§10-25.1 Federal tax-exempt status; preference; protection. (a) 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 revenue bonds shall be excluded from gross income for federal income tax purposes (except as certain minimum taxes or environmental taxes may apply). The board is authorized to enter into agreements, establish funds or accounts, and take any action required in order to comply with applicable federal law. Nothing in this part or this chapter shall be deemed to prohibit the issuance of revenue bonds, the interest on which may be included in gross income for federal income tax purposes.
(b) For the purpose of ensuring that interest on revenue bonds issued pursuant to this part which 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 so excluded, no state officer or employee, or user of an undertaking or loan program shall authorize or allow any change, amendment, or modification to an undertaking or loan program financed or refinanced with the proceeds of revenue bonds which change, amendment, or modification thereto would affect the exclusion of interest on those revenue bonds from gross income for federal income tax purposes unless the change, amendment, or modification shall have received the prior approval of the board. Failure to receive the approval of the board shall render any change, amendment, or modification void. [L 2013, c 171, §1]
Structure Hawaii Revised Statutes
10. Office of Hawaiian Affairs
10-4 Office of Hawaiian affairs; established; general powers.
10-4.5 Authority over disbursements
10-5 Board of trustees; powers and duties.
10-6 General duties of the board.
10-8 Organization; quorum; meeting.
10-9 Salaries; benefit; expenses.
10-9.5 Salary commission; established.
10-10 Administrator; appointment, tenure, removal.
10-11 Salary of the administrator.
10-13 Appropriations; accounts; reports.
10-13.5 Use of public land trust proceeds.
10-17 Grants; conditions and qualifications.
10-18 Hui `Imi advisory council.
10-23 Authorization of office projects and loan programs; issuance of revenue bonds.
10-24 Revenue bond anticipation notes.
10-25.1 Federal tax-exempt status; preference; protection.
10-27 Covenants in resolution authorizing revenue bonds.
10-30 Payment and security of revenue bonds; revenue bonds not a debt of the State.
10-31 Office of Hawaiian affairs projects and loan programs to be self-supporting.
10-32 Office of Hawaiian affairs projects, loan programs, and bonds exempt from taxation.
10-33 Powers herein, additional to other powers.
10-34 Funding and refunding bonds; authorization and purpose.
10-35 Funding and refunding bonds; principal amount.
10-36 Limitation of authority.