reglab/statecodes huggingface dataset:
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 37. Budget › 37-73 Legislative review.

§37-73 Legislative review.
The legislature shall consider the governor's proposed program and financial plan and budget; evaluate alternatives to the governor's recommendations; and adopt programs and determine the state budget. It may, from time to time, request the department of budget and finance and any agency to conduct such analysis of programs and finances as will assist in determining the State's program and financial plan and budget. [L 1970, c 185, §12; ren L 1972, c 72, §3]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 37. Budget › 37-76 Publication.

§37-76 Publication.
The state six-year program and financial plan, the budget and the variance report shall be printed with a reasonable number of copies for public distribution. [L 1970, c 185, §15; ren L 1972, c 72, §3; am L 1974, c 219, §8]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 37. Budget › 37-77 Claims for legislative relief.

§37-77 Claims for legislative relief.
All claims for refunds, reimbursements, or other payments, authorization for which is sought from the legislature, shall, as a condition to their being considered by the legislature, be filed with the attorney general together with all data and documents in support thereof within six years from the date on which the claim for payment matured. In the absence of a showing of sufficient reason therefor, failure to comply with this paragraph shall be deemed sufficient cause for refusal of the legislature to consider the claims.
The attorney general shall, immediately upon receipt thereof, refer any claim and data so received by the attorney general to the agency concerned or the comptroller, and the agency to which the reference is made or the comptroller shall immediately investigate the claim, secure all available data and documents bearing thereon, and refer the same back to the attorney general with its recommendations thereon. The attorney general shall review the claim and make a recommendation as to the disposition of the claim.
The attorney general shall, within five days after the opening of the session, transmit to the legislature the claims which are then recommended for approval in an appropriate legislative bill form, together with an explanation for each claim. Additional recommendations for approval may be transmitted later in the session. All claims for which there is a recommendation of denial shall also be reported to the legislature with an explanation. The data and documents submitted by claimants shall be available for inspection by the legislature.
The attorney general shall consult with the governor prior to entering into any settlement agreement for awards exceeding $75,000 that are subject to legislative approval. [L 1970, c 185, §16; ren L 1972, c 72, §3; am L 1973, c 178, §1; am L 1981, c 143, §1; gen ch 1985; am L 1990, c 81, §1; am L 1999, c 111, § §6, 7]
Revision Note
L 1999, c 111, §7 is codified to this section pursuant to §23G-15.
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 37. Budget › 37-77.5 Claims against the State; remedial measures.

§37-77.5 Claims against the State; remedial measures.
(a) The attorney general shall develop and implement a procedure, no later than October 1, 1999, for advising its client agencies on how to avoid future claims, by requesting client agencies to take corrective action to eliminate or mitigate those factors identified by the attorney general as contributing to the State's negligence. Based upon this advice, the client agencies shall develop new policies or modify existing practices to avoid repetition of similar claims.
(b) The attorney general shall submit a report to the speaker of the house of representatives, the president of the senate, and the chairs of the house and senate judiciary committees no later than twenty days prior to the convening of each regular legislative session describing the claims and the attendant circumstances therein and containing the advice for corrective action rendered to the agency. The report shall also contain the remedial measures which the attorney general shall take or recommended that the legislature take if an agency fails to take corrective action within a reasonable period of time. The report shall be deemed a confidential and privileged communication to the legislature and shall not be disclosed pursuant to sections 92F-13 and 92F-19(b). [L 1999, c 111, §5]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 37. Budget › 37-78 Schedule of implementation.

§37-78 Schedule of implementation.
The governor shall submit to the legislature:
(1) At the regular session of 1975, and every odd-numbered year's session thereafter, the program memoranda described in section 37-70.
(2) At the regular session of 1975, and every odd-numbered year's session thereafter, the governor's proposed state budget and six-year program and financial plan. [L 1970, c 185, §17; ren L 1972, c 72, §3; am L 1974, c 219, §9; gen ch 1985]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 37. Budget › 37-91 to 94 OLD REPEALED. §37-91 Definitions.

