(a) Article VII, section 6, of the Constitution of the State of Hawaii requires the disposition of excess general funds when the state general fund balance at the close of each of two successive fiscal years exceeds five per cent of general fund revenues for each of the two fiscal years.

When conditions occur requiring compliance with article VII, section 6, of the Constitution of the State of Hawaii, this chapter sets forth provisions authorizing the prepayment of general obligation bond debt service or pension or other post-employment benefit liabilities in lieu of providing a tax refund or credit or depositing funds into a reserve fund.

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Terms Used In Hawaii Revised Statutes 37B-1

  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(b) Nothing in this chapter or any other law shall prevent the legislature from complying with article VII, section 6, of the Constitution of the State of Hawaii for a fiscal year, by taking for that fiscal year a single action or multiple actions authorized under article VII, section 6(1), (2), (3)(A), or (3)(B).

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