§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 sell general obligation bond anticipation notes for the purposes for which the bonds have been authorized, the maximum principal amount of which notes shall not exceed the authorized principal amount of the bonds. The full faith and credit of the State shall be pledged to the payment of the principal and interest of the notes. The issuance of the notes and the details thereof shall be governed by the provisions of this part with respect to bonds insofar as the same may be applicable; provided that:
(1) Each note, together with all renewals and extensions thereof, or refundings thereof by other notes issued pursuant to this section, shall mature within five years from the date of the original note; and
(2) The interest on the notes shall be paid from the general fund and the principal thereof from the proceeds of sale of the bonds in anticipation of which the notes have been issued, or from any moneys in the general fund available therefor. To the extent that the principal of the notes shall be paid from moneys other than the proceeds of sale of the bonds, the maximum amount of bonds that has been authorized shall be reduced by the amount of notes paid. [L 1988, c 28, pt of §3]
Structure Hawaii Revised Statutes
Title 5. State Financial Administration
39-1 to 15 REPEALED. §39-1 Authorization to issue; amount.
39-3 Allotments; appropriations.
39-6 Premiums to general fund.
39-7 Form and execution of bonds.
39-10 Support facility for variable rate bonds.
39-11 Bonds tax exempt; first charge on general fund.
39-12 Payment, principal and interest.
39-13 Fiscal and paying agents and registrars.
39-14 Federal tax exempt status; preference; protection.
39-15 Bond anticipation notes.
39-16 Refunding bonds authorized.
39-17 Validation of proceedings.
39-18 Bonds negotiable, incontestable.
39-19 Aviation fuel tax, pledge.
39-31 to 34 REPEALED. §39-31 Duplicates.
39-33 Method of issuance and payment.
39-51 to 70 REPEALED. §39-51 Definitions.
39-53 Additional powers of departments.
39-54 Authorization of revenue bonds; details of revenue bonds.
39-56 Form and execution of revenue bonds.
39-59 Support facility for variable rate revenue bonds.
39-60 Covenants in resolution or certificate authorizing issuance of revenue bonds.
39-61 Rates, rentals, fees, and charges; undertakings and loan programs to be self-sustaining.
39-63 Lien and charge of revenue bonds.
39-64 Revenue bonds not a general or moral obligation of State.
39-65 Undertaking, loan program, and revenue bonds exempt from taxation.
39-66 Federal tax-exempt status; preference; protection.
39-67 Revenue bonds legal investments.
39-69 Investment of reserves, etc.
39-70 Bond anticipation notes.
39-71 Refunding revenue obligations.
39-72 Transfers to department.
39-73 Consent of governmental agencies.
39-74 General laws applicable.
39-76 Validation of proceedings.
39-91 to 99 REPEALED. §39-91 Definitions.
39-92 State debt limit statement.
39-94 Arrangement of statements and schedules and forms; incorporation.
39-125 to 131 REPEALED. §39-101 Renumbered §39A-1.
39-111 Legislative determination.
39-112 Legislative certification as to bonds issued for assessable improvements.
39-151 REPEALED. §39-151 Compound interest bond reserve fund.
39-162 Perfection of a security interest.