§10‑34 Funding and refunding bonds; authorization and purpose.
HRS §10-34
in effect10-34. §10‑34 Funding and refunding bonds;
authorization and purpose.
The board, without further authorization from
the legislature, may provide for the issuance of revenue bonds (herein referred
to as refunding bonds) for the purpose of refunding, redeeming, or retiring at
or at any time before maturity or at any time before the first date upon which
the outstanding bonds to be refunded may be called for redemption, any bonds
issued under this part, including any bonds which the holders may consent to be
paid or refunded even though the bonds are not matured or are not callable or
redeemable, and for the purpose of funding indebtedness not evidenced by
revenue bonds but which was incurred for purposes for which revenue bonds may
be issued pursuant to this part. The rate or rates of interest borne by the
refunding bonds shall not be affected or limited by the rate or rates of
interest borne by the bonds to be refunded or the indebtedness to be funded.
All provisions of this part applicable to the issuance of revenue bonds shall
be complied with in the issuance of refunding bonds. Refunding bonds shall be
sold as provided in section 10‑25, or the board may, in its discretion,
provide for the exchange of refunding bonds for a like principal amount of
outstanding bonds for the refunding of which the issuance of such refunding
bonds has been authorized, whether or not the interest rate on the refunding
bonds is higher than the interest rate on the bonds refunded thereby.
[L 1994,
c 283, pt of §2(2); am L 2013, c 171, §13]
Source: Hawaii State Legislature (capitol.hawaii.gov), via Internet Archive capturesURL: http://www.capitol.hawaii.gov/hrscurrent/Vol01_Ch0001-0042F/HRS0010/HRS_0010-0034.htmFetched: 11/10/2026