§ §37-91 to 94 OLD REPEALED.
L 1984, c 183, §4.
§37-91 Definitions.
As used in sections 37-92 to 37-94:
"Expenditure ceiling" means the maximum general fund appropriations allowed in any year. The expenditure ceiling shall be determined by considering the fiscal year 1978-1979 general fund appropriations as the expenditure ceiling. The expenditure ceiling for succeeding fiscal years shall be computed by adjusting the immediate prior fiscal year expenditure ceiling by the applicable state growth. When revisions are made to the total state personal income, the expenditure ceiling shall be recalculated on the basis of the latest available data, going back to fiscal year 1978-1979.
"General fund" means the fund used to account for all transactions which are not accounted for in another fund, but excluding federal funds received by that fund.
"State growth" means the estimated rate of growth of the State's economy and shall be established by averaging the annual percentage change in total state personal income for the three calendar years immediately preceding the fiscal year for which appropriations from the state general fund are to be made. When revisions are made to total state personal income, state growth shall be recalculated on the basis of the latest available data.
"Total state personal income" means the total state personal income as defined by the state personal income series published by the United States Department of Commerce, Social and Economic Statistics Administration, Bureau of Economic Analysis, or its successor, for each year for which such income has been determined and published, including all revisions to the series. For the current and next succeeding calendar year for which such income has not been determined or published, it shall mean the total state personal income for such year as estimated by the council on revenues. [L Sp 1986, c 1, pt of §1; am L 1987, c 136, §2]
Attorney General Opinions
"Expenditure ceiling" distinguished from appropriation ceiling. Att. Gen. Op. 85-17.
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 37. Budget › 37-93 Legislature.

§37-93 Legislature.
(a) The legislature shall not make appropriations from the general fund for each fiscal year of the biennium or each supplementary budget fiscal year which will exceed the expenditure ceiling for that fiscal year.
(b) Notwithstanding the prohibition in subsection (a), the legislature may make appropriations from the general fund in excess of those allowed by subsection (a) by:
(1) A two-thirds vote of the members to which each house of the legislature is entitled;
(2) Setting forth the dollar amount and the rate by which the appropriations allowed by the change in the state growth will be exceeded; and
(3) Setting forth the reasons for exceeding the appropriations allowed by the percentage change in the state growth;
in each act which will cause appropriations from the state general fund to exceed those allowed by the change in state growth.
(c) When revisions in the state personal income series made by the United States Department of Commerce, Social and Economic Statistics Administration, Bureau of Economic Analysis, or its successor, result in the recalculation of expenditure ceilings which then are found to be less than appropriation levels, the excess appropriations shall not be deemed invalid and shall remain as authorized in their respective legislative sessions. [L Sp 1986, c 1, pt of §1; am L 1987, c 136, §4]
Attorney General Opinions
Subsection (b) applicable only if aggregate executive, judicial, and legislative appropriations exceed expenditure ceiling. Att. Gen. Op. 85-17.
Discussion of requirements that would have to be met if the Legislature were to make appropriations in excess of the general fund expenditure ceiling. Att. Gen. Op. 89-2.
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 37. Budget › 37-94 Director of finance; duties.

§37-94 Director of finance; duties.
A preliminary estimate of the state growth and expenditure ceiling shall be determined by the director of finance as of August 15 of each year. The final estimate of the state growth and expenditure ceiling to be used by the legislature to make appropriations from the general fund in each year shall be determined by the director of finance as of November 15 of each year. Upon the determination of both the preliminary estimate and the final estimate of the state growth and expenditure ceiling, the director shall inform the governor, chief justice, and the legislature, and shall give, twice in successive weeks, statewide public notice of the state growth and expenditure ceiling and the maximum dollar amount that may be appropriated from the general fund. [L Sp 1986, c 1, pt of §1; am L 1987, c 136, §5; am L 1998, c 2, §9; am L 2000, c 33, §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 37. Budget › 37-111 Council on revenues.

