not be exempt from taxation to a greater extent than it would be if the costs of the project were directly financed by the project party or other user. [L 2002, c 257, pt of §1]
Haw. Rev. Stat. § 39A-164.5 — HI Code / Division 1 / Title 5 / Chapter 39A / Section 39A-164.5
Federal tax exempt status.
Status: in_force

Special purpose revenue bonds issued pursuant to this part, to the extent practicable, shall be issued to comply with requirements imposed by applicable federal law providing that the interest on the special purpose revenue bonds shall be excluded from gross income for federal income tax purposes (except as certain minimum taxes or environmental taxes may apply). The director of finance may enter into agreements, establish funds or accounts, and take any action required to comply with applicable federal law. Nothing in this part shall be deemed to prohibit the issuance of special purpose revenue bonds, the interest on which may be included in gross income for federal income tax purposes.
Haw. Rev. Stat. § 39-74 — HI Code / Division 1 / Title 5 / Chapter 39 / Section 39-74
General laws applicable.
Status: in_force

The provisions of part II, relating to lost, stolen, destroyed, or defaced bonds, and to lost, stolen, destroyed, or defaced coupons, to the extent that they are applicable, shall apply to revenue bonds issued pursuant to this part.
Haw. Rev. Stat. § 39A-282 — HI Code / Division 1 / Title 5 / Chapter 39A / Section 39A-282
Department powers in the development of low- and moderate-income housing.
Status: in_force

In addition to powers that it may now have, the department shall have all powers necessary or convenient to accomplish the purposes of this part. The powers of the department include but are not limited to the following:

(1) Notwithstanding and without compliance with section 103‑7, but with the approval of the governor, to:

(A) Enter into and carry out a project agreement, or an amendment or supplement to an existing project agreement, with a project party; and

(B) Enter into and carry out any agreement whereby the obligation of a project party under a project agreement will be unconditionally guaranteed by a person other than a project party;

(2) To issue special purpose revenue bonds pursuant to and in accordance with this part;

(3) To lend the proceeds of the special purpose revenue bonds issued for a project to the project party for use and application by the project party for the project;

(4) As security for the payment of the principal, premium, if any, and interest of the special purpose revenue bonds issued for this project, to:

(A) Pledge, assign, hypothecate, or otherwise encumber all or any part of the revenues and receipts derived or to be derived by the department under the project agreement for the project for which the bonds are issued;

(B) Pledge and assign the interest and rights of the department under the project agreement or other agreement with respect to the project or the special purpose revenue bonds;

(C) Pledge and assign any bond, debenture, note, or other evidence of indebtedness received by the department with respect to the project; or

(D) Any combination of the foregoing;

(5) To extend or renew any project agreement or any other agreement related to the project agreement; provided that any renewal or extension shall be subject to the approval of the governor unless made in accordance with provisions for the extension or renewal contained in a project agreement or related agreement theretofore approved by the governor; and

(6) To do any and all things necessary or convenient to carry out its purposes and exercise the powers given and granted in this part.

When the department finances or refinances a project by the issuance of special purpose revenue bonds as contemplated by this part, the State shall not exercise the power of eminent domain to acquire a project or any part of the project for lease or transfer to a project party, nor shall the State operate a project on behalf of a project party. [L 2006, c 102, pt of §2]
Haw. Rev. Stat. § 39A-253 — HI Code / Division 1 / Title 5 / Chapter 39A / Section 39A-253
Compliance with state and local law.
Status: in_force

The issuance of special purpose revenue bonds with respect to any project under this part shall not relieve any project party or other user of the project from the laws, ordinances, and rules of the State or any of its political subdivisions, or any departments or boards thereof, with respect to: the construction, operation, and maintenance of projects; compliance with education or zoning laws or regulations; obtaining of building permits; and compliance with building codes, health codes, and other laws, ordinances, or rules of a similar nature pertaining to the project. Such laws shall apply to the party or another user to the same extent that it would be if the costs of the project were directly financed by the project party.
Haw. Rev. Stat. § 39-5 — HI Code / Division 1 / Title 5 / Chapter 39 / Section 39-5
Sale of bonds.
Status: reserved

(a) The director of finance may make such arrangements as may be necessary or proper for the sale of each issue of bonds or part thereof as are issued pursuant to this part, including, without limitation, arranging for the preparation and printing of the bonds, the official statement and any other documents or instruments deemed required for the issuance and sale of bonds, and retaining financial, accounting, and legal consultants, all upon such terms and conditions as the director of finance deems advisable and in the best interest of the State. The director of finance may offer the bonds at competitive sale or may negotiate the sale of the bonds to any person or group of persons, to the United States of America, or any board, agency, instrumentality, or corporation thereof, to the employees retirement system of the State, to any political subdivision of the State, or to any board, agency, instrumentality, public corporation, or other governmental organization of the State or of any political subdivision of the State.

(b) The sale of the bonds by the director of finance by negotiation shall be at such price or prices and upon such terms and conditions, and the bonds shall bear interest at such rate or rates or such varying rates determined from time to time in such manner, as the director of finance, with the approval of the governor, shall approve.

(c) The sale of the bonds by the director of finance at competitive sale shall be at such price or prices and upon such terms and conditions, and the bonds shall bear interest at such rate or rates or such varying rates determined from time to time in the manner as specified by the successful bidder, and the bonds shall be sold in accordance with this subsection. The bonds offered at competitive sale shall be sold only after published notice of sale advising prospective purchasers of the proposed sale. The bonds offered at competitive sale may be sold to the bidder offering to purchase the bonds at the lowest interest cost. For the purpose of this subsection, the lowest interest cost shall be determined on any one of the following bases as selected by the director of finance, with the approval of the governor:

(1) The figure obtained by adding together the amounts of interest payable on the bonds from their date to their respective maturity dates at the rate or rates specified by the bidder and deducting from the sum obtained the amount of any premium offered by the bidder;

(2) Where the interest on the bonds is payable annually, the annual interest rate (compounded annually), or, where the interest on the bonds is payable semiannually, the rate obtained by doubling the semiannual interest rate (compounded semiannually), necessary to discount the principal and interest payments on the bonds from the dates of payment thereof to the date of the bonds and to the price bid (the price bid for the purpose of this paragraph shall not include the amount of interest accrued on the bonds from their date to the date of delivery and payment); or

(3) Where the interest on the bonds is payable other than annually or semiannually or will vary from time to time, and which, in the opinion of the director of finance, shall result in the lowest cost to the State;

provided that in any case the right shall be reserved to reject any or all bids and waive any irregularity or informality in any bid.

(d) Bonds offered at competitive sale, without further action, shall bear interest at the rate or rates specified by the successful bidder or varying rates determined from time to time in the manner specified by the successful bidder with the consent of the director of finance. The notice of sale required by this section shall be given at least once and at least five days prior to the date of the sale in the State and in a financial newspaper or newspapers published in any of the cities of New York, Chicago, or San Francisco, and shall be in a form and contain terms and conditions that the director of finance shall determine. The notice of sale shall comply with the requirements of this section if it merely advises prospective purchasers of the proposed sale and makes reference to a detailed notice of sale which is available to prospective purchasers and which sets forth the specific details of the bonds and terms and conditions upon which the bonds are to be offered. The notice of sale and any detailed notice of sale may omit the date and time of sale, in which event the date and time shall be either given in the same manner and medium in which the original notice of sale was given or transmitted via electronic communication systems deemed proper by the director of finance which are generally available to the financial community, in either case at least twenty-four hours prior to the time fixed for the sale. [L 1988, c 28, pt of §3; am L 1998, c 2, §11]
Haw. Rev. Stat. § 40-11 — HI Code / Division 1 / Title 5 / Chapter 40 / Section 40-11
Destruction of warrants, bonds and interest coupons.
Status: in_force

The director of finance and comptroller may destroy all warrants of the State which have been paid and bear any date three years prior to the date of destruction; provided that the warrants have been copied to an unalterable media or electronic storage form and the copies of the warrants are maintained for ten years from the date of the warrant. Otherwise, state warrants which have been paid cannot be destroyed until ten years from the date of the warrant. The director of finance and comptroller may destroy state bonds and interest coupons which have been paid and bear any date two years prior to the date of destruction. The director of finance and comptroller may appoint the fiscal agent for the bond issue to supervise and conduct the destruction of state bonds and interest coupons which have been paid and bear any date two years prior to the date of destruction. The fiscal agent so appointed shall submit reports as required by the director of finance and comptroller. State warrants, bonds, and interest coupons may be destroyed by burning, machine shredding, chemical disintegration, or any other method of disposal deemed acceptable to the director of finance and comptroller.
Haw. Rev. Stat. § 36-6 — HI Code / Division 1 / Title 5 / Chapter 36 / Section 36-6
Report to legislature.
Status: in_force

The director of finance shall make an annual report to the legislature of the transactions and business of the director's department, showing the revenue and expenditure for the preceding year, and giving a full and detailed estimate of the revenue and expenditure for the succeeding year. [CC 1859, §470; RL 1925, §1244; RL 1935, §2203; RL 1945, §5804; RL 1955, §132-4; am L Sp 1959 1st, c 13, §2; am L Sp 1959 2d, c 1, §14; am L 1963, c 114, §1; HRS §36-6; gen ch 1985]
Haw. Rev. Stat. § 37-53 — HI Code / Division 1 / Title 5 / Chapter 37 / Section 37-53
Transfer of special funds.
Status: in_force

At any time during a fiscal year, notwithstanding any other law to the contrary, any department may, with the approval of the governor or the director of finance if so delegated by the governor, transfer from any special fund relating to such department to the general revenues of the State all or any portion of moneys determined to be in excess of fiscal year requirements for such special fund, except for special funds under the control of the department of transportation relating to highways, airports, transportation use, and harbors activities, special funds under the control of the Hawaii health systems corporation or subaccounts under the control of its regional system boards, and special funds of the University of Hawaii. At any time the department of transportation, with the approval of the governor or the director of finance if so delegated by the governor, may transfer from any special fund under the control of the department of transportation, or from any account within any such special fund, to the general revenues of the State or to any other special fund under the control of the department of transportation all or any portion of moneys determined to be in excess of requirements for the ensuing twelve months determined as prescribed by rules adopted pursuant to chapter 91; provided that no such transfer shall be made which would cause a violation of federal law or federal grant agreements.
Haw. Rev. Stat. § 37-77.5 — HI Code / Division 1 / Title 5 / Chapter 37 / Section 37-77.5
Claims against the State; remedial measures.
Status: in_force

[§37-77.5 Claims against the State; remedial measures.] (a) The attorney general shall develop and implement a procedure, no later than October 1, 1999, for advising its client agencies on how to avoid future claims, by requesting client agencies to take corrective action to eliminate or mitigate those factors identified by the attorney general as contributing to the State's negligence. Based upon this advice, the client agencies shall develop new policies or modify existing practices to avoid repetition of similar claims.

(b) The attorney general shall submit a report to the speaker of the house of representatives, the president of the senate, and the chairs of the house and senate judiciary committees no later than twenty days prior to the convening of each regular legislative session describing the claims and the attendant circumstances therein and containing the advice for corrective action rendered to the agency. The report shall also contain the remedial measures which the attorney general shall take or recommended that the legislature take if an agency fails to take corrective action within a reasonable period of time. The report shall be deemed a confidential and privileged communication to the legislature and shall not be disclosed pursuant to sections 92F-13 and 92F-19(b). [L 1999, c 111, §5]
Haw. Rev. Stat. § 39A-359 — HI Code / Division 1 / Title 5 / Chapter 39A / Section 39A-359
Special purpose revenue bonds as legal investments and lawful security.
Status: in_force

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.
Haw. Rev. Stat. § 39A-205 — HI Code / Division 1 / Title 5 / Chapter 39A / Section 39A-205
Exemption from taxation of department property.
Status: in_force

All revenues derived by the department from any project or under the project agreement pertaining thereto shall be exempt from all state and county taxation. Any right, title, and interest of the department in any project shall also be exempt from all state and county taxation. Except as otherwise provided by law, the interest of the project party or user of such project in a project or under the project agreement or related agreement shall not be exempt from taxation to a greater extent than it would be if the costs of the project were directly financed by the project party or other user.
Haw. Rev. Stat. § 39-53 — HI Code / Division 1 / Title 5 / Chapter 39 / Section 39-53
Additional powers of departments.
Status: in_force

In addition to the powers which departments may otherwise have, any department shall have the power pursuant to this part:

(1) To construct, acquire by gift, purchase, or the exercise of the right of eminent domain, reconstruct, improve, better, or extend any undertaking within its jurisdiction, and to acquire by gift, purchase, or the exercise of the right of eminent domain, lands or rights in land or water in connection therewith within its jurisdiction or to undertake the establishment and administration of a loan program as authorized by law within its jurisdiction;

(2) To operate and maintain any undertaking or administer, operate, and maintain a loan program as authorized by law within its jurisdiction and furnish the services, facilities, and commodities thereof for its own use and for the use of public and private consumers;

(3) To issue revenue bonds of the State in the amounts authorized by specific act or acts of the legislature to finance in whole or in part the cost of the acquisition, purchase, construction, reconstruction, improvement, betterment, or extension of any undertaking or the establishment and administration of any loan program as authorized by law;

(4) Subject to the provisions of section 39-61, to impose, prescribe, and collect rates, rentals, fees, and charges for the use and services of, and the facilities and commodities furnished by, the undertaking or for the use and services of the loan program as authorized by law; and

(5) To pledge to the punctual payment of the revenue bonds and interest thereon, or to covenant to pay into any special funds from which any of the revenue bonds may be payable, all or any portion of the revenue of the undertaking or loan program or of any part thereof, or the user taxes derived therefrom, or any combination of both (including improvements, betterments, or extensions thereto thereafter constructed or acquired) sufficient, among other things, to pay the revenue bonds and interest as they shall become due and to create and maintain reasonable reserves to pay the principal and interest; provided that no user taxes shall be pledged to the payment unless the legislature in the specific act or acts authorizing the issuance of the revenue bonds shall have provided that the revenue bonds may be payable from and secured by user taxes.

