§39-151 REPEALED. L 1988, c 28, §2.
[PART VII. GENERAL PROVISIONS]
§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, from time to time, may transfer a portion of general excise tax revenues collected pursuant to section 237-31 to the credit of the compound interest bond reserve fund, up to but not in excess of $5,000,000 during any fiscal year. Not fewer than thirty days before the convening of each regular session of the legislature, the director shall submit to the legislature a report of all funds transferred to the credit of the compound interest bond reserve fund.
(b) The moneys in the compound interest bond reserve fund shall be held exclusively for the payment of principal of and interest on compound interest bonds. The moneys shall be invested in such amounts and in a manner as will assure the availability to the State of moneys in an amount, together with other moneys available therefor, sufficient to make payments of principal of and interest on compound interest bonds as the same become due. The director of finance may invest and reinvest moneys deposited in the compound interest bond reserve fund only in a manner that will not cause the interest on any series of compound interest bonds to be includable in gross income for federal income tax purposes for any reason, including, without limitation, by causing any compound interest bond to be subjected to treatment as an "arbitrage bond", as defined in section 148(a) of the Internal Revenue Code of 1986, as amended, and applicable regulations. [L 1990, c 163, §2]
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39-1 to 15 REPEALED.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39-31 to 34 REPEALED.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.