Title 5, State Financial Administration

§38-10 Interest on loan funds. All unexpended balances of state loan funds which have been allotted to the several counties for local improvements, and also all state loan funds which are so allotted, shall be deposited by the director in a depository in separate accounts. All in…

§38-2 Authorized; conditions. (a) All moneys in the state treasury may be deposited by the director to the credit of the State in any depository which the director, with the approval of the governor, may select, pursuant to this section, and any sums so deposited shall be deemed …

§38-3 Securities for protection of funds deposited. For the protection of funds deposited by the director under this chapter, the following securities shall be deposited with the director, or with banks in the continental United States, or with financial institutions with trust p…

§38-4 Provisions of depository contracts. Any acceptance by a depository of treasury moneys shall constitute an acceptance of the provisions of sections 38-2 and 38-3, and those provisions shall be deemed a part of and incorporated into the contract of deposit without any necessi…

§38-5 Indemnity bond from depository. The director with the approval of the governor, shall, if in the director's judgment it appears necessary for the security of the State, require the depository to give indemnity bonds, the sureties on which shall not be interested as stockhol…

§38-6 Certificates of deposit, deposit receipts. At the time of depositing state money in any depository, the director shall take certificates of deposit payable to the director in such sums as the director deems advisable, or a receipt showing that the deposit is subject to chec…

§38-7 Responsibility of director. The director shall not be responsible for any moneys deposited in a depository under this chapter, but the State through its director shall be chargeable with the safekeeping of the bonds deposited with the director as security for deposits of st…

§38-8 Additional responsibility. The State through its director shall be chargeable with the safekeeping of the securities deposited with the director by the treasurers of the several counties under section 46-52. [L 1970, c 51, pt of §1; gen ch 1985]

§39-1 Authorization to issue; amount. The director of finance of the State, with the approval of the governor, may issue from time to time general obligation bonds of the State, to an amount not exceeding the total amount of those bonds authorized to be issued by acts of the legi…

§39-10 Support facility for variable rate bonds. If bonds issued pursuant to this part are issued bearing interest at a rate or rates which vary from time to time and with a right of holders to tender the bonds for purchase, the director of finance, with the approval of the gover…

§39-11 Bonds tax exempt; first charge on general fund. All bonds issued pursuant to this part and the income therefrom shall be exempt from all taxation by the State or any county or other political subdivision thereof, except inheritance, transfer, and estate taxes. Interest and…

[PART VI.] LEGISLATIVE DETERMINATION AND LEGISLATIVE CERTIFICATION AS TO BONDS ISSUED FOR ASSESSABLE IMPROVEMENTS §39-111 Legislative determination. The provisions of this section shall be applicable to all computations and determinations required in the declaration of findings r…

§39-112 Legislative certification as to bonds issued for assessable improvements. The legislature finds, determines, and certifies that (1) there are no bonds of the State issued, the only security for which is the properties benefited or improved or the assessments thereon; and …

§39-12 Payment, principal and interest. When bonds issued pursuant to this part and the several interest amounts mature, the director of finance shall pay the same. If the bonds or interest are made payable elsewhere than at the office of the director of finance, the director of …

§39-13 Fiscal and paying agents and registrars. The director of finance may appoint, with the approval of the governor, such fiscal agents, paying agents and registrars, within and without the State, as may be necessary and expedient to facilitate the sale, purchase, registration…

§39-14 Federal tax exempt status; preference; protection. (a) Bonds issued pursuant to this part, to the extent practicable, shall be issued to comply with requirements imposed by applicable federal law providing that the interest on the bonds shall be excluded from gross income …

§39-15 Bond anticipation notes. In anticipation of the issuance pursuant to this part of general obligation bonds authorized by the legislature and of the receipt of the proceeds of sale of those bonds, the director of finance, with the approval of the governor, may issue and sel…

[§39-151] Compound interest bond reserve fund. (a) There is hereby established the Hawaii compound interest bond reserve fund, as a trust fund in the state treasury for the benefit of the State, to be held and administered by the department of budget and finance. The director, fr…

§39-16 Refunding bonds authorized. (a) The director of finance, with the approval of the governor but without further authorization of the legislature, from time to time, may issue general obligation refunding bonds of the State to pay or provide for the payment of all or any par…

[PART VIII.] SECURITY INTERESTS [§39-161] Definitions. Whenever used in this part, unless a different meaning clearly appears from the context: "Authorizing statute" means any statute which authorizes the issuance of bonds. "Bonds" means any bonds, notes, and other instruments of…

[§39-162] Perfection of a security interest. Any security interest created by a governmental unit pursuant to any authorizing statute is perfected by the adoption of the measure or measures from the date on which the measure takes effect without the need for any physical delivery…

[§39-163] Priority of a security interest. The priority of any security interest created by a governmental unit shall be governed by the contractual terms set forth in the measure or measures, including the terms of any indenture or any other agreement approved by the measure or …

[§39-164] Enforcement of a security interest. The terms of any applicable authorizing statute shall govern the enforcement of any security interest to the extent that the authorizing statute contains express provisions relating to enforcement or authorizes a governmental unit to …