The department, in determining the cost, may include all costs and estimated costs of the issuance of the revenue bonds, all architectural, engineering, inspection, financial and legal expenses, all costs of establishing or administering a loan program authorized by law, the cost of causing the payment of the principal or interest or both of the revenue bonds to be insured or guaranteed, the initial cost of any support facility obtained as permitted by section 39-59, and interest which it is estimated will accrue during the construction period and for six months thereafter on money borrowed or which it is estimated will be borrowed pursuant to this part. [L 1988, c 28, pt of §3]
Haw. Rev. Stat. § 39A-224 — HI Code / Division 1 / Title 5 / Chapter 39A / Section 39A-224
Conditions precedent to negotiating and entering into a project agreement.
Status: in_force

(a) The department, prior to entering into negotiations with any project party, shall require that the project party shall agree to pay all fees, costs, and expenses (direct or indirect) assessed by the department in implementing and administering this part, as determined by the department, even though a project agreement may not be entered into and may further require the deposit of moneys with the department to pay for fees, costs, and expenses. Any amount of the deposit in excess of the amount required to pay the State shall be returned by the department to the party that made the deposit. The State shall not be required to pay to the project party any interest or earnings on the deposit.

(b) The department shall not enter into any project agreement with respect to any project unless the department shall determine that:

(1) The project party is a responsible party, whether by reason of economic assets or experience in the type of enterprise to be undertaken through such project, or otherwise; or

(2) The obligations of the project party under the project agreement will be unconditionally guaranteed by a person who is a responsible party, whether by reason of economic assets or experience in the type of enterprise to be undertaken through the project, or otherwise. [L 1994, c 280, pt of §6; am L 2007, c 44, §11]
Haw. Rev. Stat. § 37-47 — HI Code / Division 1 / Title 5 / Chapter 37 / Section 37-47
Reporting of non-general fund information.
Status: in_force

No later than October 1 annually, each department shall submit to the legislature a report for each non-general fund account under its control that shall include but not be limited to the following:

(1) The name of the fund and a cite to the law authorizing the fund;

(2) The intended purpose of the fund;

(3) The current program activities that the fund supports;

(4) The balance of the fund at the beginning of the current fiscal year;

(5) The total amount of expenditures and other outlays from the fund account for the previous fiscal year;

(6) The total amount of revenue deposited to the account for the previous fiscal year;

(7) A detailed listing of all transfers from the fund;

(8) The amount of moneys encumbered in the account as of the beginning of the fiscal year;

(9) The amount of funds in the account that are required for the purposes of bond conveyance or other related bond obligations;

(10) The amount of moneys in the account derived from bond proceeds; and

(11) The amount of moneys of the fund held in certificates of deposit, escrow accounts or other investments. [L Sp 1995, c 15, pt of §2; am L 2021, c 87, §4]
Haw. Rev. Stat. § 39-18 — HI Code / Division 1 / Title 5 / Chapter 39 / Section 39-18
Bonds negotiable, incontestable.
Status: in_force

This part, without reference to any other law, shall be full authority to issue, exchange, or sell bonds of the State, and the bonds and all interim receipts or certificates shall have all the qualities of negotiable paper under state law. The bonds shall not be invalid for any irregularity or defect in the proceedings for the issue, sale, or exchange thereof. The bonds shall contain a recital that they have been authorized and issued pursuant to the laws of the State, which recital shall be conclusive evidence of their validity and the regularity of their issuance. No proceedings in respect of the issuance of any bonds shall be necessary except proceedings required by this part.
Haw. Rev. Stat. § 39-112 — HI Code / Division 1 / Title 5 / Chapter 39 / Section 39-112
Legislative certification as to bonds issued for assessable improvements.
Status: in_force

The legislature finds, determines, and certifies that (1) there are no bonds of the State issued, the only security for which is the properties benefited or improved or the assessments thereon; and (2) there are no general obligation bonds of the State issued for improvements, the costs of which are to be assessed in whole or in part against properties benefited or improved by such improvements.
Haw. Rev. Stat. § 40-8 — HI Code / Division 1 / Title 5 / Chapter 40 / Section 40-8
Statements of count to be filed.
Status: in_force

The comptroller shall file the original copy of the statement with the governor, duplicate with the director of finance, and the comptroller shall post and maintain the triplicate copy in the comptroller's office for at least one month thereafter.
Haw. Rev. Stat. § 39A-360 — HI Code / Division 1 / Title 5 / Chapter 39A / Section 39A-360
Access to and public disclosure of financial records of project party.
Status: in_force

(a) Each project party with a project agreement with the department shall allow the department full access to the project party's financial records. Upon the request of the department for the examination of any financial record, the project party shall allow the department to examine the requested records within a reasonably prompt time from the date of the request. If the department requests copies of the records, the project party shall provide the copies.

(b) To provide the public with full knowledge of the use of the proceeds and benefits derived from special purpose revenue bonds issued under this part, the department shall require each project party with a project agreement with the department to make available to the public all relevant financial records that pertain to the use of or savings resulting from the use of special purpose revenue bonds.

(c) The department shall adopt rules under chapter 91 for the purposes of this section. [L 2012, c 147, pt of §1]
Haw. Rev. Stat. § 38-1 — HI Code / Division 1 / Title 5 / Chapter 38 / Section 38-1
Definitions.
Status: in_force

As used in this chapter, unless the context otherwise indicate:

Comptroller means the state comptroller.

Depository includes any federally insured national or state bank, savings and loan association, or financial services loan company; or federal or state credit union insured by the national credit union administration authorized to do business in this State.

Director means the state director of finance. [L 1970, c 51, pt of §1; am L 1988, c 27, §1 and c 78, §2; am L 1989, c 266, §3]
Haw. Rev. Stat. § 37D-1 — HI Code / Division 1 / Title 5 / Chapter 37D / Section 37D-1
Definitions.
Status: in_force

Unless the context requires otherwise, as used in this chapter:

"Agency" means the judiciary, any executive department, independent commission, board, authority, bureau, office, other establishment of the State (except the legislature and its agencies), or public corporation that is supported in whole or in part by state funds, or any agent thereof, authorized by law to expend available moneys; provided that the Hawaii health systems corporation and its regional system boards shall not be governed by this chapter for any financing agreement unless it elects to be.

"Attorney general" means the attorney general of the State or any duly designated deputy attorney general.

"Available moneys" means moneys appropriated or otherwise made available, from time to time, by the legislature to pay amounts due under a financing agreement for the fiscal period in which the payments are due, together with any unexpended proceeds of the financing agreement, and any reserves or other amounts that have been deposited in trust to pay amounts due under the financing agreement. The legislature shall not be obligated to appropriate or otherwise make moneys available.

"Certificate of participation" means any certificate evidencing a participation right or a proportionate interest in any financing agreement or the right to receive proportionate payments from an agency due under any financing agreement.

"Credit enhancement agreement" means any agreement or contractual relationship between the State, the department, or, with the approval of the director , any agency, and any bank, trust company, insurance company, surety bonding company, pension fund, or other financial institution providing additional credit on or security for a financing agreement or certificates of participation authorized by this chapter.

"Department" means the department of budget and finance of the State.

"Director" means the director of finance of the State or any duly designated deputy director of finance.

"Financial institution" means any organization authorized to do business under state or federal laws relating to financial institutions, including without limitation banks, savings banks, savings and loan companies or associations, financial services loan companies, and credit unions.

"Financing agreement" means any lease purchase agreement, installment sale agreement, loan agreement, line of credit, or other agreement of the department or, with the approval of the director, and any agency, to finance the improvement, use, or acquisition of real or personal property that is or will be owned or operated by one or more agencies of the State, the department, or any agency, or to refinance previously executed financing agreements including certificates of participation relating thereto.

"Line of credit" means an account at a financial institution under which the financial institution agrees to lend money to the department or to an agency, with the approval of the director and the agency, from time to time to finance one or more projects that are authorized by this chapter.

"Personal property" means tangible personal property, software, and fixtures.

"Project" means the real and personal property to be acquired or improved by the department or an agency with the proceeds of a financing agreement of the department or the agency, respectively, or provided to the agency by the department.

"Property rights" means, with respect to personal property, the rights of a secured party under chapter490, and, with respect to real property, the rights of a trustee or lender under a lease authorized by section 37D-3(4).

"Software" includes software, training, and maintenance contracts related to the operation of computer equipment. [L 1996, c 119, pt of §2; am L 1998, c 263, §1; am L 2001, c 200, pt of §3; am L 2007, c 126, pt of §1 and c 290, §11]
Haw. Rev. Stat. § 39B-5 — HI Code / Division 1 / Title 5 / Chapter 39B / Section 39B-5
Semi-annual report status or use of allocation.
Status: in_force

In addition to the report required by section 39B-4, within thirty days of the end of each fiscal and calendar year, each county or any issuer shall submit a report to the department and Hawaii housing finance and development corporation on:

(1) The status or use of its portion of the allocation of the annual state ceiling, including any carryforward allocation, that has not been applied to an issuance of a qualified private bond; and

(2) The status or use of its portion of the allocation of the annual state ceiling previously applied to an issuance of a qualified private bond and used to provide a new loan under the bond volume cap recycling program pursuant to section 39B-2(f) and section 146(i)(6) of the Internal Revenue Code of 1986, as amended,

as evidenced by a certificate of the issuer or director of finance of a county, as applicable. [L 2022, c 182, §2; am L 2024, c 35, §4]
Haw. Rev. Stat. § 39A-208 — HI Code / Division 1 / Title 5 / Chapter 39A / Section 39A-208
Treatment of special purpose revenue bonds in regulatory proceedings.
Status: in_force

(a) In the setting of rates to be paid by the consumers of utility services, the public utilities commission shall provide such consumers the maximum benefits derived by the utility from the use of such bonds.

(b) For the purpose of public disclosure, the public utilities commission, in every rate proceeding involving a public utility that is regulated by the public utilities commission under chapter269 and which has utilized special purpose revenue bonds, shall make estimates of:

(1) The probable amounts that would have been incurred by the utility as capital costs if financing by means other than special purpose revenue bonds were utilized;

(2) The amount the utility pays for such bonds, including the principal and sinking fund requirements, the interest, and other expenses appropriately attributable to special purpose revenue bond financing; and

(3) The difference between (1) and (2), or the estimated savings realized by the consumers of the utility services. [L 1981, c 151, pt of §2; am L 1982, c 147, §4; am L 2012, c 242, §13]
Haw. Rev. Stat. § 40-57.5 — HI Code / Division 1 / Title 5 / Chapter 40 / Section 40-57.5
Comptroller's acceptance of vouchers for the Hawaii state medicaid program.
Status: in_force

The requirements of section 40-56 and section 40-57 to the contrary notwithstanding, the comptroller may, if satisfied as to the adequacy of related internal controls and audit trails, issue warrants for original warrant vouchers without accompanying original bills for payments to vendors of the Hawaii state medicaid program. Whenever the comptroller has given the comptroller's approval for the issuance of warrants under this section without accompanying original bills, the original bills shall be retained by the expending agency vouchering the payment, and shall be made available for authorized referencing, for the period prescribed by section 40-10 for the retention of vouchers, documents and other records or papers before destruction. For purposes of this section, the definition of original bills shall also include computer magnetic tape, computer listings, computer output microfilm, microfiche, and manually produced microfilm.
Haw. Rev. Stat. § 36-4 — HI Code / Division 1 / Title 5 / Chapter 36 / Section 36-4
Instruct subordinates.
Status: in_force

The director of finance shall, from time to time, instruct the officers of the director's department in relation to their duties and business. [CC 1859, §472; RL 1925, §1246; am imp L 1932 2d, c 40; RL 1935, §2205; RL 1945, §5806; RL 1955, §132-6; am L Sp 1959 2d, c 1, §14; am L 1963, c 114, §1; HRS §36-4; gen ch 1985]
Haw. Rev. Stat. § 36-3 — HI Code / Division 1 / Title 5 / Chapter 36 / Section 36-3
Fiscal agents.
Status: in_force

The director of finance may appoint, with the approval of the governor, such fiscal agents as may be necessary and expedient to facilitate the sale, purchase, and redemption of the bonds of the State and the payment of interest thereon. The director may authorize and empower the fiscal agents, for and on behalf of the State, to receive and receipt for moneys realized from the sale of the bonds and to pay out moneys for the redemption or purchase thereof and for the payment of interest thereon, and to receive receipts for all moneys so paid out. Moneys received by the fiscal agents from the sale of bonds on behalf of the State shall not, for a period of fifteen days after the sale of bonds, be considered as deposits within the meaning of chapter 38, and moneys placed with the fiscal agents for the purpose of purchase or redemption of bonds and coupons shall not be considered as deposits within the meaning of chapter 38.

The director may also appoint, with the approval of the governor, such mainland depositories as may be necessary or expedient for the safekeeping of securities owned by the State, and may authorize and empower these depositories, for and on behalf of the State, to pay for, receive delivery of, and receipt for, securities purchased by the State, to receive interest payments, to deliver and receive payment for securities sold or redeemed by the State and to perform all other acts in connection with these securities which are customarily performed by depositories. Moneys received by the depositories on behalf of the State from the sale or redemption of securities, or as interest, shall not for a period of fifteen days after the receipt thereof by the depository be considered as deposits within the meaning of chapter 38, and moneys placed with the depositories for the purpose of purchase of securities shall not be considered as deposits within the meaning of chapter 38. This paragraph may be applied with respect to any securities deposited in the director's custody or control by any agency, government or private, with the approval of and at the expense of the agency, which expenditures, in the case of a government agency, may be made from any funds available for its current expenses. Funds of any government agency awaiting investment, also funds received by the depository on behalf of the government agency from the sale or redemption of securities or as interest for a period of fifteen days after receipt thereof, shall be deemed held by the director or in the treasury of the State within the meaning of any requirement of law, and any moneys, though required to be held in the treasury, shall not, under the foregoing circumstances, be considered as deposits within the meaning of chapter 38.

All appointments made under this section may be revoked by the director at any time. [L 1907, c 102, §1; am L 1927, c 233, §1; RL 1925, §1243; RL 1935, §2202; am L 1939, c 51, §1; RL 1945, §5803; am L 1945, c 59, §1(2); RL 1955, §132-3; am L Sp 1959 2d, c 1, §14; am L 1963, c 114, §1; HRS §36-3]
Haw. Rev. Stat. § 38-4 — HI Code / Division 1 / Title 5 / Chapter 38 / Section 38-4
Provisions of depository contracts.
Status: in_force

Any acceptance by a depository of treasury moneys shall constitute an acceptance of the provisions of sections 38-2 and 38-3, and those provisions shall be deemed a part of and incorporated into the contract of deposit without any necessity for specific mention thereof. The director shall file with the comptroller a copy of any formal written contract of deposit which may be entered into.
Haw. Rev. Stat. § 36-36 — HI Code / Division 1 / Title 5 / Chapter 36 / Section 36-36
School physical plant operations and maintenance account; maintenance schedule.
Status: in_force

(a) There is created in the state general fund under EDN 400 (school support) the school physical plant operations and maintenance account, into which shall be deposited all legislative appropriations to the account.

