Hawaii Revised Statutes 49-18 – Investment of reserves, etc
Terms Used In Hawaii Revised Statutes 49-18
- Director of finance: means the director of finance of the various counties. See Hawaii Revised Statutes 49-1
- Loan program: means the activities and policies undertaken by any county to provide:
(1) Assistance to members of the general public who are residents of the county by making loans or causing loans to be made available to them for purposes as may be authorized by law; or
(2) Loans to private nonprofit organizations or public instrumentalities, or to wholly owned affiliates thereof, for the development of low and moderate income housing pursuant to section 46-15. See Hawaii Revised Statutes 49-1
- Revenue: means the moneys collected, including any moneys collected from the county or any department thereof, from the rates, rentals, fees and charges prescribed for the use and services of, and the facilities and commodities furnished by, an undertaking or the use and services and benefits of a loan program. See Hawaii Revised Statutes 49-1
- Undertaking: means any public works and properties, improvement, or system owned or operated by the county, and from which the county may derive revenue, or with respect to which the county may derive user taxes, including but not limited to one or a combination of two or more of the following: water, sewerage, gas or electric, heat, light or power works, solid waste processing and disposal, public off-street parking facilities, plants, systems, and low and moderate income housing projects provided pursuant to section 46-15. See Hawaii Revised Statutes 49-1
The director of finance may invest any money held as reserves or in sinking funds or not required for immediate disbursement, including proceeds of the revenue bonds, which in the director’s judgment are in excess of the amounts necessary for the meeting of immediate requirements, in securities permitted by the resolution or resolutions and which constitute legal investments for public funds. Income derived therefrom shall be treated as revenue of the undertaking or loan program; expenses of purchase, safekeeping, sale, and redemption, and all other expenses of the undertaking or loan program. Securities so purchased shall be considered as being deposited in the custody or control of the director of finance and shall be legally secured as required by law.