§37-111 Council on revenues.
(a) There shall be a council on revenues which shall prepare revenue estimates of the state government for the fiscal year in progress and for each of the ensuing fiscal years of the six-year state program and financial plan. The council shall report the estimates and revisions thereto to the governor and the legislature each June 1, September 10, January 10, and March 15. The council shall revise and update such estimates if it determines that such revisions are necessary or upon request of the governor or the legislature.
(b) The council on revenues shall consist of seven members. Three members shall be appointed by the governor to serve for four-year terms. Because cumulative experience and continuity in office are essential to the proper administration of this chapter, it is declared to be in the public interest to continue board members in office as long as efficiency is demonstrated, notwithstanding the provision of section 26-34, which limits the appointment of a member of a board or commission to two terms. Two members each shall be appointed by the president of the senate and the speaker of the house of representatives to serve for an unlimited number of two-year terms. The members shall appoint from their own membership the person who shall serve as chairperson of the council. Any vacancy shall be filled by the respective appointing authority. Members shall not receive compensation but shall be reimbursed for reasonable expenses incurred in the performance of their duties.
(c) The council shall meet as often as necessary to perform its duties. Section 92-3 shall not apply to meetings of the council where confidential tax information is discussed.
(d) The council shall be in the department of taxation for administrative purposes. The departments of budget and finance and taxation shall provide the council with such staff assistance and technical support as it may require and all departments and agencies of the executive branch shall furnish the council with such information as deemed necessary by the council to prepare revenue estimates. [L 1980, c 278, pt of §1; am L 1985, c 62, §2; gen ch 1993]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 37. Budget › 37-112 Use of estimates.

§37-112 Use of estimates.
(a) The estimates prepared by the council shall be considered by the governor in preparing the budget, recommending appropriations and revenue measures, projecting revenues and controlling expenditures. The legislature shall consider these estimates in appropriating funds and enacting revenue measures. The governor and legislature shall use the latest council estimate as the base estimate against which their revenue estimates shall be compared.
(b) All estimates submitted by the council shall be made public. If the legislature in appropriating funds, or if the governor in preparing the budget uses a revenue estimate which differs from the estimate prepared by the council, then the governor or the legislature shall make that fact public together with reasons for using the differing revenue estimates. [L 1980, c 278, pt of §1]
Revision Note
Subsection (a) designation added.
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 37. Budget › 37-113.1 Council on revenues; estimate of total personal income.

§37-113.1 Council on revenues; estimate of total personal income.
The council shall prepare an estimate of the total state personal income for the calendar year in progress and, when necessary, for the next succeeding calendar year for which such income has not been determined or published and shall report the estimate and any revision thereto to the director of finance, the governor, the chief justice, and the legislature each August 5 and November 5. [L 1987, c 136, §1; am L 1988, c 124, §1; am L 2000, c 33, §2]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 37. Budget › 37-121 Routine repair and maintenance; definitions.

Cross References
Judiciary-owned buildings and facilities; routine repair and maintenance annual reports, see §601-2.
§37-121 Routine repair and maintenance; definitions.
As used in this part:
"Routine repair and maintenance" means repair and maintenance performed on a scheduled repair and maintenance cycle.
"State-owned building, facility, or other improvement" means a building, facility, or other improvement owned and managed by a state executive agency. The term shall not include a state-owned building, facility, or other improvement that is leased by a state executive agency to a person. [L 2016, c 233, pt of §2]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 37. Budget › 37-122 Routine repair and maintenance funding needs; report to legislature.

§37-122 Routine repair and maintenance funding needs; report to legislature.
(a) Each state executive agency that manages a state-owned building, facility, or other improvement shall submit to the legislature an annual report on the funds and positions deemed necessary by the agency to perform routine repair and maintenance on the state-owned building, facility, or other improvement during the fiscal year covered by the report. The annual report shall cover the fiscal year that commences following the submittal of the report and break down the funds and positions deemed necessary for routine repair and maintenance by means of financing and cost element.
(b) The annual report shall also include a comparison, for each of the prior two fiscal years, of the:
(1) Routine repair and maintenance funds and positions deemed necessary by the state executive agency, as identified in the relevant prior reports;
(2) Actual appropriations and positions authorized for routine repair and maintenance; and
(3) Actual expenditures and positions filled for the routine repair and maintenance.
(c) The annual reports shall be submitted to the legislature through the department of budget and finance with each executive budget or supplemental budget, as applicable.
(d) The governor shall identify the state executive agencies that are responsible for managing a state-owned building, facility, or other improvement and, consequently, required to submit the annual report to the legislature. The governor shall require the identified state agencies to submit the reports to the department of budget and finance:
(1) In a uniform format; and
(2) By a deadline intended to give the department of budget and finance sufficient time to compile the reports to the legislature pursuant to subsection (c).
The department of budget and finance shall not be required to ensure the accuracy of the information in the reports. [L 2016, c 233, pt of §2]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 37C. State Debt › 37C-1 State debt management policy; establishment.