The moneys in the account shall be used solely for school repairs and preventive maintenance projects scheduled after June30, 2001. Expenditures from the account shall be subject to sections 37-31 and 37-33 to 37-40. Based on the prioritization approved by the department of education, appropriations or authorizations from the account shall be expended by the superintendent of education.

(b) Every school facility newly constructed or renovated after June 30, 2001, shall include a preventive maintenance schedule prepared by the architect or engineer of the facility or the capital improvement project. The maintenance schedule shall include:

(1) A description of each major component of a facility or capital improvement project and the component's maintenance;

(2) The starting date of each maintenance project;

(3) The current, future, and any recurring cost of each maintenance project;

(4) The useful life of the facility or capital improvement project;

(5) The present value of the cost of normally scheduled maintenance over the useful life of the facility;

(6) The adjusted life of the facility or capital improvement project; and

(7) The replacement date of the facility or capital improvement project.

(c) Moneys in physical plant operations and maintenance account shall be allocated according to departmental school districts based on:

(1) Estimated preventive and scheduled maintenance costs that reflect the age and condition of existing school facilities in the State in the following categories: re-roofing, electrical, athletic facilities, re-surfacing, equipment, exterior painting, plumbing, structural integrity, termite ground treatment, termite tent treatment, interior painting, air conditioning change out, and re-carpeting; and

(2) Budgeted recurring maintenance, health and safety requirements, and legal mandates.

(d) The expenditure of funds made under this Act for any project with an estimated total cost of less than $100,000 shall be exempt from section 464-4; provided that:

(1) The superintendent of education shall develop internal policies and procedures for the procurement of goods, services, and construction, consistent with the goals of public accountability and public procurement practices, subject to chapter 103D;

(2) Insofar as is practical, and based on specifications developed, adequate and reasonable competition of no fewer than three quotations shall be solicited for each project based on rules adopted by the superintendent of education;

(3) Considering all factors, including quality, warranty, and delivery, the award shall be made to the vendor with the most advantageous quotation;

(4) The procurement requirements shall not be artificially divided or parceled so as to avoid competitive bidding or competitive proposals; and

(5) Formal design for projects shall be done when there is a clear need to preserve structural integrity, health and safety, or to clearly communicate construction requirements.

(e) The department shall annually post on its website information related to a financial statement of the account and the status of school repair and preventive maintenance projects undertaken pursuant to this section, no later than twenty days prior to the convening of each regular session. The department of education shall also post the following information on its website and update the information quarterly:

(1) Expenditures for school repair and preventive maintenance projects undertaken pursuant to this section, shall be posted within thirty days of each project's completion; and

(2) A list of each school's repair and maintenance needs to be undertaken. [L 2001, c 316, pt of §2; am L 2003, c 188, §5; am L 2004, c 51, §51 and c 216, §7; am L 2012, c 133, §4; am L 2014, c 232, §4]
Haw. Rev. Stat. § 41D-5 — HI Code / Division 1 / Title 5 / Chapter 41D / Section 41D-5
Investment of fund.
Status: in_force

The director of finance shall invest all moneys appropriated or assessed to the state risk management revolving fund. Interest upon the investments shall be credited to the state risk management revolving fund.
Haw. Rev. Stat. § 40-92 — HI Code / Division 1 / Title 5 / Chapter 40 / Section 40-92
Examining persons, books.
Status: in_force

The comptroller may, by precept under the comptroller's hand in the form contained in section 40-93, require all such persons as the comptroller may think fit to appear personally before the comptroller at any time and place to be named in the precept, and to produce to the comptroller all such accounts, books, and papers in the possession or control of these persons as shall appear to be necessary for the purpose of their examination. The comptroller may when the comptroller shall so have occasion, cause search to be made and extracts to be taken from any book, paper, or record in the custody of any public officer without paying any fee for the same; and every officer having the custody of any book, paper, or record shall make such search and furnish such extracts as thereto requested.
Haw. Rev. Stat. § 39A-199 — HI Code / Division 1 / Title 5 / Chapter 39A / Section 39A-199
Powers with respect to and security for special purpose revenue bonds.
Status: in_force

To secure the payment of any of the special purpose revenue bonds issued pursuant to this part, and interest thereon, or in connection with such bonds, the department shall have the power as to such bonds:

(1) To pledge all or any part of the revenues derived by the department from the project agreement to the punctual payment of special purpose revenue bonds issued for the project financed from proceeds thereof, and interest thereon, and to covenant against thereafter pledging any such revenues or receipts to any other bonds or any other obligations of the department for any other purpose, except as otherwise stated in the law providing for the issuance of additional special purpose revenue bonds to be equally and ratably secured by a lien upon such revenues.

(2) To pledge and assign the interest and rights of the department under the project agreement and other agreements related thereto and the rights, duties, and obligations of the department thereunder, including the right to receive revenues thereunder.

(3) To covenant as to the use and disposition of the proceeds from the sale of such bonds.

(4) To covenant to set aside or pay over reserves and sinking funds for such bonds and as to the disposition thereof.

(5) To covenant and prescribe as to what happenings or occurrences shall constitute "events of default" and the terms and conditions upon which any or all of such bonds shall become or may be declared due before maturity and as to the terms and conditions upon which such declaration and its consequences may be waived.

(6) To covenant as to the rights, liabilities, powers, and duties arising upon the breach by it of any covenant, conditions, or obligation.

(7) To designate a national or state bank or trust company within or without the State, incorporated in the United States, to serve as trustee for the holders of the special purpose revenue bonds and to enter into a trust indenture or trust agreement or indenture of mortgage with such trustee. The trustee may be authorized by the department to receive and receipt for, hold, and administer the proceeds of the special purpose revenue bonds issued for the project and to apply the proceeds to the purposes for which such bonds are issued, or to receive and receipt for, hold, and administer the revenues derived by the department under the project agreement and to apply such revenues to the payment of the principal and interest on such bonds, or both, and any excess revenues to the payment of expenses incurred by the State in administering such bonds or in carrying out the project agreement. In the event that such trustee shall be appointed, any trust indenture or trust agreement or indenture of mortgage entered into by the department with the trustee may contain whatever covenants and provisions as may be necessary or convenient or desirable to secure such bonds. The department may pledge and assign to the trustee the interest of the department under the project agreement and other agreements related thereto and the rights, duties, and obligations of the department thereunder, including the right to receive revenues thereunder. The department may appoint the trustee to serve as fiscal agent for the payment of the principal and interest, and for the purchase, registration, transfer, exchange, and redemption of the special purpose revenue bonds, and may authorize and empower the trustee to perform such functions with respect to such payment, purchase, registration, transfer, exchange, and redemption, as the department may deem necessary, advisable, or expedient, including without limitation, the holding of the special purpose revenue bonds and coupons that have been paid and the supervision of the destruction thereof in accordance with law.

(8) To execute all instruments necessary or convenient in the exercise of the powers herein granted or in the performance of its covenants and duties.

(9) To make such covenants and do any and all acts and things as may be necessary or convenient or desirable in order to secure such bonds, notwithstanding that such covenants, acts, or things may not be enumerated herein; it being the purpose hereof to give the department power to do all things in the issuance of such bonds and for their security that may be consistent with the Constitution of the State of Hawaii. [L 1981, c 151, pt of §2; am L 2012, c 242, §9]
Haw. Rev. Stat. § 40-51.6 — HI Code / Division 1 / Title 5 / Chapter 40 / Section 40-51.6
Electronic funds transfers in lieu of checks.
Status: in_force

Any other law to the contrary notwithstanding, every public accountant who receives revenues or other moneys on account for the State and is authorized to accept remittances by check, draft, or similar paper instrument may accept the remittances by electronic funds transfer or credit or debit card pursuant to standards established by the director of finance.
Haw. Rev. Stat. § 36-7 — HI Code / Division 1 / Title 5 / Chapter 36 / Section 36-7
Director's certificates, evidence.
Status: in_force

The director of finance may certify, under the seal of the director's department, copies of vouchers and other documents deposited in the director's office; and copies so certified shall be as valid evidence in any court as the originals. [CC 1859, §476; RL 1925, §1250; RL 1935, §2209; RL 1945, §5810; RL 1955, §132-10; am L Sp 1959 2d, c 1, §14; am L 1963, c 114, §1; HRS §36-7; gen ch 1985]
Haw. Rev. Stat. § 37-32 — HI Code / Division 1 / Title 5 / Chapter 37 / Section 37-32
Quarterly allotment periods.
Status: in_force

Except as provided in section 37-41.5, no officer, department or establishment shall expend or be allowed to expend during any fiscal year any sum for any purpose not specifically authorized by the legislature for expenditure during that particular fiscal year, and not made available pursuant to the allotment system provided for in sections 37-31 to 37-41. For the purposes of the allotment system, each fiscal year shall be divided into four quarterly allotment periods, beginning, respectively, on the first days of July, October, January, and April; provided that in any case where the quarterly allotment period is impracticable, the director of finance may prescribe a different period suited to the circumstances, not exceeding six months nor extending beyond the end of the fiscal year. [L Sp 1959 1st, c 12, pt of §3; Supp, §35-20; HRS §37-32; am L 1993, c 364, §3; am L 1994, c 281, §§2, 12]
Haw. Rev. Stat. § 41D-8.5 — HI Code / Division 1 / Title 5 / Chapter 41D / Section 41D-8.5
Insurance for indemnification.
Status: in_force

The comptroller may:

(1) Obtain sufficient loss insurance to cover the liability of the State that may arise from indemnity provisions agreed to pursuant to section 29-15.5;

(2) Obtain sufficient loss insurance to indemnify, defend, and hold harmless a county providing assistance, services, rights, or permission to use county property to a state agency under an indemnity agreement provision pursuant to section 46-71.5; and

(3) Obtain appropriate and sufficient reinsurance to cover the liability of a captive insurance company established pursuant to section 41D-2. [L 1997, c 168, §2; am L 2000, c 132, §4; am L 2007, c 152, §11]
Haw. Rev. Stat. § 39-34 — HI Code / Division 1 / Title 5 / Chapter 39 / Section 39-34
Disputed ownership.
Status: in_force

If there are two or more claimants claiming adversely, each to the other or others, to be the holder in due course of the bonds or coupons alleged to have been lost, wholly or partially destroyed, defaced, or stolen, the director of finance, in the director of finance's discretion, may require the claimants, if not within the State, to appoint agents within the State to accept service of process, or otherwise to submit to the jurisdiction of the courts of the State, and may bring suit on behalf of the State in the circuit court of the first judicial circuit, against the claimants, by interpleader, for the determination of the claimant or claimants entitled to the payment of the bonds or coupons. Jurisdiction is hereby conferred upon the court to hear and determine, without a jury, the suits and to determine whether any of the claimants are entitled to the payment, and, if so, which of the claimants is so entitled; provided that the determination shall not dispense with the requirement of the giving of a bond, before the payment of the claims. The costs of the suit shall be borne by the claimants, and the court may decree the payment of the costs by any of the unsuccessful claimants, or the apportionment thereof, as may be deemed just. The decision of the court shall be appealable to the supreme court.
Haw. Rev. Stat. § 36-29 — HI Code / Division 1 / Title 5 / Chapter 36 / Section 36-29
Transfer from harbor special fund.
Status: in_force

Any other law to the contrary notwithstanding, there shall be deducted from time to time by the director of finance for the purpose of defraying the prorated estimate of central service expenses of government in relation to the harbor special fund five per cent of all receipts and deposits in the harbor special fund after deducting therefrom any amounts pledged, charged, or encumbered for the payment of bonds or interest thereon during the current year, from which receipts or deposits no deduction of five per cent has previously been made. The deductions shall be transferred to the general fund of the State and become general realizations of the State. For the purposes of this section, the term "any amount pledged, charged, or encumbered for the payment of bonds or interest thereon during the current year" shall include:

(1) Amounts which are so pledged, charged or encumbered;

(2) Amounts otherwise required to be applied to the payment of principal of and interest on revenue bonds or other revenue obligations;

(3) Amounts required to be paid into a separate special fund for the payment of principal of and interest on revenue bonds or other revenue obligations payable from the second separate special fund; and

(4) Amounts required by law to be paid from the harbor special fund into the general fund of the State to reimburse the general fund for bond requirements for general obligation bonds issued for harbor purposes.

The second separate special fund maintained by deposits from the harbor special fund shall not be deemed to be a special fund within the meaning of section 36-27 or section 36-30. The director of transportation shall cooperate with the director of finance in effecting the transfer. [L 1955, c 247, §3; RL 1955, §132-18; am L Sp 1959 2d, c 1, §§14, 26; am L 1963, c 114, §1; am L 1967, c 221, §7; HRS §36-29]
Haw. Rev. Stat. § 40-7 — HI Code / Division 1 / Title 5 / Chapter 40 / Section 40-7
Count of money and securities in treasury.
Status: in_force

The comptroller with the aid of the staff of the director of taxation and the director of finance shall count the money and securities in the state treasury once in each fiscal year, or such other times as the comptroller may deem necessary, provided that the scope of the examination shall be determined by the comptroller who shall use such auditing procedures as the comptroller deems necessary.

The comptroller shall prepare, in triplicate, statements showing:

(1) The amount of money actually in the treasury reconciled with the amount of money as shown by the comptroller's record.

(2) The amount of securities owned by the State in the treasury reconciled with the amount of securities as shown by the comptroller's records.

(3) The amount of the depository securities actually in the treasury as compared with the amount of cash deposited in the respective banks (depositories) provided that the sufficiency of these deposits shall not be made a part of the examination. [L 1927, c 219, pt of §16; RL 1935, §597; am L 1941, c 86, §1; RL 1945, §1601; RL 1955, §34-51; am L 1957, c 152, §1; am L 1959, c 145, §2; am L Sp 1959 2d, c 1, §§14, 16; am L 1963, c 114, §1; HRS §40-7; gen ch 1985]
Haw. Rev. Stat. § 37-112 — HI Code / Division 1 / Title 5 / Chapter 37 / Section 37-112
Use of estimates.
Status: in_force

(a) The estimates prepared by the council shall be considered by the governor in preparing the budget, recommending appropriations and revenue measures, projecting revenues and controlling expenditures. The legislature shall consider these estimates in appropriating funds and enacting revenue measures. The governor and legislature shall use the latest council estimate as the base estimate against which their revenue estimates shall be compared.

