§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.