§36-25  Transfers to loan fund; interest. (a)  When there are excess moneys, as provided in section 36-21, the directorof finance may make temporary transfers of the moneys to the loan fund for thetemporary uses thereof.  The total of the transfers to the loan fund shall notexceed the sum of unissued general obligation bonds of the State as authorizedby the legislature.  The general, special, or revolving funds shall bereimbursed from the proceeds of bond sales upon the eventual issuance and saleof the bonds.

(b)  The director of finance may, in thedirector's discretion, require payment of interest on any moneys, includingloan fund moneys, used to fund any expenditure as provided in any act of thelegislature for which general obligation bonds have been authorized butunissued, the debt service of which is required to be repaid from revenues,user taxes or a combination of both, of the public undertaking, improvement orsystem.  Interest shall be paid by the public undertaking, improvement or systemwhich incurred such expenditures and shall be computed on the aggregate amountof moneys used by that public undertaking, improvement or system on a monthlybasis as determined and reported by the comptroller of the State; provided thatthe rate of interest shall not exceed that which the State could have realizedif it invested the same in time certificates of deposit.  Income derived fromthe temporary use of moneys as provided herein shall be a realization of thegeneral fund.  Upon the eventual issuance and sale of the bonds, debt serviceshall be paid by the public undertaking, improvement or system as provided bylaw. [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 L1978, c 116, §1; gen ch 1985]

 

Cross References

 

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