Haw. Rev. Stat. § 206-23: Exemption from taxation and assessments.

The board of land and natural resources and its property, until resold or leased, shall be exempt from any and all taxes and assessments. Bonds, notes, debentures, and other evidences of indebtedness of the board are declared to be issued for a public purpose and to be public instrumentalities and, together with interest thereon, shall be exempt from taxes.