§37C-1
State debt management policy; establishment.
(a) The director of finance, with the approval of the governor, shall submit to the legislature a recommended state debt management policy, in accordance with this chapter, at least twenty days prior to the convening of the regular session of 2017.
(b) The recommended state debt management policy shall consist of guidelines and restrictions that affect the amount and type of bonds issued by the state government, the issuance process, and the management of the state debt portfolio. The purpose of the policy shall be to improve the quality of decisions, provide justification for the structure of debt issuance, identify policy goals, and demonstrate a commitment to long-term financial planning, including a multi-year capital plan and debt service payment schedule.
(c) The recommended state debt management policy shall address bonded debt as well as financing agreements, certificates of participation, and other instruments that provide financing for state facilities in return for periodic lease or other payments.
(d) The director of finance may submit recommended amendments of the policy to the legislature prior to the convening of any regular session. [L 2015, c 149, pt of §2]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 37C. State Debt › 37C-2 Recommended debt management policy; parameters.

§37C-2
Recommended debt management policy; parameters.
The recommended state debt management policy shall be consistent with, but may be more restrictive than, state constitutional provisions and statutes. The recommended state debt management policy shall address the following issues, as well as any others deemed necessary by the director of finance:
(1) Purposes for which debt may be issued;
(2) Types of debt that may be issued;
(3) Limitations on indebtedness;
(4) Debt maturity schedule or other structural features;
(5) Method of sale;
(6) Method of procuring consultants and professionals;
(7) Refunding policies; and
(8) Disclosure practices. [L 2015, c 149, pt of §2]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 37C. State Debt › 37C-3 Debt management policy; duties of the legislature.

§37C-3
Debt management policy; duties of the legislature.
Upon receipt from the director of finance, the legislature shall consider the recommended state debt management policy. The legislature may establish the policy, with or without modification, by act. [L 2015, c 149, pt of §2]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 37C. State Debt › 37C-11 Definitions.

§37C-11 Definitions.
For the purpose of this part:
"Ensuing twenty-five fiscal year period" means the twenty-five fiscal years following the submittal of a multi-year program and financial plan to the legislature.
"Fiscal years covered by the applicable multi-year program and financial plan" means the six fiscal years following the submittal of the multi-year program and financial plan to the legislature. [L 2015, c 149, pt of §2]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 37C. State Debt › 37C-12 Debt affordability study.

§37C-12 Debt affordability study.
The director of finance shall submit to the legislature a debt affordability study prior to the convening of the regular session of each odd-numbered year. The director shall submit the study with the multi-year program and financial plan. [L 2015, c 149, pt of §2]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 37C. State Debt › 37C-13 Debt affordability study; purpose, information.

§37C-13 Debt affordability study; purpose, information.
(a) The purpose of the debt affordability study shall be to provide the legislature with information on the affordability of the future debt planned for the State.
(b) The debt affordability study shall include the following information:
(1) The projected annual appropriation, by source of funding, necessary to pay the annual debt service for the ensuing twenty-five fiscal year period on the following bonds, under the assumption that all are issued:
(A) All authorized, but unissued bonds that have not lapsed as of the September 30 immediately preceding submittal of the study; and
(B) All bonds necessary to fund the capital improvement projects proposed in the fiscal years covered by the applicable multi-year program and financial plan;
(2) A debt service payment schedule showing the annual appropriation, by source of funding, necessary to pay, during the ensuing twenty-five fiscal year period, the annual debt service on:
(A) All bonds identified under paragraph (1); and
(B) All bonds previously issued, but remaining outstanding;
(3) The projected ratio of the following for each source of funding pledged to pay debt service on bonds during each fiscal year of the ensuing twenty-five fiscal year period:
(A) Annual debt service payments to annual revenues; and
(B) Annual debt service payments to annual appropriations;
(4) An examination of whether projected annual revenues from the source of funding are adequate to pay for the annual debt service on the bonds;
(5) An examination of whether any increase in annual debt service payments on the bonds will cause a commensurate decrease of funds available for operating programs with the same source of funding as the debt service payments;
(6) An assessment of whether the annual debt service obligations of the State for the fiscal years covered by the applicable multi-year program and financial plan are affordable to the State; and
(7) An identification of, and discussion on, any noncompliance or possible noncompliance of the State's actual or planned debt issuance with the state debt management policy.
The director of finance may include any other information in the study deemed appropriate or necessary by the director. [L 2015, c 149, pt of §2]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 37D. Management of Financing Agreements › 37D-4 Inclusion of budget request

