Haw. Code R. § 15-165-6
Specific provisions of section 2016-161, HRS, authorize the corporation to issue securities from time to time in the name of the corporation (and not in the name of the State) in such amounts as may be necessary to provide financing for mortgage loans and housing projects as authorized and approved by the corporation under section 2016-243, HRS. Except as provided in sections 2016-161, 2016-164 through 2016-167, 2016-170, HRS, the securities shall be issued pursuant to part III of chapter 39, HRS. The corporation is authorized to assign eligible loans to the trustee as security for the payment of the corporation's securities pursuant to a trust indenture or such other security agreement required by the trustee. All issuances of securities by the corporation shall be made only with the approval of the governor.
Haw. Code R. § 15-165-6