§47-12 Pledge of full faith and credit, unlimited taxation to pay principal and interest; satisfaction of judgment. The full faith and credit of the county shall be pledged to the payment of the principal of and interest on the bonds issued by the county under this chapter, whether or not the pledge is stated in the bonds. For the payment of the principal and interest, the governing body shall levy ad valorem taxes without limitation as to rate or amount on all the real property subject to taxation by the county.
Should any county default in the payment of any judgment secured against the county, upon an action at law for the collection of the principal or interest, or any part of either thereof, of any bond of the county, the director of finance of the county shall thereafter reserve from the general revenues of the county, as soon as received, money sufficient to pay the judgment. [L 1989, c 80, pt of §2]
Structure Hawaii Revised Statutes
Title 6. County Organization and Administration
47-2 Issuance authorized; limitation.
47-4 Bonds for revenue-producing undertakings.
47-9 Form and execution of bonds.
47-11 Support facility for variable rate bonds.
47-13 Exemption from taxes; first charge on general fund.
47-14 Federal tax-exempt status; preference; protection.
47-15 Payment by director of finance.
47-16 Bond anticipation notes.
47-17 Refunding bonds authorized.
47-20 Garnishee to withhold funds.
47-21 Certificate furnished garnishee.
47-22 Garnishee to satisfy judgment.
47-24 Validation of proceedings.
47-25 Bonds negotiable, incontestable.
47-26 Provisions of chapter controlling.
47-32 Retirement of bonds from sinking fund money.
47-33 Purchase of bonds, when.
47-41 Request for replacement or payment.
47-44 Issuance of transferable certificate.