HRS §36-26
Moving unused bond money to pay off serial bonds
This section lets the finance director, with the governor's approval, move leftover money from state bond sales for improvements if that money is no longer needed for its original purpose. The moved money must be used to pay off serial bonds when they come due. It is automatically set aside for that purpose.
state agencies
The statute, as written — Transfer of unrequired funds for redemption of serial bonds
The director of finance, with the approval of the governor, may transfer all balances of moneys received from the sale of state bonds for state improvements on deposit in loan funds, which are no longer required for the purposes for which the state bonds were issued, from the loan funds to the general fund in case the moneys were received from the sale of serial bonds. The amounts so transferred shall be used for the redemption of the serial bonds as they become due. The amounts transferred to the general fund shall be deemed to be appropriated for the purpose of the redemption of serial bonds as they become due.
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