Hawaii Revised Statutes 47-12 – Pledge of full faith and credit, unlimited taxation to pay principal and interest; satisfaction of judgment
Terms Used In Hawaii Revised Statutes 47-12
- 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
- Director of finance: means the director of finance of each county. 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
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
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, whether or not the pledge is stated in the bonds. For the payment of the principal and interest, the governing body shall levy ad valorem taxes without limitation as to rate or amount on all the real property subject to taxation by the county.
Should any county default in the payment of any judgment secured against the county, upon an action at law for the collection of the principal or interest, or any part of either thereof, of any bond of the county, the director of finance of the county shall thereafter reserve from the general revenues of the county, as soon as received, money sufficient to pay the judgment.