Use of proceeds
HRS §47-5
in effect47-5. Use of proceeds
The proceeds of the bonds issued under this chapter shall be exclusively devoted to the purposes for which the same are issued; provided, however, that:
(1) By an affirmative vote of two-thirds of all of
the members of the governing body, that part of the proceeds which is
determined to be in excess of the amounts required for the purposes for which
the bonds were initially issued, or which may not be applied to those purposes,
or which the governing body deems should not be applied to those purposes, may
be applied to those other public improvements or authorized purposes of the
county as the governing body may determine, or may be applied to the redemption
or retirement of bonds of the county issued pursuant to this chapter;
(2) A determination by the governing body that the
proceeds of a particular series or issue of bonds should not be applied to a
particular purpose shall not prohibit the application of the proceeds of a
subsequent series or issue of bonds to such purpose; and
(3) The actual use and application of the proceeds of
bonds issued pursuant to this chapter shall not in any way affect the validity
or legality of those bonds.
[L 1989, c 80, pt of §2; am L 1993, c 6, §5]
Source: Hawaii State Legislature (capitol.hawaii.gov), via Internet Archive capturesURL: http://www.capitol.hawaii.gov/hrscurrent/Vol02_Ch0046-0115/HRS0047/HRS_0047-0005.htmFetched: 11/10/2026