§206-27  Bonds.  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



(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. [L 1961, c 6, §25; Supp, §98J-25; HRS §206-27]