Hawaii Revised Statutes 47-13 – Exemption from taxes; first charge on general fund
Terms Used In Hawaii Revised Statutes 47-13
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Bonds: means bonds, notes, and other instruments of indebtedness. See Hawaii Revised Statutes 47-1
- County: means the counties of Hawaii, Kauai, and Maui and the city and county of Honolulu. See Hawaii Revised Statutes 47-1
- Governing body: means the council of each county, or any other body exercising the legislative powers of the county. See Hawaii Revised Statutes 47-1
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 inheritance, transfer, and estate taxes.
The interest and principal payments of bonds issued under this chapter shall be a first charge on the general fund of the county issuing same, and sufficient revenues shall be raised or provided from time to time by the county for the purpose of that payment. The governing body of any county issuing bonds under this chapter shall appropriate out of the general fund of the county all amounts necessary for the payment of the principal of and interest on the bonds as and when the same become due, and the appropriation shall be a paramount appropriation upon the general fund of the county issuing same.