Page:United States Statutes at Large Volume 62 Part 1.djvu/421

 62 STAT.] 80THr CONG. , 2D SESS.-CH. 464 -JUNE 14, 1948 "(b) HAWAIIAN HOME-LOAN FUND.- Th irty per centum of the Territorial receipts derived from the leasing of cultivated sugar-cane lands under any other provisions of law, or from water licenses, shall be deposited into the Hawaiian home-loan fund until the aggregate amount of the fund (including in said amount the principal of all outstanding loans and advances, and all transfers which have been made from this fund to other funds for which this fund has not been or need not be reimbursed) shall equal $2,000,000. In addition to these moneys, there shall be covered into the loan fund the install- ments of principal paid by lessees upon loans made to them as pro- vided in paragraph 2 of section 215, or as payments representing reimbursements on account of advances made pursuant to section 209 (1), but not including interest on such loans or advances. The moneys in said fund shall be available only for loans to lessees as provided for in this Act, and for the payments provided for in section 209 (1), and shall not be expended for any other purpose whatsoever, except as provided in paragraphs (c) and (d) of this section. "(c) HAWAIIAN HOME-DEVELOPMENT FUND.- Twenty-five per centum of the amount of moneys covered into the Hawaiian home- loan fund annually shall be transferred into the Hawaiian home- development fund until the aggregate amount of such annual transfers shall equal $400,000. The moneys in said development fund shall be available, with the prior written approval of the Governor, for the construction of sanitary sewerage facilities, for the construction of roads through and over Hawaiian home lands, and for other nonrevenue producing improvements. "(d) HAWAIIAN HOME-OPERATING FUND.-A l l moneys received by the Commission from any other source, except moneys received for the Hawaiian home-administration account, shall be deposited in a revolving fund to be known as the Hawaiian home-operating fund. The moneys in said fund shall be available (1) for construction and reconstruction of revenue-producing improvements, including acquisi- tion therefor of real property and interests therein, such as water rights or other interests; (2) for payment into the treasury of the Territory of such amounts as are necessary to meet the following charges for Territorial bonds issued for such revenue-producing improvements, to wit, the interest on such bonds, and the principal of such serial bonds maturing the following year; (3) for operation and maintenance of such improvements, heretofore or hereafter constructed from said fund or other funds; and (4) for the purchase of water or other utilities, goods, commodities, supplies, or equip- ment and for services, to be resold, rented, or furnished on a charge basis to occupants of Hawaiian home lands. The moneys in said fund may be supplemented by other funds available for, or appro- priated by the legislature for, the same purposes. In addition to such moneys, said fund, with the approval of the Governor, may be supplemented by transfers made on a loan basis from the home-loan fund. The amounts of all such transfers shall be repaid into the home-loan fund in not exceeding ten annual installments, and the aggregate amount of such transfers outstanding at any one time shall not exceed $500,000. No projects or activities shall be undertaken hereunder except as authorized by sections 220 and 221 or the other provisions of this Act. "(e) MATCH MONEYS. -T he Commission is authorized and em- powered to use moneys in the development and operating funds, with the prior written approval of the Governor, to match Federal, Terri- torial, or county funds available for the same purposes and to that end is authorized to enter into such undertaking, agree to such condi- tions, transfer funds therein available for such expenditure and do and perform such other acts and things, as may be necessary or 391 Post, p. 392 . 50 Stat. 504. 48 U. S. C. §703 (1). Supplemental funds. Post. p. 393 . 42 Stat. 114. 48 U.S. C. i 715.

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