36-29 Transfer from harbor special fund. Any other law to the contrary notwithstanding, there shall be deducted from time to time by the director of finance for the purpose of defraying the prorated estimate of central service expenses of government in relation to the harbor special fund five per cent of all receipts and deposits in the harbor special fund after deducting therefrom any amounts pledged, charged, or encumbered for the payment of bonds or interest thereon during the current year, from which receipts or deposits no deduction of five per cent has previously been made. The deductions shall be transferred to the general fund of the State and become general realizations of the State. For the purposes of this section, the term "any amount pledged, charged, or encumbered for the payment of bonds or interest thereon during the current year" shall include:

(1) Amounts which are so pledged, charged or encumbered;

(2) Amounts otherwise required to be applied to the payment of principal of and interest on revenue bonds or other revenue obligations;

(3) Amounts required to be paid into a separate special fund for the payment of principal of and interest on revenue bonds or other revenue obligations payable from the second separate special fund; and

(4) Amounts required by law to be paid from the harbor special fund into the general fund of the State to reimburse the general fund for bond requirements for general obligation bonds issued for harbor purposes.

The second separate special fund maintained by deposits from the harbor special fund shall not be deemed to be a special fund within the meaning of section 36-27 or section 36-30. The director of transportation shall cooperate with the director of finance in effecting the transfer. [L 1955, c 247, 3; RL 1955, 132-18; am L Sp 1959 2d, c 1, 14, 26; am L 1963, c 114, 1; am L 1967, c 221, 7; HRS 36-29]

 

Cross References

 

Harbor special fund, see 266-19.

 

 

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