§248-5  Property taxes, disposition ofproceeds.  All property taxes shall be paid into the state treasury eachmonth within ten days after collection.  Out of such taxes paid into the statetreasury from each county, the director of finance shall retain from time totime in special accounts, and shall apply for the specified purposes,sufficient amounts to pay:

(1)  Annual service charges (interest on serial bondsand principal of serial bonds maturing the following year) for state bondsissued for the purposes of that county, except highway bonds issued prior toJanuary 1, 1945;

(2)  The county's annual contributions to the stateemployees retirement system; and

(3)  For any other purpose for which the director isrequired to retain county revenues.

The director shall also retain from time to timesufficient amounts to reimburse the State for the costs of assessment andcollection of real property taxes incurred by the State, as provided for insection 246-50 to become a general fund realization of the State, and thedirector shall then pay the remaining balance to the director of finance ofsuch county, as soon as possible after the property taxes have been paid intothe state treasury, or after the disposition of any tax appeal, as the case maybe.  The county director of finance shall, unless allotments for the purposeshereinafter stated are made from the county's share of the state general fundwhen received by the county, allot from such balance of property taxes, fromtime to time, sufficient for the annual service charges (interest on term andserial bonds, sinking fund for term bonds, and principal of all serial bondsmaturing the following year), for county bonds (except bonds issued prior toJanuary 1, 1945, for highway purposes), and also for other amountsspecified or required by law, and shall keep such allotments in specialaccounts for use for such purposes only.

If at any time there shall be insufficientmoneys for the purposes of any special account, moneys in the general accountof the State or county, as the case may be, may be used for such purposes, inwhich case the general account may later be reimbursed by transfers from suchspecial account.

Except as hereinabove provided, the propertytaxes paid over to the county director of finance shall be a general fundrevenue of the county, and shall be expended or allotted as authorized by thecouncil. [L 1932 2d, c 40, pt of §71; am L 1933, c 203, §1; RL 1935, pt of§1922; am L 1935, c 191, §2; am L 1937, c 172, pt of §2; RL 1945, pt of §5254;am L 1947, c 111, pt of §3; am L Sp 1949, c 49, §1; am L 1951, c 250, §2; RL1955, §129-8; am L Sp 1957, c 1, §15(a)(6); am L Sp 1959 2d, c 1, §14; am L1963, c 114, §1; am L 1965, c 155, §§29, 37; HRS §248-5]