§88-126  Payment of county contributions to
the system.  (a)  Commencing with fiscal year 2005-2006, each of the
counties shall make contributions in accordance with section 88-123.  The
amounts payable under this part by each county on account of its employees who
are members of the system shall be paid by the county as follows:



(1)  Before October 31, 2005, for the period from July
1, 2005, through September 30, 2005; and



(2)  Commencing October 1, 2005, each county shall pay
on a monthly basis the amounts payable by the county under this part on account
of its employees who are members of the system.  Payments shall be made within
thirty days after the end of the month.



(b)  The system shall determine the actual
amount owed by a county under this part for each fiscal quarter, beginning with
the first fiscal quarter of fiscal year 2005-2006.  The actual amounts owed by
the county for the fiscal quarter shall be compared against the amounts paid in
the fiscal quarter.  Any additional contributions owed by the county for a
fiscal quarter shall be paid before the end of the next fiscal quarter.  Any
excess contributions by the county may be used to offset amounts owed by the
county for the next fiscal quarter.



(c)  If the amount or any portion of the
amounts owed is not paid by the county before the dates specified in subsection
(a), the director of finance shall retain out of the transient accommodations
tax money collected a sum equal to the amount or portion thereof not so paid. 
All the moneys retained and collected by the director of finance shall be
deposited in the appropriate fund or funds of the system.  The amount of any
deficiency in meeting the obligations shall be added to the amount due from the
county for the succeeding quarter. [L 1925, c 55, §8; am imp L 1927, c 251, §4;
am imp L 1929, c 182, §1; am imp L 1932 2d, c 50, §1; am L 1933, c 181; am L Sp
1933, c 10, §§2, 3; RL 1935, §7927; am L 1935, c 48, §§2, 4; am L Sp 1941, c
67, §1; RL 1945, pt of §712; RL 1955, §6-102; am L 1957, c 152, §1; am L Sp
1959 2d, c 1, §§12, 14; am L 1963, c 114, §1; HRS §88-117; am L 1969, c 110, pt
of §1; am L 1994, c 138, §2; am L 1998, c 151, §17; am L 2004, c 181, §6; am L
2005, c 58, §16]