§36-24  Loans to state and county agencies. 
When there are moneys in the general, special, or revolving funds of the State
which in the director of finance's judgment are in excess of the amounts
necessary for the immediate state requirements, the director may make temporary
loans therefrom to the employees retirement system, the board of water supply
of the city and county of Honolulu, the Hawaii housing finance and development corporation,
or to any state or county department, board, commission, officer, authority, or
agency authorized under the laws of the State to issue bonds, or to the several
counties, if in the director's judgment the action will not impede or hamper
the necessary financial operations of the State.  The loans to any county shall
not at any time be more than $100,000 over the amount of tax moneys which the
director estimates will be paid by the director to the county during the
balance of the calendar year, provided that in the case of the city and county
of Honolulu the loans may be made up to $250,000 over the amount of tax moneys
which the director estimates will be paid by the director to the city and
county during the balance of the calendar year.  The loans to other
organizations shall not at any time exceed the amount of moneys which the
director estimates the organization will be in receipt of, from bond funds or
other sources, during the twelve months following the loan.  The loans shall be
without interest.  Loans to counties shall be made only upon the request of the
county treasurer approved by the county council.  All loans shall be repaid
upon the demand of the director.  In the absence of any demand, loans to
counties shall be repaid before June 30 of the following year, pursuant to the
following procedure:  from time to time as tax moneys which are payable to the
borrowing county are deposited into the treasury, the director shall retain
therefrom sufficient moneys to cover the amounts of all loans, and shall
reimburse the general, special, or revolving funds therewith. [L 1945, c 133,
§1; am 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 §36-24; gen ch
1985; am L 1987, c 337, §3; am L 1997, c 350, §14; am L 2005, c 196, §26(b); am
L 2006, c 180, §16]



 



Revision Note



 



  "Council" substituted for "board of
supervisors".



 



Cross References



 



  Transfer for revenue bond purposes, see §39-72.



 



Attorney General Opinions



 



  Agencies eligible for loans; amount.  Att. Gen. Op. 63-24.