§37D-4 Inclusion of budget request
. For each fiscal period, there shall be included with respect to each agency in the executive budget requests or, in the case of the judiciary, the judiciary budget request, to the legislature, amounts sufficient to permit the payment of all amounts that will be due on unpaid financing agreements during that fiscal period, including any expenses and replenishment of any reserve funds up to the balances required by the respective financing agreements. Amounts so included in the judiciary budget request and so applied to the payment of any amounts due with respect to a judiciary project shall be deemed to be at all times for purposes of the judiciary budget act moneys of the judiciary, and not moneys of the department or any other executive department. [L 1996, c 119, pt of §2; am L 1998, c 41, §8 and c 263, §2; am L 2001, c 200, pt of §3; am L 2007, c 126, pt of §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 37D. Management of Financing Agreements › 37D-5 Financing agreements not a general obligation of State

§37D-5 Financing agreements not a general obligation of State
. Financing agreements shall:
(1) Not be obligations for which the full faith and credit of the State, the department, or any agency are pledged; and
(2) Have no claim or lien on any revenues or other moneys of the State, the department, or any agency except moneys appropriated or otherwise held in trust for that purpose.
Financing agreements entered into under this chapter shall not constitute "bonds" within the meaning of section 12 of article VII of the Constitution of the State. No holder or holders of any financing agreement entered into under this chapter shall have the right to compel any exercise of taxing power of the State, the department, or any agency to pay the financing agreements or the interest thereon and no moneys other than amounts appropriated or otherwise held in trust for that purpose shall be required to be applied to the payment thereof. Each financing agreement issued under this chapter shall recite in substance that the agreement, including the interest component thereof, shall not be an obligation for which the full faith and credit of the State, the department, or any agency are pledged, and that the financing agreement shall have no claim or lien on any revenues or other moneys of the State, the department, or any agency except moneys appropriated or otherwise held in trust for that purpose. [L 1996, c 119, pt of §2; am L 2001, c 200, pt of §3; am L 2007, c 126, pt of §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 37D. Management of Financing Agreements › 37D-6 Federal tax-exempt status; preference; protection

§37D-6 Federal tax-exempt status; preference; protection
. (a) To the extent practicable, financing agreements issued pursuant to this chapter shall be issued to comply with requirements imposed by applicable federal law providing that the interest on financing agreements shall be excluded from gross income for federal income tax purposes, except as certain minimum taxes or environmental taxes may apply. The director and, with the approval of the director, the head of an agency may:
(1) Enter into agreements;
(2) Establish funds or accounts;
(3) Make rebate payments to the federal government; and
(4) Take any action required to comply with applicable federal tax law.
Nothing in this chapter shall prohibit the issuance of financing agreements, the interest on which may be included in gross income for federal income tax purposes.
(b) To ensure that interest on a financing agreement issued pursuant to this chapter that is excluded from gross income for federal income tax purposes, except as provided in subsection (a), on the date of issuance shall continue to be excluded, no state officer or employee shall authorize or allow any change, amendment, or modification to a financing agreement that would affect the exclusion of interest on the financing agreement from gross income for federal income tax purposes unless the change, amendment, or modification shall have received the prior approval of the director. Failure to receive the approval of the director shall render any change, amendment, or modification void. [L 1996, c 119, pt of §2; am L 2001, c 200, pt of §3; am L 2007, c 126, pt of §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 37D. Management of Financing Agreements › 37D-7 Financing agreements legal investments

§37D-7 Financing agreements legal investments
. All public officers and agencies, political subdivisions, insurance companies and associations, banks, savings banks, and savings institutions, including building or savings and loan associations, credit unions, trust companies, personal representatives, guardians, trustees, and other persons and fiduciaries in the State who are regulated by law as to the character of their investment, may legally invest moneys within their control and available for investment in financing agreements of the department or any agency. The purpose of this section is to authorize any person, firm, corporation, association, political subdivision, body, or officer, public or private, to use any funds or moneys owned or controlled by them, including without prejudice to the generality of the foregoing sinking, insurance, investment, retirement, compensation, pension and trust funds, and moneys held on deposit, for the purchase of any financing agreements of the department or any agency. [L 1996, c 119, pt of §2; am L 2001, c 200, pt of §3; am L 2007, c 126, pt of §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 37D. Management of Financing Agreements › 37D-8 Exemption from taxation

