Page:United States Statutes at Large Volume 55 Part 1.djvu/812

 55 STAT.] 77TH CONG. , IST SESS.-CHS. 544, 552 -eN. 26, 1941 _ Dec. 1 , 1941 authorized directly to undertake and carry on general water and other development projects in respect to Hawaiian home lands and to under- take other activities having to do with the economic and social welfare of the homesteaders: Provided, however, That roads through or over Hawaiian home lands, other than Federal-aid highways and roads, shall be maintained by the county or city and county in which said particular road or roads to be maintained are located. The legisla- ture of the Territory is authorized to appropriate out of the treasury of the Territory such sums as it deems necessay to augment the Hawaiian home-loan fund, the Hawaiian home-development fund, and the Hawaiian home-administration account, and to provide the Com- mission with funds sufficient to execute and carry on such projects and activities. The legislature is further authorized to issue bonds to the extent required to yield the amount of any sum so appropriated. The Commission shall pay from the Hawaiian home-loan fund into the treasury of the Territory- "(1) upon the date when any interest payment becomes due upon any bond so issued, the amount of the interest then due; and "(2) commencing with the first such date more than one year subsequent to the issuance of any bond and at each interest date thereafter, an amount such that the aggregate of all such amounts which become payable during the term of the bond, compounded annually at the rate of interest specified therein, shall equal the par value of the bond at the expiration of its term." SEC. 7 . Section 222 of the Hawaiian Homes Commission Act, 1920, is hereby amended by amending the second sentence thereof to read as follows: "All expenditures of the Commission, as herein pro- vided out of the Hawaiian home-administration account, the Hawaiian home-development fund, and all moneys necessary for loans made by the Commission, in accordance with the provisions of this chapter, from the Hawaiian home-loan fund, shall be allowed and paid upon the presentation of itemized vouchers therefor, approved by the chairman of the Commission." SEC. 8. The Hawaiian Homes Commission Act, 1920, is hereby amended by adding thereto a new section to be numbered section 225 and to read as follows: "SEc. 225. INVESTMENT OF LOAN FUNDS; DIS'OSITION. --The Comn- mission shall have the power and authority to invest and reinvest any of the moneys in the loan fund, not otherwise imllmediately needed for the purposes of the fund, in such bonds and securities as author- ized by territorial law for the investment of territorial sinking fund moneys. Any interest or other earnings arising out of such invest- ments shall be credited to and deposited in said fund and shall be included in and considered as a deposit from other sources, as provided for in section 213." SEc. 9. This Act shall take effect on and after the date of its approval. Approved, November 26, 1941. [CHAPTER 552] AN ACT To make provision for the construction activities of the Army. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Chief of Engineers, under the authority of the Secretary of War, is hereby charged, in addition to other duties imposed upon him by law, with 787 Proviso. Road maintenance. Legislature author- ized to appropriate funds. Bonds. Payments from home-loan fund. 42 Stat. 115. 48U..C. . 694- 696. Presentation of vouchers. 49 Stat. 505. Effective date. December 1. 1941 [S. 1884] (Public Law 326] Chief of Enginees, Army. Direction of con- struction activities.

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