Chapter 47 — [Old]

PART I. GENERAL OBLIGATION BONDS §47-1 Definitions. As used in this chapter: "Bonds" means bonds, notes, and other instruments of indebtedness. "County" means the counties of Hawaii, Kauai, and Maui and the city and county of Honolulu. "Director of finance" means the director of …

§47-10 CUSIP numbers. Unless the governing body shall otherwise direct, the director of finance of the county in the director's discretion, may provide that CUSIP identification numbers shall be imprinted on bonds issued under the authority of this chapter. In the event the numbe…

§47-11 Support facility for variable rate bonds. If bonds issued pursuant to this chapter are issued bearing interest at a rate or rates which vary from time to time or with a right of holders to tender the bonds for purchase, or both, the director of finance with the approval of…

§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, wheth…

§47-13 Exemption from taxes; first charge on general fund. All bonds heretofore or hereafter issued under the authority of this chapter and the income therefrom shall be exempt from any and all taxation by the State or any county or other political subdivision thereof, except inh…

§47-14 Federal tax-exempt status; preference; protection. Bonds issued under this chapter, to the extent practicable, shall be issued so as to comply with requirements imposed by valid federal law providing that the interest on those bonds shall be excluded from gross income for …

§47-15 Payment by director of finance. The director of finance of the county shall pay the principal of the bonds at maturity and the interest thereon as and when the same become due at the place or places and in the manner prescribed for the payment under this chapter and the pr…

§47-16 Bond anticipation notes. Whenever the governing body of the county shall have authorized the issuance of bonds under this chapter, general obligation bond anticipation notes of the county are hereby authorized to be issued in anticipation of the issuance of the bonds and o…

§47-17 Refunding bonds authorized. For the purpose of refunding all or any portion of the present and future bonded indebtedness of any county issued pursuant to this chapter or bonds payable from the revenue of an undertaking or loan program as defined in section 49-1, the direc…

§47-18 Action on default. In case of any default in the payment of the principal of any bonds at maturity or of the interest thereon when the same becomes due, the holder of any of the bonds on which any default is made may bring an action at law against the county making the def…

§47-19 Service on garnishee. Service of process upon the garnishee may be made as follows:

§47-2 Issuance authorized; limitation. Each county in the State shall have the power and is hereby authorized to issue general obligation bonds of the county within the limitations, for the purposes, upon the terms and conditions, and in the manner, provided in this part. The tot…

§47-20 Garnishee to withhold funds. It shall not be incumbent on the garnishee to appear and answer the process, but the trial of the action shall proceed in all respects as if the garnishee had not been made a party. From the time of service upon the garnishee, it shall be unlaw…

§47-21 Certificate furnished garnishee. After final judgment or determination of the action, the party prevailing shall obtain from the court by which the final judgment or determination was made, a certificate, which shall sufficiently describe the action to apprise the garnishe…

§47-22 Garnishee to satisfy judgment. If final judgment is rendered against defendant in the action, garnishee shall immediately thereafter draw, sign, and deliver to the plaintiff or plaintiffs a warrant or warrants for the sum held by the garnishee in obedience to service of pr…

§47-23 Successive actions. In case of successive actions being so brought against the same county defendant, precedence shall be given by the garnishee to that in which process is first served on the garnishee; and if two or more processes are simultaneously served, precedence sh…

§47-24 Validation of proceedings. All proceedings heretofore taken with respect to the contracting of general obligation bonded indebtedness and the issuance, sale, execution and delivery of bonds by or on behalf of a county, are hereby validated, ratified, approved and confirmed…

§47-25 Bonds negotiable, incontestable. This chapter, without reference to any other law, shall be full authority to issue, exchange, or sell bonds of the county, and the bonds and all interim receipts or certificates shall have all the qualities of negotiable paper under state l…

§47-26 Provisions of chapter controlling. Insofar as the provisions of this chapter are inconsistent with the provisions of any law or charter, the provisions of this chapter shall be controlling. The powers conferred by this chapter shall be in addition and supplemental to the p…

§47-3 Purpose of issuance. Bonds issued pursuant to this chapter shall be issued for public improvements of the county and such other purposes as may from time to time be authorized by other provisions of general law, including without limitation, special improvements the cost of…

PART II. SINKING FUNDS §47-31 Sinking fund. The director of finance of each county shall establish as a special deposit in the treasury of the county a sinking fund with which to pay any present or future bonded indebtedness of the county issued under this chapter in the form com…

§47-32 Retirement of bonds from sinking fund money. The director of finance, without further authorization or direction, shall apply money on deposit to a sinking fund to redeem bonds at such times and in such amounts as is required by the proceedings authorizing the bonds. The d…

§47-33 Purchase of bonds, when. Provided it can be shown to be to the financial advantage of the county, whenever there are any moneys on deposit in the sinking fund in excess of the amount needed for the redemption of any bonds then matured or required to be redeemed, the direct…

§47-4 Bonds for revenue-producing undertakings. General obligation bonds may be issued under this chapter for an undertaking or loan program as defined in section 49-1 or for any other undertaking or purpose for which the bonds are authorized to be issued by other provisions of g…

PART III. LOST, STOLEN, DESTROYED, DEFACED BONDS AND COUPONS §47-41 Request for replacement or payment. Any party claiming ownership of a bond issued by a county or any interest coupon appertaining to any bond of that county and which bond, coupon, or both, as the case may be, ha…

§47-42 Issuance of duplicate. (a) When the director of finance is satisfied that the bond, coupon, or both, as the case may be, is in fact lost, stolen, destroyed, wholly or in part, or defaced and that the claimant is the legal and beneficial owner of such bond, coupon, or both,…

§47-43 Payment to be made. If a lost, stolen, destroyed or defaced bond, coupon or both, as the case may be, has matured, has been called for redemption or is due, as the case may be, at the time of request for replacement of such bond, coupon or both, as the case may be, the dir…

§47-44 Issuance of transferable certificate. If a lost, stolen, destroyed, wholly or in part, or defaced bond, coupon or both, as the case may be, will mature, will be called for redemption or will become due, as the case may be, within a period of one year from the date of reque…

§47-45 Condition of replacement or payment. The director of finance shall not provide for the issuance of a replacement for or the payment of the lost, stolen, destroyed, wholly or in part, or defaced bond, coupon, or both, as the case may be, unless the claimant shall have execu…

§47-46 Disputed ownership. If there are two or more claimants claiming adversely, each to the other or others, to be the owner in due course of a bond, coupon, or both, as the case may be, alleged to have been lost, stolen, destroyed, or defaced, the director of finance, in the d…

§47-5 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:

§47-6 Method of authorization. All bonds of a county issued pursuant to this chapter must be authorized by the governing body of the county issuing same, and shall be authorized by an ordinance or resolution of the governing body, which ordinance or resolution may relate to more …

§47-7 Details of bonds. (a) The director of finance of the county, upon authorization of its governing body, may issue from time to time and in accordance with this chapter, bonds of the county authorized for issuance by the governing body thereof. All bonds issued under authorit…

§47-8 Sale of bonds. (a) The director of finance may make such arrangements as may be necessary or proper for the sale of each issue of bonds or part thereof as are issued under this chapter, including, without limitation, arranging for the preparation and printing of the bonds, …

§47-9 Form and execution of bonds. (a) All bonds issued under this chapter shall be lithographed or steel engraved, shall bear the manual signature of the director of finance or the deputy director of finance of the county, shall bear the manual or lithographed or engraved facsim…