(b) All estimates submitted by the council shall be made public. If the legislature in appropriating funds, or if the governor in preparing the budget uses a revenue estimate which differs from the estimate prepared by the council, then the governor or the legislature shall make that fact public together with reasons for using the differing revenue estimates. [L 1980, c 278, pt of §1]

Revision Note

Subsection (a) designation added.
Haw. Rev. Stat. § 37-49 — HI Code / Division 1 / Title 5 / Chapter 37 / Section 37-49
[ § 37-49] Non-general fund cost element reports.
Status: in_force

[ § 37-49] Non-general fund cost element reports. No later than October 1 annually, each department shall submit to the legislature a report for each non-general fund under its control that shall include but not be limited to the following:

(1) Budget details by cost element; and

(2) Non-general fund names and account codes for each item or object code. [L 2021, c 87, pt of §3]
Haw. Rev. Stat. § 39A-290 — HI Code / Division 1 / Title 5 / Chapter 39A / Section 39A-290
Security for special purpose revenue bonds.
Status: reserved

Special purpose revenue bonds shall be payable solely from the revenues derived by the department from payments made to the department under the project agreement, project agreements, or other supplemental agreements entered into with respect to the project or projects for the financing of which the special purpose revenue bonds were issued. The special purpose revenue bonds shall be secured solely by these revenues and by the pledges and assignments authorized by this part. Subject to the prior and superior rights of outstanding bonds, claims, obligations, or mechanic's and materialman's liens, all special purpose revenue bonds of the same issue shall have a prior and paramount lien on the revenue derived from the project agreement or agreements with respect to the project or projects for which the bonds were issued. The lien shall be over and ahead of all special purpose revenue bonds of any issue payable from the revenues that may be subsequently issued and over and ahead of any claims or obligations of any nature against the revenues subsequently arising or subsequently incurred; provided that the right and privilege may be reserved by the department in the trust indenture securing an issue of special purpose revenue bonds to subsequently issue additional special purpose revenue bonds, subject to legislative authorization of the issue as provided in section 39A-287. The department may also permit the project party or another party on its behalf to incur debt, from time to time, payable from the revenues derived from the project agreement on a parity with the first issue of the special purpose revenue bonds. Any subsequent issue of special purpose revenue bonds and other debt issued or incurred in accordance with the provisions of the trust indenture shall be secured equally and ratably with the first issue of the special purpose revenue bond by a lien on the revenues in accordance with this part and without priority based on the date of sale, date of execution, or date of delivery.

Notwithstanding any other provisions of this part, all or part of the property constituting the project and all interest of the project party in the project and the revenues of the project party therefrom may be subjected to the present and future lien of any mortgage of the project party securing the project party's bonds. The rights of the department and any trustee for the holders of the special purpose revenue bonds and the holders of the special purpose revenue bonds in the project and the revenues therefrom may be made subject to the prior lien of the project party's mortgage. [L 2006, c 102, pt of §2]
Haw. Rev. Stat. § 38-6 — HI Code / Division 1 / Title 5 / Chapter 38 / Section 38-6
Certificates of deposit, deposit receipts.
Status: in_force

At the time of depositing state money in any depository, the director shall take certificates of deposit payable to the director in such sums as the director deems advisable, or a receipt showing that the deposit is subject to check. The certificates of deposit, receipts, and all balances of these deposits shall be deemed and counted as cash.
Haw. Rev. Stat. § 39A-154 — HI Code / Division 1 / Title 5 / Chapter 39A / Section 39A-154
Conditions precedent to negotiating and entering into a project agreement.
Status: in_force

(a) The department, prior to entering into negotiations with respect to a project agreement or at any time during negotiations, shall require that as a condition to the negotiations or the continuation thereof, the project party shall agree to pay all fees, costs, and expenses (direct or indirect) assessed by the department even though a project agreement may not be entered into and may further require the deposit of moneys with the department to pay for fees, costs, and expenses. Any amount of the deposit in excess of the amount required to reimburse the State shall be returned by the department to the party that made the deposit. The State shall not be required to pay to the project party any interest or earnings on the deposit.

(b) The department shall not enter into any project agreement with respect to any project unless the legislature shall have first authorized the issuance of special purpose revenue bonds to finance the project pursuant to section 39A-157 and the department has determined that:

(1) The project party is a responsible party, whether by reason of economic assets or experience in the type of enterprise to be undertaken through the project, or otherwise; or

(2) The obligations of the project party under the project agreement will be unconditionally guaranteed by a person who is a responsible party, whether by reason of economic assets or experience in the type of enterprise to be undertaken through the project, or otherwise. [L 1981, c 122, pt of §2; am L 2007, c 44, §7]
Haw. Rev. Stat. § 37-76 — HI Code / Division 1 / Title 5 / Chapter 37 / Section 37-76
Publication.
Status: in_force

The state six-year program and financial plan, the budget and the variance report shall be printed with a reasonable number of copies for public distribution.
Haw. Rev. Stat. § 39-63 — HI Code / Division 1 / Title 5 / Chapter 39 / Section 39-63
Lien and charge of revenue bonds.
Status: in_force

Unless otherwise provided in the resolution or certificate, all revenue bonds of the same issue shall, subject to the prior and superior rights of outstanding revenue bonds, claims, or obligations, have a prior and paramount lien and charge on the revenue, or the user taxes, or combination of both, of the undertaking or loan program for which the revenue bonds have been issued, pledged to the payment thereof, 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 part and the resolution or certificate authorizing the issuance of revenue bonds.
Haw. Rev. Stat. § 38-7 — HI Code / Division 1 / Title 5 / Chapter 38 / Section 38-7
Responsibility of director.
Status: in_force

The director shall not be responsible for any moneys deposited in a depository under this chapter, but the State through its director shall be chargeable with the safekeeping of the bonds deposited with the director as security for deposits of state money, and of the proceeds of any sale of the bonds made under this chapter.
Haw. Rev. Stat. § 39-65 — HI Code / Division 1 / Title 5 / Chapter 39 / Section 39-65
Undertaking, loan program, and revenue bonds exempt from taxation.
Status: in_force

So long as the State owns any undertaking or administers a loan program, the property and revenue of the undertaking or loan program shall be exempt from all state, county, and municipal taxation; provided that any interest in property provided or given as security for a loan made under a loan program shall not be or be deemed to be property of a department for purposes of this section. Revenue bonds issued pursuant to this part and the income therefrom shall be exempt from all taxation by the State or any county or other political subdivision thereof, except inheritance, transfer, and estate taxes.
Haw. Rev. Stat. § 37C-2 — HI Code / Division 1 / Title 5 / Chapter 37C / Section 37C-2
Recommended debt management policy; parameters.
Status: in_force

The recommended state debt management policy shall be consistent with, but may be more restrictive than, state constitutional provisions and statutes. The recommended state debt management policy shall address the following issues, as well as any others deemed necessary by the director of finance:

(1) Purposes for which debt may be issued;

(2) Types of debt that may be issued;

(3) Limitations on indebtedness;

(4) Debt maturity schedule or other structural features;

(5) Method of sale;

(6) Method of procuring consultants and professionals;

(7) Refunding policies; and

(8) Disclosure practices. [L 2015, c 149, pt of §2]
Haw. Rev. Stat. § 39A-288 — HI Code / Division 1 / Title 5 / Chapter 39A / Section 39A-288
Special purpose revenue bond anticipation notes.
Status: in_force

Whenever the department shall have authorized the issuance of special purpose revenue bonds under this part, special purpose revenue bond anticipation notes of the department may be issued in anticipation of the issuance of the bonds and of the receipt of the proceeds of sale thereof, for the purpose for which the bonds have been authorized. All special purpose revenue bond anticipation notes shall be authorized by the department, and the maximum principal amount of the notes shall not exceed the authorized principal amount of the bonds. The notes shall be payable solely from and secured solely by the proceeds of the sale of the special purpose revenue bonds in anticipation of which the notes are issued and the revenues from which would be payable and by which the bonds would be secured; provided that to the extent that the principal of the notes shall be paid from moneys other than the proceeds of sale of the bonds, the maximum amount of bonds in anticipation of which the notes are issued that has been authorized shall be reduced by the amount of notes paid in that manner. The authorization, issuance, and details of the notes shall be governed by the provision of this part with respect to special purpose revenue bonds insofar as the same may apply; provided that each note, together with all renewals and extensions of the note, or refundings of the note by other notes issued under this section, shall mature within five years from the date of the original note.
Haw. Rev. Stat. § 39-10 — HI Code / Division 1 / Title 5 / Chapter 39 / Section 39-10
Support facility for variable rate bonds.
Status: in_force

If bonds issued pursuant to this part are issued bearing interest at a rate or rates which vary from time to time and with a right of holders to tender the bonds for purchase, the director of finance, with the approval of the governor, may contract for the support facility or facilities and remarketing arrangements as are required to market the bonds to the greatest advantage of the State upon such terms and conditions as the director of finance deems necessary and proper. The director of finance may enter into contracts or agreements with the entity or entities providing a support facility; provided that any contract or agreement shall provide, in essence, that any amount due and owing by the State under the contract or agreement on an annual basis shall be subject to annual appropriation by the State and any obligation issued or arising pursuant to the terms of such contract or agreement in the form of bonds, notes, or other evidences of indebtedness shall only arise at such time as either:

(1) Moneys or securities have been irrevocably set aside for the full payment of a like principal amount of bonds issued pursuant to this part; or

(2) A like principal amount of the issue or series of bonds to which the support facility relates are held in escrow by the entity or entities providing the support facility. [L 1988, c 28, pt of §3]
Haw. Rev. Stat. § 39A-204.5 — HI Code / Division 1 / Title 5 / Chapter 39A / Section 39A-204.5
Federal tax exempt status.
Status: in_force

Special purpose revenue bonds issued pursuant to this part, to the extent practicable, shall be issued to comply with requirements imposed by applicable federal law providing that the interest on the special purpose revenue bonds shall be excluded from gross income for federal income tax purposes (except as certain minimum taxes or environmental taxes may apply). The director of finance may enter into agreements, establish funds or accounts, and take any action required to comply with applicable federal law. Nothing in this part shall be deemed to prohibit the issuance of special purpose revenue bonds, the interest on which may be included in gross income for federal income tax purposes.
Haw. Rev. Stat. § 39A-261 — HI Code / Division 1 / Title 5 / Chapter 39A / Section 39A-261
Special purpose revenue bonds not a general obligation of the State.
Status: in_force

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 such bonds or the interest on the bonds, and no moneys other than the revenues pledged to such bonds shall be applied toward their payment. Each special purpose revenue bond issued under this part shall recite in substance that such bond, including interest on the bond, is not a general obligation of the State and is payable solely from the revenues pledged to the payment thereof and that such bond is not secured directly or indirectly by the full faith and credit of the State, by the general credit of the State, or by any revenue or taxes of the State other than the revenues specifically pledged thereto.
Haw. Rev. Stat. § 39A-353 — HI Code / Division 1 / Title 5 / Chapter 39A / Section 39A-353
Use of revenues derived from project agreement.
Status: in_force

The department shall have the right to appropriate, apply, or expend the revenues derived with respect to the project agreement for a project for the following purposes:

(1) To pay when due all special purpose revenue bonds, premiums if any, and interest thereon, for the payment of which the revenues are or have been pledged, charged, or otherwise encumbered, including reserves therefor; and

(2) To the extent not paid by the project party to provide for all expenses of administration, operations, and maintenance of the project, including reserves therefor.

Unless and until adequate provision has been made for the foregoing purposes, the department shall not transfer the revenues derived from the project agreement to the general fund of the State. [L 2012, c 147, pt of §1]
Haw. Rev. Stat. § 37-41.5 — HI Code / Division 1 / Title 5 / Chapter 37 / Section 37-41.5
Department of education; carryover of funds.
Status: in_force

(a) The department of education may retain up to five per cent of any appropriation, except for appropriations to fund financing agreements entered into in accordance with chapter 37D, at the close of a fiscal year and the funds retained shall not lapse until June 30 of the first fiscal year of the next fiscal biennium. The department of education shall submit:

(1) A report to the director of finance ninety days after the close of each fiscal year, which shall be prepared in the form prescribed by the director of finance and shall identify the total amount of funds that will carry over to the next fiscal year; and

(2) A copy of this report to the legislature, as well as a report identifying the carryover of funds on a school-by-school basis, at least twenty days prior to the convening of the next regular session of the legislature.

(b) Appropriations allocated to the schools shall remain within the budget of the school to which they were originally allocated; provided that the retention of an appropriation shall not be used by the department as a basis for reducing a school's future budget requirements.

(c) [Repeal and reenactment on July 1, 2026. L 2024, c 10, §17.] In addition to the five per cent retainage under subsection (a), the department of education may retain any appropriation received pursuant to section 127A-16(a) or as reimbursement for disaster relief pursuant to section 127A-16(e) at the close of the fiscal year in which the appropriation or reimbursement was received, and the funds retained shall not lapse until June 30 of the first fiscal year of the next fiscal biennium. The funds shall be considered as separate and distinct from the funds the department of education is authorized to retain pursuant to subsection (a). [L 1993, c 364, pt of §2; am L 1994, c 272, §22; am L Sp 1995, c 9, §6; am L 1998, c 41, §4; am L 2000, c 202, §1; am L 2004, c 51, §52; am L 2017, c 139, §1; am L 2024, c 10, §14]
Haw. Rev. Stat. § 39A-269 — HI Code / Division 1 / Title 5 / Chapter 39A / Section 39A-269
Special purpose revenue bonds as legal investments and lawful security.
Status: in_force

The 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 and its political corporations or subdivisions. The special purpose revenue bonds shall be eligible to secure the deposit of any and all public funds of the State and of the counties or other political corporations or subdivisions of the State. The bonds shall be lawful and sufficient security for such deposits to the extent of their value when accompanied by all unmatured coupons pertaining to the bonds.
Haw. Rev. Stat. § 37D-7 — HI Code / Division 1 / Title 5 / Chapter 37D / Section 37D-7
Financing agreements legal investments.
Status: in_force

All public officers and agencies, political subdivisions, insurance companies and associations, banks, savings banks, and savings institutions, including building or savings and loan associations, credit unions, trust companies, personal representatives, guardians, trustees, and other persons and fiduciaries in the State who are regulated by law as to the character of their investment, may legally invest moneys within their control and available for investment in financing agreements of the department or any agency. The purpose of this section is to authorize any person, firm, corporation, association, political subdivision, body, or officer, public or private, to use any funds or moneys owned or controlled by them, including without prejudice to the generality of the foregoing sinking, insurance, investment, retirement, compensation, pension and trust funds, and moneys held on deposit, for the purchase of any financing agreements of the department or any agency.
Haw. Rev. Stat. § 39-2 — HI Code / Division 1 / Title 5 / Chapter 39 / Section 39-2
Application of proceeds.
Status: in_force

The proceeds of bonds so issued shall be exclusively devoted to the purpose or purposes defined and expressed in the acts of the legislature authorizing the issuance of bonds, and the proceeds shall be devoted to such purposes in such order as the governor may determine. The governor may allot the proceeds of any issue of bonds to a particular purpose or to several purposes. The proceeds of any issue of bonds may be allotted to various purposes irrespective of whether or not the purposes have all been provided for by the same legislative act and an allotment may be made of only a portion of the proceeds authorized for a particular purpose. The governor may amend the governor's allotments from time to time. The purpose or purposes of issuance need not be stated in any bond.
Haw. Rev. Stat. § 40-5 — HI Code / Division 1 / Title 5 / Chapter 40 / Section 40-5
Annual reports.
Status: in_force

(a) The comptroller shall make an annual report to the governor and to the legislature. Beginning July 1, 2022, the comptroller shall include in the comptroller's annual report a list of all accounts closed by the comptroller during the immediately preceding fiscal year and a list of any accounts that remain open but are serving a lapsed program or initiative.

