HRS §46-81
Reserve funds for payment of improvements
This section limits small counties. A county with fewer than 100,000 people cannot charge a property tax (ad valorem assessment) to create or keep a reserve fund for improvement bonds. But this ban does not apply to improvement districts that already existed on June 2, 1978.
counties
The statute, as written — Reserve funds for payment of improvements
Any other law to the contrary notwithstanding, no county with a population of less than 100,000 persons shall impose or collect any ad valorem assessment to establish, maintain, or replenish a reserve fund. As used in this section, "reserve fund" means any fund established by a county to provide security, in addition to any special fund made up of moneys collected on account of assessments and interest for improvements, for the payment of principal and interest on bonds issued for such improvements where moneys in the special fund are insufficient for this purpose. The provisions of this section shall not prevent any county from imposing or collecting an ad valorem assessment to establish, maintain, or replenish a reserve fund for an improvement by assessment district in existence on June 2, 1978.
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