§39-57 Same, signatures. 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]
Structure Hawaii Revised Statutes
Title 5. State Financial Administration
39-1 to 15 REPEALED. §39-1 Authorization to issue; amount.
39-3 Allotments; appropriations.
39-6 Premiums to general fund.
39-7 Form and execution of bonds.
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.
39-33 Method of issuance and payment.
39-51 to 70 REPEALED. §39-51 Definitions.
39-53 Additional powers of departments.
39-54 Authorization of revenue bonds; details of revenue bonds.
39-56 Form and execution of revenue bonds.
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.
39-63 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.
39-69 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.
39-76 Validation of proceedings.
39-91 to 99 REPEALED. §39-91 Definitions.
39-92 State debt limit statement.
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.
39-162 Perfection of a security interest.