The board of land and natural resources may issue revenue bonds, and also refunding bonds for the purpose of paying or retiring bonds previously issued, from time to time, in such amounts as it may deem advisable for the purpose of this chapter. The board may issue such types of bonds as it may determine, including bonds on which the principal and interest are payable:

(1) Exclusively from the income and revenues of the development project financed with the proceeds of the bonds or with the proceeds together with a grant from the federal government in aid of the project; or

Terms Used In Hawaii Revised Statutes 206-27

(2) Exclusively from the income and revenues of certain designated development projects, whether or not they were financed in whole or in part with the proceeds of such bonds. Any such bonds may be additionally secured by a pledge of any revenues of any project or projects.

Neither the members of the board nor any person executing the bonds shall be liable personally on the bonds by reason of the issuance thereof.

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