§36-24  Loans to state and county agencies. When there are moneys in the general, special, or revolving funds of the Statewhich in the director of finance's judgment are in excess of the amountsnecessary for the immediate state requirements, the director may make temporaryloans therefrom to the employees retirement system, the board of water supplyof the city and county of Honolulu, the Hawaii housing finance and development corporation,or to any state or county department, board, commission, officer, authority, oragency authorized under the laws of the State to issue bonds, or to the severalcounties, if in the director's judgment the action will not impede or hamperthe necessary financial operations of the State.  The loans to any county shallnot at any time be more than $100,000 over the amount of tax moneys which thedirector estimates will be paid by the director to the county during thebalance of the calendar year, provided that in the case of the city and countyof Honolulu the loans may be made up to $250,000 over the amount of tax moneyswhich the director estimates will be paid by the director to the city andcounty during the balance of the calendar year.  The loans to otherorganizations shall not at any time exceed the amount of moneys which thedirector estimates the organization will be in receipt of, from bond funds orother sources, during the twelve months following the loan.  The loans shall bewithout interest.  Loans to counties shall be made only upon the request of thecounty treasurer approved by the county council.  All loans shall be repaidupon the demand of the director.  In the absence of any demand, loans tocounties shall be repaid before June 30 of the following year, pursuant to thefollowing procedure:  from time to time as tax moneys which are payable to theborrowing county are deposited into the treasury, the director shall retaintherefrom sufficient moneys to cover the amounts of all loans, and shallreimburse 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 ch1985; am L 1987, c 337, §3; am L 1997, c 350, §14; am L 2005, c 196, §26(b); amL 2006, c 180, §16]

 

Revision Note

 

  "Council" substituted for "board ofsupervisors".

 

Cross References

 

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

 

Attorney General Opinions

 

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