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

(1)  Before October 31, 2005, for the period from July1, 2005, through September 30, 2005; and

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

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

(c)  If the amount or any portion of theamounts owed is not paid by the county before the dates specified in subsection(a), the director of finance shall retain out of the transient accommodationstax 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 bedeposited in the appropriate fund or funds of the system.  The amount of anydeficiency in meeting the obligations shall be added to the amount due from thecounty 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 Sp1933, c 10, §§2, 3; RL 1935, §7927; am L 1935, c 48, §§2, 4; am L Sp 1941, c67, §1; RL 1945, pt of §712; RL 1955, §6-102; am L 1957, c 152, §1; am L Sp1959 2d, c 1, §§12, 14; am L 1963, c 114, §1; HRS §88-117; am L 1969, c 110, ptof §1; am L 1994, c 138, §2; am L 1998, c 151, §17; am L 2004, c 181, §6; am L2005, c 58, §16]