(b) The comptroller, in the comptroller's yearly report, or in any special report that the comptroller thinks fit to make, may recommend any:

(1) Plans and suggestions that the comptroller thinks fit or worthy of adoption for the better collection, custody, and payment of the public moneys and the more economical auditing and examining of the public accounts; and

(2) Improvements in the mode of keeping these accounts that may at any time be brought to the comptroller's notice,

and generally report upon all matters relating to public accounts. [L 1898, c 39, §20; RL 1925, §1432; RL 1935, §557; RL 1945, §1559; RL 1955, §34-8; am L 1957, c 152, §1; am L Sp 1959 1st, c 13, §2; HRS §40-5; gen ch 1985; am L 2021, c 202, §1]
Haw. Rev. Stat. § 37-94 — HI Code / Division 1 / Title 5 / Chapter 37 / Section 37-94
Director of finance; duties.
Status: in_force

A preliminary estimate of the state growth and expenditure ceiling shall be determined by the director of finance as of August 15 of each year. The final estimate of the state growth and expenditure ceiling to be used by the legislature to make appropriations from the general fund in each year shall be determined by the director of finance as of November 15 of each year. Upon the determination of both the preliminary estimate and the final estimate of the state growth and expenditure ceiling, the director shall inform the governor, chief justice, and the legislature, and shall give, twice in successive weeks, statewide public notice of the state growth and expenditure ceiling and the maximum dollar amount that may be appropriated from the general fund. [L Sp 1986, c 1, pt of §1; am L 1987, c 136, §5; am L 1998, c 2, §9; am L 2000, c 33, §1]
Haw. Rev. Stat. § 39C-2 — HI Code / Division 1 / Title 5 / Chapter 39C / Section 39C-2
Allocation of state bond ceiling.
Status: in_force

(a) The department, with the approval of the governor, may allocate all or any part of the state ceiling to any issuer for a specific calendar year or shorter period. At the request of the department, any issuer to which any part of the state ceiling has been allocated, and with respect to which bonds have not yet been sold, shall return all or part of the allocation as the department has requested, in which case the department shall provide for its reallocation.

(b) In the event allocations of the state ceiling are made directly to issuers other than the State by federal statute or by the United States Department of the Treasury or other federal authority, including by requiring the State to make specified allocations, to the extent permitted by federal law or procedure, the department may require or request recipients of such allocations to report any plans the recipient may have to use the allocation in the form and by a date as the department may specify and to transfer to the State any allocation that the recipients do not plan to use or which the department determines is not reasonably expected to be used, in which case the department may provide for its reallocation.

(c) Any issuer may request of the department an allocation or additional allocation of the state ceiling or transfer or return all or any portion of its allocation of the state ceiling to the State. [L 2011, c 33, pt of §2]
Haw. Rev. Stat. § 37C-13 — HI Code / Division 1 / Title 5 / Chapter 37C / Section 37C-13
Debt affordability study; purpose, information.
Status: in_force

(a) The purpose of the debt affordability study shall be to provide the legislature with information on the affordability of the future debt planned for the State.

(b) The debt affordability study shall include the following information:

(1) The projected annual appropriation, by source of funding, necessary to pay the annual debt service for the ensuing twenty-five fiscal year period on the following bonds, under the assumption that all are issued:

(A) All authorized, but unissued bonds that have not lapsed as of the September 30 immediately preceding submittal of the study; and

(B) All bonds necessary to fund the capital improvement projects proposed in the fiscal years covered by the applicable multi-year program and financial plan;

(2) A debt service payment schedule showing the annual appropriation, by source of funding, necessary to pay, during the ensuing twenty-five fiscal year period, the annual debt service on:

(A) All bonds identified under paragraph (1); and

(B) All bonds previously issued, but remaining outstanding;

(3) The projected ratio of the following for each source of funding pledged to pay debt service on bonds during each fiscal year of the ensuing twenty-five fiscal year period:

(A) Annual debt service payments to annual revenues; and

(B) Annual debt service payments to annual appropriations;

(4) An examination of whether projected annual revenues from the source of funding are adequate to pay for the annual debt service on the bonds;

(5) An examination of whether any increase in annual debt service payments on the bonds will cause a commensurate decrease of funds available for operating programs with the same source of funding as the debt service payments;

(6) An assessment of whether the annual debt service obligations of the State for the fiscal years covered by the applicable multi-year program and financial plan are affordable to the State; and

(7) An identification of, and discussion on, any noncompliance or possible noncompliance of the State's actual or planned debt issuance with the state debt management policy.

The director of finance may include any other information in the study deemed appropriate or necessary by the director. [L 2015, c 149, pt of §2]
Haw. Rev. Stat. § 39-19 — HI Code / Division 1 / Title 5 / Chapter 39 / Section 39-19
Aviation fuel tax, pledge.
Status: in_force

If at any time the director of finance, with the approval of the governor, shall issue general obligation bonds for the purpose of refunding aviation revenue bonds, then so long as any general obligation refunding bonds are outstanding, the State covenants with the holders of the bonds that it will levy and collect an aviation fuel tax in an amount at least sufficient to provide for the payment of the principal and interest thereof, which amounts are hereby pledged to the payment of that principal and interest. The State reserves the right to issue subsequent bonds, whether general obligation or revenue bonds, equally secured by a pledge of the revenues of the aviation fuel tax.
Haw. Rev. Stat. § 37-40 — HI Code / Division 1 / Title 5 / Chapter 37 / Section 37-40
Exceptions; trust funds.
Status: in_force

Except as to administrative expenditures, and except as otherwise provided by law, expenditures from trust funds may be made by any department or establishment without appropriation or allotment; provided that no expenditure shall be made from and no obligation shall be incurred against any trust fund in excess of the amount standing to the credit of the fund or for any purpose for which the fund may not lawfully be expended.

Nothing in sections 37-31 to 37-41 shall require any trust fund established pursuant to law be reappropriated annually. [L Sp 1959 1st, c 12, pt of §3; Supp, §35-28; HRS §37-40; am L Sp 1995, c 11, §8; am L 2010, c 187, §§2, 12; am L 2012, c 175, §1]
Haw. Rev. Stat. § 39A-287 — HI Code / Division 1 / Title 5 / Chapter 39A / Section 39A-287
Authorization of special purpose revenue bonds.
Status: in_force

(a) The department, with the approval of the governor, may issue special purpose revenue bonds for each single project or multi-project program for not-for-profit private organizations, for-profit private organizations, and public instrumentalities and their qualified affiliates engaged in the development of low- and moderate-income housing that has been authorized by a separate act of the legislature, by an affirmative vote of two-thirds of the members to which each house is entitled; provided that the legislature shall find that the issuance of the special purpose revenue bonds is in the public interest; and provided further that no authorization shall be made for a period exceeding five years of its enactment. Any special purpose revenue bond authorization, or any portion of a special purpose revenue bond authorization, which has not been issued at the close of the fiscal year for the period for which the authorization is made, shall lapse. Special purpose revenue bonds issued pursuant to this part may be in one or more series for a single project, multiple projects, a single-project party, or multiple-project parties pursuant to the authority of one, or the combined authority of more than one, separate act of the legislature.

The department may combine into a single issue of special purpose revenue bonds two or more proposed issues of special purpose revenue bonds to assist not-for-profit private organizations, for-profit private organizations, and public instrumentalities and their qualified affiliates in the development of low- and moderate-income housing, separately authorized and approved by the governor as aforesaid, in the total amount not exceeding the aggregate of the proposed separate issues of special purpose revenue bonds. The special purpose revenue bonds of each issue:

(1) Shall be dated;

(2) Shall bear interest at a rate or rates;

(3) Shall mature at a time or times, not to exceed forty years from their date or dates;

(4) Shall have a rank or priority; and

(5) May be made redeemable before maturity at the option of the department, at a price or prices and under terms and conditions,

all as may be determined by the department.

The department shall determine the form of the special purpose revenue bonds, including any interest coupons to be attached, and the manner of execution of the special purpose revenue bonds. The department shall also fix the denomination or denominations of the special purpose revenue bonds and the place or places of payment of principal and interest, which may be at any bank or trust company approved by the director of finance within or without the State. The special purpose revenue bonds may be issued in coupon or in registered form, or both, as the department may determine. Provisions may be made for the registration of any coupon bonds as to principal alone and also as to both principal and interest and for the reconversion into coupon bonds of any bonds registered as to both principal and interest. The department may sell special purpose revenue bonds in a manner, either at public or private sale, and for a price as it may determine.

(b) Prior to the preparation of definitive special purpose revenue bonds, the department may issue interim receipts or temporary bonds, with or without coupons, exchangeable for definitive bonds when the bonds have been executed and are available for delivery.

(c) Should any bond issued under this part or any coupon pertaining to such a bond become mutilated or be lost, stolen, or destroyed, the department may cause a new bond or coupon of like date, number, and tenor to be executed and delivered in exchange and substitution for and upon the cancellation of the mutilated bond or coupon, or in lieu of and in substitution for the lost, stolen, or destroyed bond or coupon.

The new bond or coupon shall not be executed or delivered until the holder of the mutilated, lost, stolen, or destroyed bond or coupon has:

(1) Paid the reasonable expense and charges in connection therewith;

(2) Filed with the department or its fiduciary evidence satisfactory to the department or its fiduciary that the bond or coupon was lost, stolen, or destroyed, if such was the case, and that the holder was the owner; and

(3) Has furnished indemnity satisfactory to the department.

(d) In its discretion, the department may direct that CUSIP identification numbers shall be printed on the bonds. If CUSIP identification numbers are imprinted on the bonds:

(1) No such number shall constitute a part of the contract evidenced by the particular bond upon which it is imprinted; and

(2) No liability shall attach to the department or any of its officers or agents, including any fiscal agent, paying agent, or registrar for the bonds, because of the numbers or their use, including any use made by the department or any of its officers or agents, or because of any inaccuracy, error, or omission with respect thereto or in the numbers' use.

In its discretion, the department may require that all costs of obtaining and imprinting the CUSIP identification numbers shall be paid by the purchaser of the bonds.

For the purposes of this subsection, "CUSIP identification numbers" means the numbering system adopted by the Committee for Uniform Security Identification Procedures formed by the Securities Industry Association. [L 2006, c 102, pt of §2]
Haw. Rev. Stat. § 40-84 — HI Code / Division 1 / Title 5 / Chapter 40 / Section 40-84
Petty cash funds; regulations.
Status: in_force

Whenever the head of any state department, board, bureau, commission, or other agency deems it necessary to have a petty cash fund for the proper transaction of the business of the agency, a written application therefor shall be made to the comptroller setting forth the details covering the purposes and uses of and for the fund. The comptroller, before issuing a state warrant for that purpose, shall determine whether or not the business of the agency warrants the establishment of such a fund, and if the comptroller is satisfied that such a fund is necessary, the comptroller shall issue a state warrant to such agency for an amount as the comptroller shall determine, not to exceed the sum of $100,000, except that this limitation of $100,000 shall not apply to the University of Hawaii and the stadium authority.

The comptroller may prescribe such rules as the comptroller may deem necessary for the proper administration and accountability of these funds. [L 1941, c 137, §1; am L 1943, c 106, §1; RL 1945, §1567; RL 1955, §34-16; am L 1957, c 152, §1; HRS §40-84; am L 1969, c 100, §1; am L 1976, c 117, §1; am L 1981, c 70, §1; am L 1988, c 227, §1]
Haw. Rev. Stat. § 38-10 — HI Code / Division 1 / Title 5 / Chapter 38 / Section 38-10
Interest on loan funds.
Status: in_force

All unexpended balances of state loan funds which have been allotted to the several counties for local improvements, and also all state loan funds which are so allotted, shall be deposited by the director in a depository in separate accounts. All interest received from any depository, on account of the separate deposits, shall be credited to the respective counties.
Haw. Rev. Stat. § 39-9 — HI Code / Division 1 / Title 5 / Chapter 39 / Section 39-9
CUSIP numbers.
Status: in_force

The director of finance, in the director of finance's discretion, may provide that CUSIP identification numbers shall be imprinted on bonds issued pursuant to this part. In the event that CUSIP identification numbers are imprinted on any bonds:

(1) No number shall constitute a part of the contract evidenced by the particular bond upon which it is imprinted; and

(2) No liability shall attach to the State or any officer or agent thereof, including any fiscal agent, paying agent, or registrar for the bonds, by reason of the numbers or any use made thereof, including any use made by the State or any officer or agent thereof, or by reason of any inaccuracy, error, or omission.

The director of finance, in the director of finance's discretion, may require that all cost of obtaining and imprinting CUSIP identification numbers shall be paid by the purchaser of the bonds. For the purposes of this section, the term "CUSIP identification numbers" means the numbering system adopted by the Committee for Uniform Security Identification Procedures formed by the Securities Industry Association. [L 1988, c 28, pt of §3]
Haw. Rev. Stat. § 42F-103 — HI Code / Division 1 / Title 5 / Chapter 42F / Section 42F-103
Standards for the award of grants.
Status: in_force

(a) Grants shall be awarded only to individuals who, and organizations that:

(1) Are licensed or accredited, in accordance with federal, state, or county statutes, rules, or ordinances, to conduct the activities or provide the services for which a grant is awarded;

(2) Comply with all applicable federal and state laws prohibiting discrimination against any person on the basis of race, color, national origin, religion, creed, sex, age, sexual orientation, or disability;

(3) Agree not to use state funds for entertainment or lobbying activities; and

(4) Allow the state agency to which funds for the grant were appropriated for expenditure, legislative committees and their staff, and the auditor full access to their records, reports, files, and other related documents and information for purposes of monitoring, measuring the effectiveness, and ensuring the proper expenditure of the grant.

