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





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



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



On
demand after date the Director of Finance of the State of Hawaii will pay to
the order of..........................



.................. Dollars ($........) with
interest at %



a year, from date of issue
to date of redemption.



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



Director
of Finance



On redemption this warrant note will be charged
to.......



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



 



The governor and director shall determine the
rate of interest each director's warrant note shall pay, which interest shall
not be in excess of five per cent a year.



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



All the director's warrant notes shall be
issued upon the credit of the State, and the interest thereof shall be exempt
from taxation. [L 1898, c 39, pt of §26; RL 1925, pt of §1462; am L 1927, c
219, 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 Sp
1959 2d, c 1, §14; am L 1963, c 114, §1; HRS §40-63]