Hawaii Revised Statutes
39. State Bonds
39-14 Federal tax exempt status; preference; protection.

§39-14 Federal tax exempt status; preference; protection. (a) 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 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 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 bonds, the interest on which may be included in gross income for federal income tax purposes.
(b) For the purpose of insuring that interest on 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 a project or program shall authorize or allow any change, amendment, or modification to a project or program financed or refinanced with the proceeds of the bonds which change, amendment, or modification thereto would affect the exclusion of interest on the bonds from gross income for federal income tax purposes unless the change, amendment, or modification shall have received the prior approval of the director of finance. Failure to receive the approval of the director of finance shall render any change, amendment, or modification void. [L 1988, c 28, pt of §3]

Structure Hawaii Revised Statutes

Hawaii Revised Statutes

Title 5. State Financial Administration

39. State Bonds

39-1 to 15 REPEALED. §39-1 Authorization to issue; amount.

39-2 Application of proceeds.

39-3 Allotments; appropriations.

39-4 Details of bonds.

39-5 Sale of bonds.

39-6 Premiums to general fund.

39-7 Form and execution of bonds.

39-8 Same, signatures.

39-9 CUSIP numbers.

39-10 Support facility for variable rate bonds.

39-11 Bonds tax exempt; first charge on general fund.

39-12 Payment, principal and interest.

39-13 Fiscal and paying agents and registrars.

39-14 Federal tax exempt status; preference; protection.

39-15 Bond anticipation notes.

39-16 Refunding bonds authorized.

39-17 Validation of proceedings.

39-18 Bonds negotiable, incontestable.

39-19 Aviation fuel tax, pledge.

39-31 to 34 REPEALED. §39-31 Duplicates.

39-32 Payment to be made.

39-33 Method of issuance and payment.

39-34 Disputed ownership.

39-51 to 70 REPEALED. §39-51 Definitions.

39-52 Declaration of policy.

39-53 Additional powers of departments.

39-54 Authorization of revenue bonds; details of revenue bonds.

39-55 Sale of revenue bonds.

39-56 Form and execution of revenue bonds.

39-57 Same, signatures.

39-58 CUSIP numbers.

39-59 Support facility for variable rate revenue bonds.

39-60 Covenants in resolution or certificate authorizing issuance of revenue bonds.

39-61 Rates, rentals, fees, and charges; undertakings and loan programs to be self-sustaining.

39-62 Use of revenue and user taxes by any undertaking, loan program, or the Hawaii hurricane relief fund.

39-63 Lien and charge of revenue bonds.

39-64 Revenue bonds not a general or moral obligation of State.

39-65 Undertaking, loan program, and revenue bonds exempt from taxation.

39-66 Federal tax-exempt status; preference; protection.

39-67 Revenue bonds legal investments.

39-68 Duties of the director.

39-69 Investment of reserves, etc.

39-70 Bond anticipation notes.

39-71 Refunding revenue obligations.

39-72 Transfers to department.

39-73 Consent of governmental agencies.

39-74 General laws applicable.

39-75 Construction.

39-76 Validation of proceedings.

39-91 to 99 REPEALED. §39-91 Definitions.

39-92 State debt limit statement.

39-93 Statement of total outstanding indebtedness of the State and the exclusions permitted therefrom.

39-94 Arrangement of statements and schedules and forms; incorporation.

39-125 to 131 REPEALED. §39-101 Renumbered §39A-1.

39-111 Legislative determination.

39-112 Legislative certification as to bonds issued for assessable improvements.

39-151 REPEALED. §39-151 Compound interest bond reserve fund.

39-161 Definitions.

39-162 Perfection of a security interest.

39-163 Priority of a security interest.

39-164 Enforcement of a security interest.