(b) In addition, a grant may be made to an organization only if the organization:

(1) Is either:

(A) Incorporated under the laws of the State; or

(B) Spends at least ninety per cent of its operating budget in the State; and

(C) Registered with the department of commerce and consumer affairs and in possession of a valid certificate of vendor compliance issued by the State that documents the organization's compliance and good standing with the United States Internal Revenue Service, department of taxation, department of labor and industrial relations, and department of commerce and consumer affairs; and

(2) Has bylaws or policies that describe the manner in which the activities or services for which a grant is awarded shall be conducted or provided.

(c) Further, a grant may be awarded to a nonprofit organization only if the organization:

(1) Has been determined and designated to be a nonprofit organization by the Internal Revenue Service; and

(2) Has a governing board whose members have no material conflict of interest and serve without compensation.

(d) If a grant is us ed by an organization for the acquisition of land, when the organization discontinues the activities or services on the land acquired for which the grant was awarded and disposes of the land in fee simple or by lease, the organization shall negotiate with the expending agency for a lump sum or installment repayment to the State of the amount of the grant used for the acquisition of the land. This restriction shall be registered, recorded, and indexed in the bureau of conveyances or with the assistant registrar of the land court as an encumbrance on the property. Amounts received from the repayment of a grant under this subsection shall be deposited into the general fund. [L 1997, c 190, pt of §3; am L 2007, c 184, §1; am L 2014, c 96, §7; am L 2022, c 26, §1]
Haw. Rev. Stat. § 40-3 — HI Code / Division 1 / Title 5 / Chapter 40 / Section 40-3
Bookkeeping.
Status: in_force

The comptroller shall keep a complete set of double entry books in which the comptroller shall open or cause to be opened all government accounts, and for the several amounts as shown by the appropriation bill, or any other appropriation that may be at any time made by the legislature, and the comptroller shall record the comptroller's daily business transactions in detail therein. The comptroller shall also keep ledgers in which the comptroller shall open, arrange, and keep in a methodical and systematic manner the various state accounts so that the status and condition of all funds and appropriations, of all assets and liabilities, and for all income and expenditures of the State may at any time be ascertained and known; and further, the comptroller shall keep books to be known as the warrant registers showing the warrants drawn. The warrants are to be numbered from one up to the number required for the current fiscal period, and in the form as shown in section 40-52, and all such other auxiliary books as the comptroller may deem necessary for a correct and proper administration of the comptroller's office. The comptroller shall also keep on file in a convenient form for easy reference all original warrant vouchers for which warrants have been drawn by the comptroller, and the original warrant vouchers shall have endorsed thereon the number of the warrant by which they were paid, the date of the warrant, the appropriation to which they were debited, and the amount.
Haw. Rev. Stat. § 39-59 — HI Code / Division 1 / Title 5 / Chapter 39 / Section 39-59
Support facility for variable rate revenue bonds.
Status: in_force

If revenue bonds issued pursuant to this part are issued bearing interest at a rate or rates which vary from time to time and with a right of holders to tender the revenue bonds for purchase, the department head or the governing body, with the approval of the governor, may contract for such support facility or facilities and remarketing arrangements as are required to market the revenue bonds to the greatest advantage of the State or department upon such terms and conditions as the department head or governing body deem necessary and proper.

The department head or the governing body may enter into contracts or agreements with the entity or entities providing a support facility; provided that any contract or agreement shall provide, in essence, that any amount due and owing by the department under the contract or agreement on an annual basis shall be payable solely from the revenue of the undertaking or loan program and any obligation issued or arising pursuant to the terms of the contract or agreement in the form of revenue bonds, notes, or other evidences of indebtedness shall only arise at such time as either:

(1) Moneys or securities have been irrevocably set aside for the full payment of a like principal amount of revenue bonds issued pursuant to this part; or

(2) A like principal amount of the issue or series of revenue bonds to which the support facility relates are held in escrow by the entity or entities providing the support facility. [L 1988, c 28, pt of §3]
Haw. Rev. Stat. § 39A-354 — HI Code / Division 1 / Title 5 / Chapter 39A / Section 39A-354
Special purpose revenue bonds exempt from taxation.
Status: in_force

Special purpose revenue bonds and the income therefrom issued pursuant to this part shall be exempt from all state and county taxation except inheritance, transfer, and estate taxes.
Haw. Rev. Stat. § 37-34.5 — HI Code / Division 1 / Title 5 / Chapter 37 / Section 37-34.5
Department of education; allotment and expenditure plan; updates.
Status: in_force

The department of education shall submit an annual allotment and expenditure plan, including a separate description of all existing financing agreements of the department of education that require funding, together with a statement of the amount of funding required, and all proposed financing agreements of the department of education for the ensuing fiscal year, to the governor for each fiscal year. The governor may require the department of education to submit an update of the expenditure plan based on changing economic conditions.
Haw. Rev. Stat. § 40-35 — HI Code / Division 1 / Title 5 / Chapter 40 / Section 40-35
Payment to State under protest.
Status: in_force

(a) Any disputed portion of moneys representing a claim in favor of the State may be paid under protest to a public accountant of the department, board, bureau, commission, or other agency of the State with which the claimant has the dispute. The protest shall be in writing, signed by the person making the payment, or by the person's agent, and shall set forth the grounds of protest. If any payment, or any portion of any payment, is made under protest, the public accountant to whom the payment is made shall hold that portion of the moneys paid under protest in a trust account in the state treasury for a period of thirty days from the date of payment.

(b) Action to recover moneys paid under protest or proceedings to adjust the claim may be commenced by the payer or claimant against the public accountant to whom the payment was made, in a court of competent jurisdiction, within thirty days from the date of payment. If no suit or proceeding is brought within the thirty-day period, the money paid under protest shall be deposited into the appropriate account in the treasury of the State by the accountant and the amount deposited shall thereupon become a government realization. Any action to recover payment of taxes under protest shall be commenced in the tax appeal court.

(c) If action to recover the money paid under protest or a proceeding to adjust the claim is commenced within the thirty-day period, the amount paid under protest shall, pending final decision of the cause, be deposited by the public accountant into the state treasury, in a fund to be known as the "litigated claims fund", together with subsequent payments or portions thereof, made to the accountant under the same protest. If judgment is rendered in favor of the claimant, the claimant shall be paid the amount of the judgment out of the litigated claims fund by warrants signed by the comptroller upon vouchers approved by the head of the department, board, bureau, commission, or other agency with which the claimant had the dispute. If the amount of money in the litigated claims fund is insufficient to pay the judgment the head of the department, board, bureau, commission, or other agency with which the claimant had the dispute shall include in their respective budget requests to the department of budget and finance an amount necessary to pay the judgment, plus interest, as provided herein. Interest at the rate of two per cent a year from the date of each payment under protest shall also be paid out of the amount appropriated for the judgment payable to the claimant; provided that if the claim is for the recovery of taxes paid under protest by the claimant, the rate of interest and the overpayment of taxes shall be refunded in the manner provided in section 231-23(c) and (d). The amount of the judgment to be paid to the claimant shall be ascertained by the head of the department, board, bureau, commission, or other agency with which the claimant had the dispute from a certified copy of the judgment, which shall be the authority for making payment to the claimant. If judgment is rendered against the claimant, the amount of money paid by the claimant under protest which is in the litigated claims fund shall be deposited into the appropriate account in the treasury of the State and the amount shall become a government realization. [L 1907, c 45, §1; RL 1925, §1444; RL 1935, §571; RL 1945, §1575; am L 1951, c 224, §1; RL 1955, §34-24; am L Sp 1959 2d, c 1, §14; am L 1963, c 114, §1; am L 1967, c 231, §7 and c 251, §1; HRS §40-35; am L 1978, c 174, §1; am L 1980, c 51, §1; am L 1981, c 169, §1; gen ch 1985]

Revision Note

Section 231-23(c) and (d) substituted for 231-23(d) and (e).
Haw. Rev. Stat. § 39-69 — HI Code / Division 1 / Title 5 / Chapter 39 / Section 39-69
Investment of reserves, etc.
Status: in_force

The director of finance, with the approval of the department, may invest any money held as reserves or in sinking funds or not required for immediate disbursement, including proceeds of the revenue bonds, which in the department's judgment are in excess of the amounts necessary for the meeting of immediate requirements, in securities permitted by the resolution or certificate and which constitute legal investments for public funds. Income derived therefrom shall be treated as revenue of the undertaking or loan program; expenses of purchase, safekeeping, sale, and redemption, and all other expenses attributable to the investments shall be proper expenses of the undertaking or loan program. Securities so purchased shall be considered as being deposited in the custody or control of the director of finance by the department, and shall be legally secured as provided in section 38-3.
Haw. Rev. Stat. § 39A-356 — HI Code / Division 1 / Title 5 / Chapter 39A / Section 39A-356
Exemption from taxation of department property.
Status: in_force

All revenues derived by the department from any project or under the project agreement pertaining thereto shall be exempt from all state and county taxation. Any right, title, and interest of the department in any project shall also be exempt from all state and county taxation.

Except as otherwise provided by law, the interest of the project party or user of the project under the project agreement or related agreement shall not be exempt from taxation to a greater extent than it would be if the costs of the project were directly financed by the project party or other user. [L 2012, c 147, pt of §1]
Haw. Rev. Stat. § 38-2 — HI Code / Division 1 / Title 5 / Chapter 38 / Section 38-2
Authorized; conditions.
Status: in_force

(a) All moneys in the state treasury may be deposited by the director to the credit of the State in any depository which the director, with the approval of the governor, may select, pursuant to this section, and any sums so deposited shall be deemed to be in the state treasury; provided that the depository in which the money is deposited furnish security as hereinafter provided. In selecting a depository the class of security offered shall be considered as the basis of selection and due regard shall be given to a depository doing business in the State.

(b) No more than forty per cent of the aggregate amount of moneys of the State available for deposit and on deposit in the state treasury may be deposited in depositories without the State.

(c) No more than sixty per cent of the aggregate amount of moneys of the State available for deposit and on deposit in the state treasury may be deposited in any one depository; provided that if the yield offered by any one depository in the State is greater than the yield offered by other depositories in the State, then, consistent with the safety and liquidity of such moneys, more than sixty per cent of the aggregate amount of moneys available for deposit and on deposit in the stated treasury may be deposited in such depository within the State offering a higher yield.

(d) The director shall consider the beneficial effects to the State of using depositories within the State, as well as the safety and liquidity of the sums to be deposited in the depository and the yield offered by the depository prior to the selection of the depository.

(e) In case of loan fund money for which there is no immediate need, or expenditures from which would not be made for at least three months, the director may place these funds on time deposit on such terms and at such rates of interest as may be allowed by a depository to other depositors.

(f) All deposits of money, except time deposits, shall be paid upon demand on checks signed by the director and countersigned by the comptroller, or by the payment of a certificate of deposit issued by the depository, which certificate shall be endorsed by the payee named therein, as well as by the comptroller, or by preauthorized automatic transfer of funds between transaction accounts held within the same depository. Transaction accounts, as defined in Regulation D of the Federal Reserve System, as authorized by Section 19 (12 U.S.C. 461 et seq.) of the Federal Reserve Act, includes all checking accounts, both demand and interest bearing. Each depository shall at the end of every month render to the director a statement, in duplicate, for each of the funds of the State, showing the daily balances on open commercial account which were held by it during the month. The duly authorized representatives of any depository shall at all times during office hours have access to the securities deposited by the depository to secure the deposits of the State for the purpose of examining the same and removing the coupons that may have matured, the examination to be made in the presence of the director or the director's representative. [L 1970, c 51, pt of §1; am L 1980, c 229, §1; gen ch 1985; am L 1988, c 78, §3; am L 1994, c 21, §1]
Haw. Rev. Stat. § 39A-295 — HI Code / Division 1 / Title 5 / Chapter 39A / Section 39A-295
Federal tax-exempt status.
Status: in_force

To the extent practicable, special purpose revenue bonds issued pursuant to this part shall be issued to comply with requirements imposed by applicable federal law providing that the interest on the special purpose revenue bonds shall be excluded from gross income for federal income tax purposes, except as certain minimum taxes or environmental taxes may apply. The department may enter into agreements, establish funds or accounts, and take any action required to comply with applicable federal law. Nothing in this part shall be deemed to prohibit the issuance of special purpose revenue bonds, the interest on which may be included in gross income for federal income tax purposes.
Haw. Rev. Stat. § 36-26 — HI Code / Division 1 / Title 5 / Chapter 36 / Section 36-26
Transfer of unrequired funds for redemption of serial bonds.
Status: in_force

The director of finance, with the approval of the governor, may transfer all balances of moneys received from the sale of state bonds for state improvements on deposit in loan funds, which are no longer required for the purposes for which the state bonds were issued, from the loan funds to the general fund in case the moneys were received from the sale of serial bonds. The amounts so transferred shall be used for the redemption of the serial bonds as they become due. The amounts transferred to the general fund shall be deemed to be appropriated for the purpose of the redemption of serial bonds as they become due.
Haw. Rev. Stat. § 37D-6 — HI Code / Division 1 / Title 5 / Chapter 37D / Section 37D-6
Federal tax-exempt status; preference; protection.
Status: in_force

(a) To the extent practicable, financing agreements issued pursuant to this chapter shall be issued to comply with requirements imposed by applicable federal law providing that the interest on financing agreements shall be excluded from gross income for federal income tax purposes, except as certain minimum taxes or environmental taxes may apply. The director and, with the approval of the director, the head of an agency may:

(1) Enter into agreements;

(2) Establish funds or accounts;

(3) Make rebate payments to the federal government; and

(4) Take any action required to comply with applicable federal tax law.

Nothing in this chapter shall prohibit the issuance of financing agreements, the interest on which may be included in gross income for federal income tax purposes.

