§39-69 Investment of reserves, etc. The director of finance, with the approval of the department, may invest any money held as reserves or in sinking funds or not required for immediate disbursement, including proceeds of the revenue bonds, which in the department's judgment are in excess of the amounts necessary for the meeting of immediate requirements, in securities permitted by the resolution or certificate and which constitute legal investments for public funds. Income derived therefrom shall be treated as revenue of the undertaking or loan program; expenses of purchase, safekeeping, sale, and redemption, and all other expenses attributable to the investments shall be proper expenses of the undertaking or loan program. Securities so purchased shall be considered as being deposited in the custody or control of the director of finance by the department, and shall be legally secured as provided in section 38-3. [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39-1 to 15 REPEALED.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39-31 to 34 REPEALED.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39-51 to 70 REPEALED.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.