§36-25 Transfers to loan fund; interest. (a) When there are excess moneys, as provided in section 36-21, the director of finance may make temporary transfers of the moneys to the loan fund for the temporary uses thereof. The total of the transfers to the loan fund shall not exceed the sum of unissued general obligation bonds of the State as authorized by the legislature. The general, special, or revolving funds shall be reimbursed from the proceeds of bond sales upon the eventual issuance and sale of the bonds.
(b) The director of finance may, in the director's discretion, require payment of interest on any moneys, including loan fund moneys, used to fund any expenditure as provided in any act of the legislature for which general obligation bonds have been authorized but unissued, the debt service of which is required to be repaid from revenues, user taxes or a combination of both, of the public undertaking, improvement or system. Interest shall be paid by the public undertaking, improvement or system which incurred such expenditures and shall be computed on the aggregate amount of moneys used by that public undertaking, improvement or system on a monthly basis as determined and reported by the comptroller of the State; provided that the rate of interest shall not exceed that which the State could have realized if it invested the same in time certificates of deposit. Income derived from the temporary use of moneys as provided herein shall be a realization of the general fund. Upon the eventual issuance and sale of the bonds, debt service shall be paid by the public undertaking, improvement or system as provided by law. [L 1947, c 167, pt of §1; am L 1949, c 342, pt of §1; RL 1955, pt of §132-13; am L Sp 1959 2d, c 1, §14; am L 1963, c 114, §1; HRS §36-25; am L 1978, c 116, §1; gen ch 1985]
Cross References
Transfer for revenue bond purposes, see §39-72.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.