§36-29  Transfer from harbor special fund. Any other law to the contrary notwithstanding, there shall be deducted fromtime to time by the director of finance for the purpose of defraying theprorated estimate of central service expenses of government in relation to theharbor special fund five per cent of all receipts and deposits in the harborspecial fund after deducting therefrom any amounts pledged, charged, orencumbered for the payment of bonds or interest thereon during the currentyear, from which receipts or deposits no deduction of five per cent haspreviously been made.  The deductions shall be transferred to the general fundof the State and become general realizations of the State.  For the purposes ofthis section, the term "any amount pledged, charged, or encumbered for thepayment of bonds or interest thereon during the current year" shallinclude:

(1)  Amounts which are so pledged, charged orencumbered;

(2)  Amounts otherwise required to be applied to thepayment of principal of and interest on revenue bonds or other revenueobligations;

(3)  Amounts required to be paid into a separatespecial fund for the payment of principal of and interest on revenue bonds orother revenue obligations payable from the second separate special fund; and

(4)  Amounts required by law to be paid from theharbor special fund into the general fund of the State to reimburse the generalfund for bond requirements for general obligation bonds issued for harborpurposes.

The second separate special fund maintained bydeposits from the harbor special fund shall not be deemed to be a special fundwithin the meaning of section 36-27 or section 36-30.  The director oftransportation shall cooperate with the director of finance in effecting thetransfer. [L 1955, c 247, §3; RL 1955, §132-18; am L Sp 1959 2d, c 1, §§14, 26;am L 1963, c 114, §1; am L 1967, c 221, §7; HRS §36-29]

 

Cross References

 

  Harbor special fund, see §266-19.