2023 Hawaii Revised Statutes › Title 6. County Organization and Administration › 49. Revenue Bonds › 49-6 Form and execution of revenue bonds.

§49-6 Form and execution of revenue bonds.
(a) Revenue bonds issued under this chapter shall be in such form as the governing body may determine, shall be lithographed or engraved, shall be manually signed by the director of finance or deputy director of finance, shall be countersigned with a lithographed or engraved facsimile of the signature of the mayor, and shall be sealed with the seal or a lithographed or engraved facsimile of the seal of the county. In addition, fully registered revenue bonds may be authenticated with the manual signature of the registrar, if any, thereunto duly appointed by the director of finance. Notwithstanding the preceding provisions of this section, the governing body may provide that revenue bonds issued under this chapter may be typewritten, printed, or otherwise reproduced, and that the signature of the mayor upon the revenue bonds may be the mayor's manual signature. The coupons pertaining to the revenue bonds shall be executed with the lithographed or engraved facsimile signatures of the mayor and the director of finance. In the case of a board, for purposes of this section, the member thereof who is the presiding officer or, if authorized by the board, the executive director, and such other officer of the board as is provided by the board, shall be deemed the mayor and the director of finance. Pending the preparation of the definitive revenue bonds, interim receipts or certificates in such form and with such provisions as the governing body may determine may be issued.
(b) 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 bonds had remained in office until the delivery of the revenue bonds to the initial purchasers thereof, and in the case of fully registered bonds upon any exchange or transfer between subsequent holders thereof notwithstanding that the term of office of the persons or any of them may have expired or they may otherwise have ceased to be officers before the delivery, exchange, or transfer. If the director of finance shall have designated a registrar for fully registered revenue bonds, the resolution authorizing the revenue bonds may provide that no fully registered revenue bond shall be valid or obligatory for any purpose unless certified or authenticated by the registrar. If the resolution provides, then all signatures of the officers of the county 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 such registrar. Any law to the contrary notwithstanding, if blanks of fully registered revenue bonds are 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 county appearing thereon shall be that of the persons in office at the time of initial delivery of the revenue bonds or that 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 authorizing the revenue bonds shall provide that the revenue bonds shall contain a recital that they are issued pursuant to this chapter, which recital shall be conclusive evidence of their validity and of the regularity of their issuance. [L 1989, c 80, pt of §3]