Hawaii Revised Statutes 206J-13 – State and political subdivisions not liable on bonds
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Terms Used In Hawaii Revised Statutes 206J-13
- Bonds: means revenue bonds, special facilities revenue bonds, notes, or other instruments of indebtedness of the development corporation issued under this chapter and shall include refunding bonds. See Hawaii Revised Statutes 206J-2
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Development corporation: means the Aloha Tower development corporation established by section 206J-4. See Hawaii Revised Statutes 206J-2
The bonds and other obligations of the development corporation (and such bonds and obligations shall so state on their face) shall not be a debt of the State or of any political subdivision; neither the State nor any political subdivision shall be liable thereon, nor in any event shall they be payable solely out of funds or properties other than those of the development corporation pledged thereto.