Haw. Rev. Stat. § 201H-72: Issuance of bonds for the development of infrastructure.

(a) Without limiting section 201H-71, the corporation, pursuant to and in accordance with this subpart, section 46-80.1(a), or section 201H-191.5, may issue bonds for the purpose of financing the development of infrastructure for:

(1) Land owned by the corporation or land owned by an eligible developer as defined in section 201H-32, whose housing project approval by a state or county agency requires the construction of affordable housing; and

(2) Regional state infrastructure projects under section 201H-191.5.

(b) All bonds issued by the corporation for improvements by assessments, and the interest thereon, shall be exempt from all state, county, and municipal taxation, except inheritance, transfer, and estate taxes.