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



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



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



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



The director shall also retain from time to time
sufficient amounts to reimburse the State for the costs of assessment and
collection of real property taxes incurred by the State, as provided for in
section 246-50 to become a general fund realization of the State, and the
director shall then pay the remaining balance to the director of finance of
such county, as soon as possible after the property taxes have been paid into
the state treasury, or after the disposition of any tax appeal, as the case may
be.  The county director of finance shall, unless allotments for the purposes
hereinafter stated are made from the county's share of the state general fund
when received by the county, allot from such balance of property taxes, from
time to time, sufficient for the annual service charges (interest on term and
serial bonds, sinking fund for term bonds, and principal of all serial bonds
maturing the following year), for county bonds (except bonds issued prior to
January 1, 1945, for highway purposes), and also for other amounts
specified or required by law, and shall keep such allotments in special
accounts for use for such purposes only.



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



Except as hereinabove provided, the property
taxes paid over to the county director of finance shall be a general fund
revenue of the county, and shall be expended or allotted as authorized by the
council. [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; RL
1955, §129-8; am L Sp 1957, c 1, §15(a)(6); am L Sp 1959 2d, c 1, §14; am L
1963, c 114, §1; am L 1965, c 155, §§29, 37; HRS §248-5]