§39-17 Validation of proceedings. All proceedings heretofore taken with respect to the contracting of general obligation bonded indebtedness and the issuance, sale, execution and delivery of general obligation bonds by or on behalf of this State, are hereby validated, ratified, a…

§39-18 Bonds negotiable, incontestable. This part, without reference to any other law, shall be full authority to issue, exchange, or sell bonds of the State, and the bonds and all interim receipts or certificates shall have all the qualities of negotiable paper under state law. …

§39-19 Aviation fuel tax, pledge. If at any time the director of finance, with the approval of the governor, shall issue general obligation bonds for the purpose of refunding aviation revenue bonds, then so long as any general obligation refunding bonds are outstanding, the State…

§39-2 Application of proceeds. The proceeds of bonds so issued shall be exclusively devoted to the purpose or purposes defined and expressed in the acts of the legislature authorizing the issuance of bonds, and the proceeds shall be devoted to such purposes in such order as the g…

§39-3 Allotments; appropriations. Whenever the issuance of bonds has been authorized by an act of the legislature, the bonds may be issued, sold, and delivered prior to or after any allotments have been made by the governor for the purposes to be financed by the issuance of the b…

§39-31 Duplicates. (a) Whenever it appears to the director of finance by clear proof satisfactory to the director of finance that any bond of the State, without bad faith upon the part of the owner, has been lost, stolen, destroyed wholly or in part, or so defaced as to impair it…

§39-32 Payment to be made. Whenever any interest coupons on any bonds issued by the State are lost, wholly or partially destroyed, defaced, or stolen, any person being the legal holder of these coupons may secure payment of the same in the manner provided in section 39-33, notwit…

§39-33 Method of issuance and payment. A claimant for issuance of a new bond or for payment shall make written application, under oath, in such form as the director of finance shall prescribe, stating facts definitively identifying the bonds or coupons and showing the loss, whole…

§39-34 Disputed ownership. If there are two or more claimants claiming adversely, each to the other or others, to be the holder in due course of the bonds or coupons alleged to have been lost, wholly or partially destroyed, defaced, or stolen, the director of finance, in the dire…

§39-4 Details of bonds. (a) All bonds issued pursuant to this part shall bear interest at such rate or rates, payable at such time or times as determined in accordance with this part; shall mature and be payable at such time or times from the date of the issue thereof as will com…

§39-5 Sale of bonds. (a) The director of finance may make such arrangements as may be necessary or proper for the sale of each issue of bonds or part thereof as are issued pursuant to this part, including, without limitation, arranging for the preparation and printing of the bond…

§39-51 Definitions. Whenever used in this part, unless a different meaning clearly appears from the context: "Bonds" means bonds, notes, and other instruments of indebtedness. "Department" means any state department, board, commission, officer, authority, or agency (other than a …

§39-52 Declaration of policy. It is declared to be the policy of the State that any department acquiring, purchasing, constructing, reconstructing, improving, bettering, or extending an undertaking or establishing or administering a loan program pursuant to this chapter or provid…

§39-53 Additional powers of departments. In addition to the powers which departments may otherwise have, any department shall have the power pursuant to this part: (1) To construct, acquire by gift, purchase, or the exercise of the right of eminent domain, reconstruct, improve, b…

§39-54 Authorization of revenue bonds; details of revenue bonds. (a) The issuance of revenue bonds for the acquisition, purchase, construction, reconstruction, improvement, betterment, or extension of any undertaking; the establishment and administration of any loan program autho…

§39-55 Sale of revenue bonds. (a) The director of finance may make such arrangements as may be necessary or proper for the sale of each issue of revenue bonds or part thereof as are issued pursuant to this part, including, without limitation, arranging for the preparation and pri…

§39-56 Form and execution of revenue bonds. Revenue bonds issued pursuant to this part shall be in such form as the department head or governing body may determine; shall be lithographed or engraved; shall be manually signed by the department head or a deputy department head desi…

§39-57 Same, signatures. The revenue bonds bearing the signature of officers in office on the date of the signing thereof shall be valid and sufficient for all purposes, and shall have the same effect as if the persons officially signing the revenue bonds had remained in office u…

§39-58 CUSIP numbers. The department issuing revenue bonds pursuant to this part, in its discretion, may provide that CUSIP identification numbers shall be imprinted on the revenue bonds. In the event the numbers are imprinted on any revenue bonds: (1) No CUSIP identification num…

§39-59 Support facility for variable rate revenue bonds. If revenue bonds issued pursuant to this part are issued bearing interest at a rate or rates which vary from time to time and with a right of holders to tender the revenue bonds for purchase, the department head or the gove…

§39-6 Premiums to general fund. The premiums received from the sale of any bonds issued pursuant to this part shall be a realization of the general fund of the State. [L 1988, c 28, pt of §3]

§39-60 Covenants in resolution or certificate authorizing issuance of revenue bonds. Any resolution or certificate authorizing the issuance of revenue bonds pursuant to this part may contain covenants as to: (1) The purpose or purposes to which the proceeds of sale of the revenue…

§39-61 Rates, rentals, fees, and charges; undertakings and loan programs to be self-sustaining. (a) The department issuing revenue bonds pursuant to this part shall impose, prescribe, and collect rates, rentals, fees, or charges for the use and services of, and the facilities and…