§37D-8 Exemption from taxation
. All real and personal property owned or operated by the State, the department, or any agency, and any interests created in or transfer or recording of the property or any interest in the property, and payments made under the financing agreements to which the property is subject shall be exempt from all state, county, and municipal taxation, and fees and charges of every kind. Financing agreements issued pursuant to this chapter and the income therefrom, including without limitation the interest component of any lease payments, shall be exempt from all taxation by the State or any county or other political subdivision thereof, except inheritance, transfer, and estate taxes. [L 1996, c 119, pt of §2; am L 1998, c 41, §9; am L 2001, c 200, pt of §3; am L 2007, c 126, pt of §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 37D. Management of Financing Agreements › 37D-9 Line of credit

§37D-9 Line of credit
. The department or, with the approval of the director, an agency may contract with a financial institution for one or more lines of credit in amounts and for periods as the legislature shall from time to time determine. The department, an agency, or the department on behalf of a requesting agency, may borrow under a line of credit and use the amount or amounts borrowed to pay the cost of the improvements, use, or acquisition of real or personal property comprising a project. Upon the execution and delivery of a financing agreement to refinance the amount or amounts borrowed under the line of credit, the department or the agency that is party to the financing agreement shall apply the proceeds thereof to the repayment of any amount or amounts. [L 2001, c 200, §1; am L 2007, c 126, pt of §1]
Note
This section is new. Former §37D-9 renumbered as §37D-10.
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 37D. Management of Financing Agreements › 37D-10 Litigation; jurisdiction; appeal

§37D-10 Litigation; jurisdiction; appeal
. The director may petition the circuit court of the first circuit for an opinion as to the validity of any financing or related agreement entered into pursuant to this chapter. The petition shall constitute a civil proceeding for purposes of section 603-21.5(a)(3), and the circuit court of the first circuit shall have exclusive and original jurisdiction to receive and determine the question presented in the petition, irrespective of an actual controversy or dispute regarding the agreement or its validity. Any party aggrieved by the decision of the circuit court may appeal in accordance with part I of chapter 641 and the appeal shall be given priority. [L 1996, c 119, pt of §2; ren and am L 2001, c 200, pt of §3 and am c 251, §1; ree L 2007, c 126, pt of §1]
Case Notes
Financing agreements entered into in accordance with this chapter are not bonds as that term is used in article VII, §12 of Hawaii constitution and thus do not count toward the debt ceiling of article VII, §13. 85 H. 1, 936 P.2d 637.
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 38. Deposits of Public Funds › 38-1 Definitions.

§38-1 Definitions.
As used in this chapter, unless the context otherwise indicate:
Comptroller means the state comptroller.
Depository includes any federally insured national or state bank, savings and loan association, or financial services loan company; or federal or state credit union insured by the national credit union administration authorized to do business in this State.
Director means the state director of finance. [L 1970, c 51, pt of §1; am L 1988, c 27, §1 and c 78, §2; am L 1989, c 266, §3]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 38. Deposits of Public Funds › 38-4 Provisions of depository contracts.

§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 necessity for specific mention thereof. The director shall file with the comptroller a copy of any formal written contract of deposit which may be entered into. [L 1970, c 51, pt of §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 38. Deposits of Public Funds › 38-5 Indemnity bond from depository.

§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 stockholders in the depository, to be approved by the governor and director to secure the State against the loss of any depreciation in value that may occur in the bonds held by the director as security for the safekeeping and prompt payment of the money of the State in the depository. [L 1970, c 51, pt of §1; gen ch 1985]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 38. Deposits of Public Funds › 38-6 Certificates of deposit, deposit receipts.

§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 check. The certificates of deposit, receipts, and all balances of these deposits shall be deemed and counted as cash. [L 1970, c 51, pt of §1; gen ch 1985]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 38. Deposits of Public Funds › 38-7 Responsibility of director.

§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 state money, and of the proceeds of any sale of the bonds made under this chapter. [L 1970, c 51, pt of §1; gen ch 1985]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 38. Deposits of Public Funds › 38-8 Additional responsibility.