(b) To ensure that interest on a financing agreement issued pursuant to this chapter that is excluded from gross income for federal income tax purposes, except as provided in subsection (a), on the date of issuance shall continue to be excluded, no state officer or employee shall authorize or allow any change, amendment, or modification to a financing agreement that would affect the exclusion of interest on the financing agreement from gross income for federal income tax purposes unless the change, amendment, or modification shall have received the prior approval of the director. Failure to receive the approval of the director shall render any change, amendment, or modification void. [L 1996, c 119, pt of §2; am L 2001, c 200, pt of §3; am L 2007, c 126, pt of §1]
Haw. Rev. Stat. § 39A-299 — HI Code / Division 1 / Title 5 / Chapter 39A / Section 39A-299
Special purpose revenue bonds as legal investments and lawful security.
Status: in_force

The 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 and its political corporations or subdivisions. The special purpose revenue bonds shall be eligible to secure the deposit of any and all public funds of the State and of the counties or other political corporations or subdivisions of the State. The bonds shall be lawful and sufficient security for these deposits to the extent of their value when accompanied by all unmatured coupons pertaining to the bonds.
Haw. Rev. Stat. § 39A-327 — HI Code / Division 1 / Title 5 / Chapter 39A / Section 39A-327
Refunding special purpose revenue bonds.
Status: in_force

By act enacted by an affirmative vote of two-thirds of the members to which each house is entitled, the legislature may authorize the issuance of refunding special purpose revenue bonds for the purpose of refunding any special purpose revenue bonds then outstanding and issued under this part, whether or not the outstanding special purpose revenue bonds have matured or are then subject to redemption. By act enacted by an affirmative vote of two-thirds of the members to which each house is entitled, the legislature may provide for the issuance of a single issue of special purpose revenue bonds for the combined purposes of:

(1) Financing or refinancing the cost of a project or improvement or expansion thereof; and

(2) Refunding special purpose revenue bonds that shall theretofore have been issued under this part and shall then be outstanding, whether or not the outstanding special purpose revenue bonds have matured or are then subject to redemption.

Nothing in this section shall require or be deemed to require the department to elect to redeem or prepay special purpose revenue bonds being refunded, or to redeem or prepay special purpose revenue bonds being refunded that were issued in the form customarily known as term bonds in accordance with any sinking fund installment schedule specified in any instruments providing for the issuance thereof, or, if the department elects to redeem or prepay any bonds, to redeem or prepay as of any particular date or dates. The issuance of refunding special purpose revenue bonds, the maturities and other details thereof, the rights and remedies of the holders thereof, and the rights, powers, privileges, duties, and obligations of the department with respect to the same, shall be governed by the foregoing provisions of this part insofar as the same may be applicable. [L 2006, c 148, pt of §1]
Haw. Rev. Stat. § 40-61 — HI Code / Division 1 / Title 5 / Chapter 40 / Section 40-61
Procedure when voucher defective.
Status: in_force

When an original warrant voucher produced for a claim is defective from the want of any certificate or other document which ought to have accompanied it, the comptroller may, upon proof being made to the comptroller's satisfaction that the public accountant did not wilfully neglect to procure the certificate, or document, and that the sum specified in the warrant voucher has been actually and properly incurred as a state liability, admit the warrant voucher as sufficient evidence of liability, and allow the amount to be paid.
Haw. Rev. Stat. § 40-4 — HI Code / Division 1 / Title 5 / Chapter 40 / Section 40-4
Publication of statements.
Status: in_force

The comptroller shall prepare and submit to the governor, immediately following the close of each fiscal year, a statement of income and expenditure by funds, showing the principal sources of revenue, the function or purpose for which expenditures were made, together with a consolidated statement showing similar information for all funds; also a statement showing the balance in each fund at the beginning of the fiscal year, plus the receipts, minus the disbursements, and the balance on hand at the close of the fiscal year after deducting outstanding warrants and vouchers. The comptroller may request all agencies, the judiciary, the University of Hawaii, the department of education, and the legislature to provide such information as may be required for the preparation of statements.
Haw. Rev. Stat. § 39A-291 — HI Code / Division 1 / Title 5 / Chapter 39A / Section 39A-291
Special purpose revenue bonds not a general obligation of the State.
Status: in_force

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 for the bonds or the interest on the bonds, and no moneys other than the revenues pledged to the bonds shall be applied toward their payment. Each special purpose revenue bond issued under this part shall recite in substance that the bond, including interest on the bond, 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 of the State, by the general credit of the State, or by any revenue or taxes of the State other than the revenues specifically pledged thereto.
Haw. Rev. Stat. § 39A-265 — HI Code / Division 1 / Title 5 / Chapter 39A / Section 39A-265
Federal tax-exempt status.
Status: in_force

To the extent practicable, special purpose revenue bonds issued pursuant to this part shall be issued to comply with requirements imposed by applicable federal law providing that the interest on the special purpose revenue bonds shall be excluded from gross income for federal income-tax purposes (except as certain minimum taxes or environmental taxes may apply). The director of finance may enter into agreements, establish funds or accounts, and take any action required to comply with applicable federal law. Nothing in this part shall be deemed to prohibit the issuance of special purpose revenue bonds, the interest on which may be included in gross income for federal income-tax purposes.
Haw. Rev. Stat. § 40-52 — HI Code / Division 1 / Title 5 / Chapter 40 / Section 40-52
Form of treasury warrant.
Status: in_force

§40-52 Form of treasury warrant.

No.......

Treasury Warrant.

Honolulu, Hawaii, ...... 19....

The Director of Finance,

State of Hawaii.

Pay to the order of......................................

for and charge same to........................................

.............................................................

Comptroller, State of Hawaii
Haw. Rev. Stat. § 39-94 — HI Code / Division 1 / Title 5 / Chapter 39 / Section 39-94
Arrangement of statements and schedules and forms; incorporation.
Status: in_force

In preparing the statements and supporting schedules required by this part, the director of finance may arrange, group, and set forth such information and figures in such manner as the director deems necessary or advisable. Such information and figures need not be set out or arranged in the same order as is set forth in this part, so long as the information and figures required by this part are set forth.

All findings certified to in accordance with this part shall be deemed to be incorporated into subsequent statements and supporting schedules to the extent relevant thereto. Such findings need not be made again in any subsequent statement or supporting schedule, nor need the legal and financial basis for such findings be set forth again.

The state highway system established in part III of chapter 264 shall be deemed to be a public system that produces revenues and user tax receipts. All liquid fuel taxes as defined in section 243-1, other than taxes on aviation fuel as defined in that section, and all vehicle weight taxes as defined in section 249-33 which are paid into the state highway fund created by section 248-8 and which are not required by sections 243-6 and 248-9 to be paid to the counties shall be deemed to be user taxes derived in the utilization of the functions and services furnished by the state highway system.

Amounts received from the federal government for the payment or reimbursement of costs of operation, maintenance, and repair of a public undertaking, improvement, or system or for the payment of the principal and interest of bonds issued for such public undertaking, improvement, or system, and for the payment or reimbursement of costs of administering, operating, and maintaining a loan program or for the payment of subsidies for a loan program, may be considered and treated as revenues of such undertaking, improvement, system, or loan program. If such amounts are deposited in the general fund immediately upon their receipt by the State, such amounts shall be deducted from the general fund revenues when determining the net general fund revenues for the purposes of this part, to the extent such amounts are utilized to justify or support a determination that bonds of the State may be excluded when determining the total outstanding indebtedness of the State for the purposes of section 13 of Article VII of the Constitution.

The director of finance may compose and adopt and have printed or otherwise reproduced any forms the director deems will facilitate the preparation and understanding of statements and supporting schedules required by this part.

All departments, boards, authorities, and officers of the State shall cooperate with the director of finance to the extent required to enable the director to prepare the statements and supporting schedules required by this part. [L 1979, c 57, pt of §10]
Haw. Rev. Stat. § 39A-357 — HI Code / Division 1 / Title 5 / Chapter 39A / Section 39A-357
Refunding special purpose revenue bonds.
Status: in_force

By act enacted by an affirmative vote of two-thirds of the members to which each house is entitled, the legislature may authorize the issuance of refunding special purpose revenue bonds for the purpose of refunding any special purpose revenue bonds then outstanding and issued under this part, whether or not the outstanding special purpose revenue bonds have matured or are then subject to redemption. By act enacted by an affirmative vote of two-thirds of the members to which each house is entitled, the legislature may provide for the issuance of a single issue of special purpose revenue bonds for the combined purposes of:

(1) Financing or refinancing the cost of a project or improvement or expansion thereof; and

(2) Refunding special purpose revenue bonds that shall theretofore have been issued under this part and shall then be outstanding, whether or not the outstanding special purpose revenue bonds have matured or are then subject to redemption.

Nothing in this section shall require or be deemed to require the department to elect to redeem or prepay special purpose revenue bonds being refunded, or to redeem or prepay special purpose revenue bonds being refunded that were issued in the form customarily known as term bonds in accordance with any sinking fund installment schedule specified in any instruments providing for the issuance thereof, or, if the department elects to redeem or prepay any bonds, to redeem or prepay as of any particular date or dates. The issuance of refunding special purpose revenue bonds, the maturities and other details thereof, the rights and remedies of the holders thereof, and the rights, powers, privileges, duties, and obligations of the department with respect to the same, shall be governed by the foregoing provisions of this part insofar as the same may be applicable. [L 2012, c 147, pt of §1]
Haw. Rev. Stat. § 40-68 — HI Code / Division 1 / Title 5 / Chapter 40 / Section 40-68
Nonpresentment of warrants and checks.
Status: in_force

Any warrant drawn upon the state treasury shall be presented at the treasury for payment before the close of the fiscal year next after the fiscal period in which it has been issued. Any check drawn from depositories of state treasury moneys shall be presented at such depositories for payment before the close of the fiscal year next after the fiscal period in which it has been issued. The director of finance shall pay out moneys for the payment, redemption, or purchase of state bonds and for the payment of interest thereon pursuant to chapter39. All warrants or checks not so presented within that time shall be deemed to have been paid, and any money held at the expiration of that time in a special fund or account for the payment of the warrants or checks shall thereupon be transferred to a trust fund established and known as the nonpresentment of warrants and checks trust fund; provided that the fund balance in the trust fund shall not exceed $500,000 and any excess of that amount shall be transferred to the general fund; provided further that within the period of four fiscal years immediately following the year in which an amount of money was so transferred to the trust fund, the payee or assignee of the warrant or check, or, if the payee is deceased, the personal representative of the estate of the payee, or if the estate of the payee is closed, to any person lawfully entitled to the undisposed property of the deceased payee, upon filing with the comptroller a claim for recovery and any supportive evidence required by the comptroller, shall be paid the amount of the warrant or check out of the trust fund upon a warrant or check newly drawn by the comptroller.
Haw. Rev. Stat. § 40-10 — HI Code / Division 1 / Title 5 / Chapter 40 / Section 40-10
Destruction of vouchers, etc.
Status: in_force

At the end of each fiscal year, the comptroller, with the approval of the lieutenant governor and the attorney general of the State, may destroy all vouchers, documents, and other records or papers on file with the comptroller or kept in the comptroller's department for a period of more than six years (exclusive of permanent records) which in the comptroller's opinion are no longer of any use or value.
Haw. Rev. Stat. § 39-12 — HI Code / Division 1 / Title 5 / Chapter 39 / Section 39-12
Payment, principal and interest.
Status: in_force

When bonds issued pursuant to this part and the several interest amounts mature, the director of finance shall pay the same. If the bonds or interest are made payable elsewhere than at the office of the director of finance, the director of finance shall make arrangements to provide sufficient funds at the designated place or places of payment to meet and pay all obligations at maturity in accordance with the terms thereof.

There is hereby appropriated out of the general fund of the State all amounts necessary for the payment from time to time of the principal of the bonds and the several interest amounts as they mature, and this appropriation shall be a paramount appropriation upon the general fund of the State. [L 1988, c 28, pt of §3]
Haw. Rev. Stat. § 39A-358 — HI Code / Division 1 / Title 5 / Chapter 39A / Section 39A-358
Status of special purpose revenue bonds under the Uniform Commercial Code.
Status: in_force

Notwithstanding any of the provisions of this part or any recitals in any special purpose revenue bonds issued under this part, all special purpose revenue bonds shall be deemed to be investment securities under the Uniform Commercial Code, chapter 490, subject only to the provisions of the special purpose revenue bonds pertaining to registration.
Haw. Rev. Stat. § 39A-329 — HI Code / Division 1 / Title 5 / Chapter 39A / Section 39A-329
Special purpose revenue bonds as legal investments and lawful security.
Status: in_force

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.
Haw. Rev. Stat. § 39-57 — HI Code / Division 1 / Title 5 / Chapter 39 / Section 39-57
Same, signatures.
Status: in_force

The revenue bonds bearing the signature of officers in office on the date of the signing thereof shall be valid and sufficient for all purposes, and shall have the same effect as if the persons officially signing the revenue bonds had remained in office until the delivery of the revenue bonds to the initial purchasers thereof, and in the case of fully registered revenue bonds upon any exchange or transfer between subsequent holders thereof, notwithstanding that the term of office of those persons or any of them may have expired or they may otherwise have ceased to be those officers before the delivery, exchange, or transfer. If the director of finance shall have designated a registrar for fully registered revenue bonds, the certificate or resolution authorizing the revenue bonds may provide that none of those fully registered revenue bonds shall be valid or obligatory for any purpose unless certified or authenticated by the registrar. If the certificate or resolution so provides, then all signatures of the officers of the State upon the fully registered revenue bonds may be facsimiles of the signatures, and the fully registered revenue bonds shall be valid and sufficient only if certified or authenticated by the manual signature of an authorized officer or signatory of the registrar.

Anything to the contrary notwithstanding, if blanks of fully registered revenue bonds shall be held by a registrar pending exchange or transfer for other fully registered revenue bonds of the same series, then upon delivery of revenue bonds in an exchange or transfer, the revenue bonds shall be valid and sufficient for all purposes, notwithstanding that the signatures of the officers of the State appearing thereon shall be those of the persons in office at the time of initial delivery of the revenue bonds or those of the persons in office at the time of the exchange or transfer. The validity of the revenue bonds shall not be dependent on or affected by the validity or regularity of any proceedings relating to the acquisition, purchase, construction, reconstruction, improvement, betterment, or extension of the undertaking or establishment or administration of the loan program authorized by law for which the revenue bonds are issued.

