Financing agreements not a general obligation of State
HRS §37D-5
in effect37D-5. Financing agreements not a general obligation of State
Financing agreements shall:
(1) Not be obligations for which the full faith and
credit of the State, the department, or any agency are pledged; and
(2) Have no claim or lien on any revenues or other
moneys of the State, the department, or any agency except moneys appropriated
or otherwise held in trust for that purpose.
Financing agreements entered into under this chapter
shall not constitute "bonds" within the meaning of section 12 of
article VII of the Constitution of the State. No holder or holders of any
financing agreement entered into under this chapter shall have the right to
compel any exercise of taxing power of the State, the department, or any agency
to pay the financing agreements or the interest thereon and no moneys other
than amounts appropriated or otherwise held in trust for that purpose shall be
required to be applied to the payment thereof. Each financing agreement issued
under this chapter shall recite in substance that the agreement, including the
interest component thereof, shall not be an obligation for which the full faith
and credit of the State, the department, or any agency are pledged, and that
the financing agreement shall have no claim or lien on any revenues or other
moneys of the State, the department, or any agency except moneys appropriated
or otherwise held in trust for that purpose.
[L 1996, c 119, pt of §2; am L
2001, c 200, pt of §3; am L 2007, c 126, pt of §1]
Source: Hawaii State Legislature (capitol.hawaii.gov), via Internet Archive capturesURL: http://www.capitol.hawaii.gov/hrscurrent/Vol01_Ch0001-0042F/HRS0037D/HRS_0037D-0005.htmFetched: 11/10/2026