§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]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 38. Deposits of Public Funds › 38-10 Interest on loan funds.

§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 interest received from any depository, on account of the separate deposits, shall be credited to the respective counties. [L 1970, c 51, pt of §1]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39. State Bonds › 39-1 to 15 REPEALED. §39-1 Authorization to issue; amount.

§ §39-1 to 15 REPEALED.
L 1988, c 28, §2.
PART I. GENERAL OBLIGATION BONDS
Cross References
County bond issues, see chapter 47.
Issuance of indebtedness; debt limit; exclusions, see Const. art. VII, § §12, 13.
§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 legislature and any amendments thereto in effect at the date of issue of the bonds, and not exceeding the debt limitations prescribed by the Constitution of the State of Hawaii. Except as otherwise specifically provided in the act or acts authorizing the issuance thereof, the bonds shall be issued in the manner and upon the terms provided in this part. [L 1988, c 28, pt of §3]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39. State Bonds › 39-2 Application of proceeds.

§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 governor may determine. The governor may allot the proceeds of any issue of bonds to a particular purpose or to several purposes. The proceeds of any issue of bonds may be allotted to various purposes irrespective of whether or not the purposes have all been provided for by the same legislative act and an allotment may be made of only a portion of the proceeds authorized for a particular purpose. The governor may amend the governor's allotments from time to time. The purpose or purposes of issuance need not be stated in any bond. [L 1988, c 28, pt of §3]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39. State Bonds › 39-3 Allotments; appropriations.

§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 bonds. If any appropriation or any expenditure under an appropriation made in an act of the legislature is conditioned, qualified, or dependent as to effectiveness or amount or otherwise upon the performance, happening, or existence of any act, occurrence, or event, bonds authorized by an act or acts of the legislature to finance all or a portion of such an appropriation may be issued prior to or after the time when all or any part of the appropriation becomes effective or the expenditure can be made and prior to or after the performance, happening, or existence of the act, occurrence, or event; provided however that the proceeds of the bonds may not be applied to any purpose or project requiring an allotment by operation of law until an allotment has been made, or be applied to any appropriation or any expenditure under an appropriation which has been conditioned, qualified, or made dependent as to effectiveness or amount or otherwise upon the performance, happening, or existence of any act, occurrence, or event until the appropriation becomes effective or the expenditure can be made, or be applied to any appropriation or any expenditure under an appropriation in excess of the amount of the appropriation or prior to the time when the appropriation becomes effective. The provisions of this section shall not permit the issuance of bonds to finance any appropriation which has theretofore lapsed by operation of law. [L 1988, c 28, pt of §3]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39. State Bonds › 39-4 Details of bonds.

§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 comply with the provisions of the Constitution of the State; may be made payable as to both principal and interest at a place or places within or without the State; may be issued in coupon form without privilege of registration or registrable as to principal only or as to both principal and interest or in fully registrable form without coupons; may be made registrable at a place or places within or without the State; may be subject to redemption, to tenders for purchase or to purchase prior to their stated maturity at the option of the State, or the holder, or both.
(b) The director of finance shall determine the date, denomination or denominations, interest payment dates, maturity date or dates, place or places and manner of payment, registration privileges and place or places of registration, redemption price or prices and time or times and terms and conditions and method of redemption, the right of the holder to tender for purchase and the price or prices and time or times and terms and conditions upon which the right might be exercised, the right to purchase and the price or prices and the time or times and terms and conditions upon which the right may be exercised and the purchase may be made, and all other details of bonds issued under this part.
The principal of and interest and premium, if any, on all bonds issued under this part shall be payable in any coin or currency of the United States of America, which at the time of payment is legal tender for public and private debts. [L 1988, c 28, pt of §3; am L 1989, c 15, §2]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39. State Bonds › 39-7 Form and execution of bonds.

