§40-63  Director's warrant notes.  Ifthere are not sufficient moneys applicable to the payment of the demands, thedirector of finance shall issue, in lieu thereof, a director's warrant note ornotes, equal in amount to the face value of the warrant or warrants sopresented for payment, note to be substantially in the following form:

Director of Finance Warrant Note No......................

Honolulu, Hawaii, ................................ 19....

Ondemand after date the Director of Finance of the State of Hawaii will pay tothe order of..........................

.................. Dollars ($........) withinterest at %

a year, from date of issueto date of redemption.

............................

Directorof Finance

On redemption this warrant note will be chargedto.......

.................................................... fund.

 

The governor and director shall determine therate of interest each director's warrant note shall pay, which interest shallnot be in excess of five per cent a year.

The director's warrant notes may be issued forthe combined face value of any number of warrants or director's warrant notespreviously issued against the same fund.  Except for those notes issued toredeem director's warrant notes previously issued, no warrant note shall beissued except in payment of a warrant or warrants presented for payment as inthis section provided.  The director shall cancel every warrant or warrant notepresented as hereinbefore mentioned.

All the director's warrant notes shall beissued upon the credit of the State, and the interest thereof shall be exemptfrom taxation. [L 1898, c 39, pt of §26; RL 1925, pt of §1462; am L 1927, c219, pt of §9; am L 1931, c 7, §1; RL 1935, pt of §588; am L 1935, c 57, pt of§1; RL 1945, pt of §1592; RL 1955, pt of §34-42; am L 1957, c 152, §1; am L Sp1959 2d, c 1, §14; am L 1963, c 114, §1; HRS §40-63]