The resolution or certificate authorizing the revenue bonds shall provide that the revenue bonds shall contain a recital that they are issued pursuant to this part, which recital shall be conclusive evidence of their validity and of the regularity of their issuance. [L 1988, c 28, pt of §3]
Haw. Rev. Stat. § 40-2 — HI Code / Division 1 / Title 5 / Chapter 40 / Section 40-2
Accounting systems and internal control; enforcing the use of and inspection of the same.
Status: in_force

(a) The accounting system installed by the commission on public accountancy under Act 181, Session Laws of Hawaii 1923, as amended by Act 220, Session Laws of Hawaii 1925, for use in the offices of the comptroller, director of finance, departmental and agency services of the State, and the auditors, treasurers, departmental and agency services of the several counties shall be the accounting and reporting systems of the State and counties; provided that the University of Hawaii may install a different accounting system that shall be in conformity with generally accepted accounting principles as applied to colleges and universities; and provided further that the department of education may install a different accounting system that shall be in conformity to generally accepted accounting principles. The comptroller shall make such changes and modifications in the accounting system as shall from time to time appear to be in the best interest of the State and counties.

(b) The departments and agencies of the executive branch are respectively charged with the responsibility to maintain an adequate system of internal control and with the further responsibility to see that the internal control system continues to function effectively as designed. The comptroller shall make such investigations and audits from time to time to enforce the use of the accounting system and internal control systems in the executive branch.

(c) The judiciary, the legislature, and each county shall be responsible for the establishment and maintenance of its respective internal control system. [L 1898, c 39, §10; RL 1925, §1437; am L 1927, c 219, §3; RL 1935, §564; RL 1945, §1568; RL 1955, §34-17; am L 1957, c 152, §1; am L 1959, c 151, §1; am L Sp 1959 2d, c 1, §14; am L 1963, c 114, §1; HRS §40-2; am L 1974, c 159, §5; am L 1986, c 321, §§5, 12; am L 1987, c 283, §69; am L 1989, c 371, §7; am L 1991, c 163, §3; am L 1993, c 314, §2; am L Sp 1993, c 8, §22; am L 1997, c 180, §1; am L 1998, c 115, §24; am L 2005, c 137, §1; am L 2006, c 161, §§2, 7; am L 2010, c 124, §2; am L 2015, c 44, §2; am L 2017, c 91, §3]
Haw. Rev. Stat. § 41D-9 — HI Code / Division 1 / Title 5 / Chapter 41D / Section 41D-9
Construction.
Status: in_force

Nothing in this chapter shall be deemed to expand the scope of liability of the State beyond that set forth in chapter 662. Nothing in this chapter shall be construed to waive the immunity of the State from suit in federal courts guaranteed by the Eleventh Amendment to the Constitution of the United States.
Haw. Rev. Stat. § 37-36 — HI Code / Division 1 / Title 5 / Chapter 37 / Section 37-36
Modification.
Status: in_force

(a) The director of finance may modify or amend any previous allotment upon notice to the department or establishment concerned; provided that:

(1) For the University of Hawaii, the director of finance may modify or amend any previous allotment only upon application of or notice to the university, and upon public declaration, which shall be made ten days prior to the modification or amendment taking effect;

(2) The modification or amendment shall be made only to avoid an illegal result or in anticipation of a revenue shortfall;

(3) No deficit or undue reduction of funds to meet future needs of the department or establishment will result from the modification or amendment; and

(4) No modification or amendment shall reduce an allotment below the amount required to meet valid obligations or commitments previously incurred against the allotted funds.

(b) Prior to the implementation of any modification in allotment proposed by the director of finance pursuant to subsection (a), in which the sum of the modifications exceed 2.5 per cent of the total general fund appropriation made by the legislature in any fiscal year, the director shall notify the president of the senate, the speaker of the house of representatives, and the chairpersons of the senate committee on ways and means and the house of representatives committee on finance, respectively, of the director's intent. [L Sp 1959 1st, c 12, pt of §3; Supp, §35-24; HRS §37-36; gen ch 1985; am L 1986, c 320, §3; am L 1989, c 370, §2; am L 1992, c 294, §8; am L 1994, c 281, §§4, 7; am L 1995, c 11, §21; am L 1996, c 285, §1]
Haw. Rev. Stat. § 39-70 — HI Code / Division 1 / Title 5 / Chapter 39 / Section 39-70
Bond anticipation notes.
Status: in_force

In anticipation of the issuance of revenue bonds pursuant to this part theretofore authorized by the legislature for an undertaking or a loan program and of the receipt of the proceeds of such revenue bonds, the department having jurisdiction over the undertaking or a loan program, with the approval of the governor, may issue and sell revenue bond anticipation notes for the purposes for which the revenue bonds have been authorized, the maximum principal amount of which shall not exceed the authorized principal amount of the revenue bonds. The notes shall be payable solely from and secured by the proceeds of the sale of the revenue bonds in anticipation of which they were issued and the revenue, or the user taxes, or a combination of both, which would be payable from and secured by the revenue bonds; provided that to the extent the principal of the notes is paid from moneys other than the proceeds of sale of the revenue bonds, the maximum amount of revenue bonds in anticipation of which the notes are issued that has been authorized shall be reduced by the amount of the notes paid. The issuance of notes and the details thereof shall be governed by this part with respect to revenue bonds insofar as it may apply; provided that each note, together with all renewals and extensions thereof or refundings thereof by other notes issued pursuant to this section, shall mature within five years from the date of the original note.
Haw. Rev. Stat. § 39-76 — HI Code / Division 1 / Title 5 / Chapter 39 / Section 39-76
Validation of proceedings.
Status: in_force

All proceedings taken with respect to the contracting of revenue bonded indebtedness and the issuance, sale, execution, and delivery of revenue bonds by or on behalf of this State, are hereby validated, ratified, approved, and confirmed, notwithstanding any defects or irregularities in any proceedings or in the issuance, execution, sale, or delivery, and the revenue bonds so issued or to be issued are and shall be valid obligations of the State.
Haw. Rev. Stat. § 39A-255 — HI Code / Division 1 / Title 5 / Chapter 39A / Section 39A-255
Project agreement.
Status: in_force

No special purpose revenue bonds shall be issued unless, at the time of issuance, the department shall have entered into a project agreement with respect to the project for the financing or refinancing of which the revenue bonds are to be issued.

Any project agreement entered into by the department shall contain provisions unconditionally obligating the project party to:

(1) Pay to the department during the period or term of the project agreement, exclusive of any renewal or extension thereof and whether or not the project is used or occupied by the project party, the sum at the time in the amount that shall be sufficient to:

(A) Pay the principal and interest on all special purpose revenue bonds issued with respect to the project as they become due, including any premium payable upon any required redemption of the bonds;

(B) Establish or maintain a reserve, if any, as may be required by the instrument authorizing or securing the special purpose revenue bonds;

(C) Pay all fees and expenses, including the fees and expenses of the paying agents and trustees, assessed in connection with the special purpose revenue bonds; and

(D) Pay the fees, costs, and expenses (direct or indirect) assessed by the department in administering the bonds or in carrying out the project agreement; and

(2) Operate, maintain, and repair the project as long as it is used in the provision of not-for-profit private nonsectarian and sectarian elementary, secondary, college-level, and university-level education to the general public, and to pay all costs of its operation, maintenance, and repair.

Moneys received by the department pursuant to paragraph (1)(D) shall not be, nor be deemed to be, revenues of the project and shall be paid into the general fund of the State. [L 2002, c 257, pt of §1; am L 2007, c 44, §14]
Haw. Rev. Stat. § 37-52.3 — HI Code / Division 1 / Title 5 / Chapter 37 / Section 37-52.3
Criteria for the establishment and continuance of special funds.
Status: in_force

Special funds shall be established only pursuant to an act of the legislature. The legislature, in establishing or reviewing a special fund to determine whether it should be continued, shall ensure that the special fund:

(1) Serves a need, as demonstrated by:

(A) The purpose of the program to be supported by the fund;

(B) The scope of the program, including financial information on fees to be charged, sources of projected revenue, and costs; and

(C) An explanation of why the program cannot be implemented successfully under the general fund appropriation process;

(2) Reflects a clear nexus between the benefits sought and charges made upon the program users or beneficiaries or a clear link between the program and the sources of revenue, as opposed to serving primarily as a means to provide the program or users with an automatic means of support that is removed from the normal budget and appropriation process;

(3) Provides an appropriate means of financing for the program or activity that is used only when essential to the successful operation of the program or activity; and

(4) Demonstrates the capacity to be financially self-sustaining. [L 2002, c 178, pt of §2; am L 2013, c 130, §4]
Haw. Rev. Stat. § 39A-361 — HI Code / Division 1 / Title 5 / Chapter 39A / Section 39A-361
Estimate of benefits.
Status: in_force

(a) Each project party with a project agreement with the department shall estimate the benefits derived from the use of the proceeds of special purpose revenue bonds. The benefits estimated shall be based on the creation of new jobs and potential effect on tax receipts. The format of and method for determining the estimates shall be established by the department and shall be uniform for each project party.

(b) To promote public understanding of the role played by special purpose revenue bonds in providing benefits to the general public, the department shall take appropriate steps to ensure public access to and scrutiny of the estimates determined under subsection (a).

(c) The department shall adopt rules under chapter 91 for the purposes of this section. [L 2012, c 147, pt of §1]
Haw. Rev. Stat. § 36-25 — HI Code / Division 1 / Title 5 / Chapter 36 / Section 36-25
Transfers to loan fund; interest.
Status: in_force

(a) When there are excess moneys, as provided in section 36-21, the director of finance may make temporary transfers of the moneys to the loan fund for the temporary uses thereof. The total of the transfers to the loan fund shall not exceed the sum of unissued general obligation bonds of the State as authorized by the legislature. The general, special, or revolving funds shall be reimbursed from the proceeds of bond sales upon the eventual issuance and sale of the bonds.

(b) The director of finance may, in the director's discretion, require payment of interest on any moneys, including loan fund moneys, used to fund any expenditure as provided in any act of the legislature for which general obligation bonds have been authorized but unissued, the debt service of which is required to be repaid from revenues, user taxes or a combination of both, of the public undertaking, improvement or system. Interest shall be paid by the public undertaking, improvement or system which incurred such expenditures and shall be computed on the aggregate amount of moneys used by that public undertaking, improvement or system on a monthly basis as determined and reported by the comptroller of the State; provided that the rate of interest shall not exceed that which the State could have realized if it invested the same in time certificates of deposit. Income derived from the temporary use of moneys as provided herein shall be a realization of the general fund. Upon the eventual issuance and sale of the bonds, debt service shall be paid by the public undertaking, improvement or system as provided by law. [L 1947, c 167, pt of §1; am L 1949, c 342, pt of §1; RL 1955, pt of §132-13; am L Sp 1959 2d, c 1, §14; am L 1963, c 114, §1; HRS §36-25; am L 1978, c 116, §1; gen ch 1985]
Haw. Rev. Stat. § 39-6 — HI Code / Division 1 / Title 5 / Chapter 39 / Section 39-6
Premiums to general fund.
Status: in_force

The premiums received from the sale of any bonds issued pursuant to this part shall be a realization of the general fund of the State.
Haw. Rev. Stat. § 39A-155 — HI Code / Division 1 / Title 5 / Chapter 39A / Section 39A-155
Project agreement.
Status: in_force

No special purpose revenue bonds shall be issued unless at the time of issuance the department shall have entered into a project agreement with respect to the project for the financing of which the revenue bonds are to be issued. Any project agreement entered into by the department shall contain provisions unconditionally obligating the project party:

(1) To pay to the department during the period or term of the project agreement, exclusive of any renewal or extension thereof, and whether or not the project is used or occupied by the project party, the sum or sums, at the time or times, and in the amounts that shall be sufficient:

(A) To pay the principal and interest on all special purpose revenue bonds issued with respect to the project as the bonds become due, including any premium payable upon any required redemption of the bonds;

(B) To establish or maintain a reserve, if any, as may be required by the instrument authorizing or securing the special purpose revenue bonds;

(C) To pay all fees and expenses (including the fees and expenses of the paying agents and trustees) assessed in connection with the special purpose revenue bonds; and

(D) To pay the fees, costs, and expenses (direct or indirect) assessed by the department in administering the bonds or in carrying out the project agreement; and

(2) To operate, maintain, and repair the project as long as it is used as provided in the project agreement and to pay all costs of the operation, maintenance, and repair.

Moneys received by the department pursuant to paragraph (1)(D) shall not be, or be deemed to be, revenues of the project and shall be paid into the general fund of the State. [L 1981, c 122, pt of §2; am L 2007, c 44, §8]
Haw. Rev. Stat. § 37-113.1 — HI Code / Division 1 / Title 5 / Chapter 37 / Section 37-113.1
Council on revenues; estimate of total personal income.
Status: in_force

The council shall prepare an estimate of the total state personal income for the calendar year in progress and, when necessary, for the next succeeding calendar year for which such income has not been determined or published and shall report the estimate and any revision thereto to the director of finance, the governor, the chief justice, and the legislature each August 5 and November 5.
Haw. Rev. Stat. § 39A-225 — HI Code / Division 1 / Title 5 / Chapter 39A / Section 39A-225
Project agreement.
Status: in_force

No special purpose revenue bonds shall be issued unless at the time of issuance the department shall have entered into a project agreement with respect to the project for the financing or refinancing of which the revenue bonds are to be issued. Any project agreement entered into by the department shall contain provisions unconditionally obligating the project party:

(1) To pay to the department during the period or term of the project agreement, exclusive of any renewal or extension thereof and whether or not the project is used or occupied by the project party, the sum or sums, at the time or times, and in the amounts that shall be sufficient:

(A) To pay the principal and interest on all special purpose revenue bonds issued with respect to the project as the bonds become due, including any premium payable upon any required redemption of the bonds;

(B) To establish or maintain a reserve, if any, as may be required by the instrument authorizing or securing the special purpose revenue bonds;

(C) To pay all fees and expenses (including the fees and expenses of the paying agents and trustees) assessed in connection with the special purpose revenue bonds; and

(D) To pay the fees, costs, and expenses (direct or indirect) assessed by the department in administering the bonds or in carrying out the project agreement; and

(2) To operate, maintain, and repair the project as long as it is used in the provision of early childhood education and care to the general public, and to pay all costs of the operation, maintenance, and repair.

Moneys received by the department pursuant to paragraph (1)(D) shall not be, nor be deemed to be, revenues of the project and shall be paid into the general fund of the State. [L 1994, c 280, pt of §6; am L 2007, c 44, §12]
Haw. Rev. Stat. § 39A-264 — HI Code / Division 1 / Title 5 / Chapter 39A / Section 39A-264
Special purpose revenue bonds exempt from taxation.
Status: in_force

Special purpose revenue bonds and the income derived from the bonds issued pursuant to this part shall be exempt from all state, county, and municipal taxation, except for inheritance, transfer, and estate taxes.