§39-7 Form and execution of bonds.
Bonds issued pursuant to this part shall be in such form as the director of finance may determine, and shall be lithographed or steel engraved. All bonds issued pursuant to this part shall be manually signed by the director of finance or a deputy director of finance, shall bear a lithographed or engraved facsimile of the signature of the comptroller of the State, and shall be sealed with the seal or a lithographed or engraved facsimile of the seal of the department of budget and finance. In addition, fully registered bonds may be authenticated with the manual signature of the registrar, if any, thereunto duly appointed by the director of finance. Notwithstanding the preceding provisions of this section, the director of finance, with the approval of the governor, may provide that bonds issued pursuant to this part may be typewritten, printed, or otherwise reproduced, and that the signature of the comptroller upon the bonds may be the comptroller's manual signature. Interest coupons shall be executed with a lithographed or engraved facsimile of the signature of the director of finance. Pending the preparation of the definitive bonds, interim receipts, or certificates in such form and with such provisions as the director of finance may decide upon, may be issued to the purchaser or purchasers of bonds sold pursuant to this part. [L 1988, c 28, pt of §3]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39. State Bonds › 39-8 Same, signatures.

§39-8
Same, signatures.
When bonds of the State are prepared and signed by the director of finance or a deputy director of finance of the State and the comptroller of the State in office at the time of such signing, the signatures of the director of finance or deputy director of finance and comptroller shall be valid and sufficient for all purposes, and shall have the same effect as if the persons officially signing the bonds or whose facsimile signatures appear thereon had remained in office until the delivery of the same to the initial purchasers thereof, and in the case of fully registered bonds upon any exchange or transfer between subsequent holders thereof, notwithstanding that the term of office of those persons or any of them may have expired or they may otherwise have ceased to be officers before the delivery, exchange, or transfer. If the director of finance shall have designated a registrar for fully registered bonds, the director of finance may provide that no fully registered bond shall be valid or obligatory for any purpose unless certified or authenticated by the registrar. If the director of finance shall have provided for a registrar, then notwithstanding section 39-7, all signatures of the officers of the State upon the fully registered bonds may be facsimiles of the officers' signatures, and fully registered bonds shall be valid and sufficient only if certified or authenticated by the manual signature of an authorized officer or signatory of that registrar. Anything to the contrary notwithstanding, if blanks of fully registered bonds shall be held by a registrar pending exchange or transfer for other fully registered bonds of the same series, then upon delivery of bonds in an exchange or transfer, the bonds shall be valid and sufficient for all purposes notwithstanding that the signature of the comptroller and the director of finance or deputy director of finance appearing thereon shall be that of the person in office at the time of initial delivery of the bonds or that of the person in office at the time of such exchange or transfer. [L 1988, c 28, pt of §3]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39. State Bonds › 39-9 CUSIP numbers.

§39-9 CUSIP numbers.
The director of finance, in the director of finance's discretion, may provide that CUSIP identification numbers shall be imprinted on bonds issued pursuant to this part. In the event that CUSIP identification numbers are imprinted on any bonds:
(1) No number shall constitute a part of the contract evidenced by the particular bond upon which it is imprinted; and
(2) No liability shall attach to the State or any officer or agent thereof, including any fiscal agent, paying agent, or registrar for the bonds, by reason of the numbers or any use made thereof, including any use made by the State or any officer or agent thereof, or by reason of any inaccuracy, error, or omission.
The director of finance, in the director of finance's discretion, may require that all cost of obtaining and imprinting CUSIP identification numbers shall be paid by the purchaser of the bonds. For the purposes of this section, the term "CUSIP identification numbers" means the numbering system adopted by the Committee for Uniform Security Identification Procedures formed by the Securities Industry Association. [L 1988, c 28, pt of §3]
2023 Hawaii Revised Statutes › Title 5. State Financial Administration › 39. State Bonds › 39-10 Support facility for variable rate bonds.

§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 governor, may contract for the support facility or facilities and remarketing arrangements as are required to market the bonds to the greatest advantage of the State upon such terms and conditions as the director of finance deems necessary and proper. The director of finance may enter into contracts or agreements with the entity or entities providing a support facility; provided that any contract or agreement shall provide, in essence, that any amount due and owing by the State under the contract or agreement on an annual basis shall be subject to annual appropriation by the State and any obligation issued or arising pursuant to the terms of such contract or agreement in the form of bonds, notes, or other evidences of indebtedness shall only arise at such time as either:
(1) Moneys or securities have been irrevocably set aside for the full payment of a like principal amount of bonds issued pursuant to this part; or
(2) A like principal amount of the issue or series of bonds to which the support facility relates are held in escrow by the entity or entities providing the support facility. [L 1988, c 28, pt of §3]