Page:United States Statutes at Large Volume 70.djvu/601

 70

STAT.]

545

PUBLIC LAW 716-JULY 14, 1956

approved by the Secretary for the purpose of carrying out the purposes of this Act." Approved July 14, 1956. Public Law 716

CHAPTER 6 0 2

AN ACT To ratify and confirm Act 249 of the Session Laws of Hawaii, 1955, as amended, and to authorize the issuance of certain highway revenue bonds by the Territory of Hawaii.

July 14, 1956 [H. R. 7426]

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assemUed^ That the Territory jlfg'h^ayrevenue of Hawaii, any provision of the Hawaiian Organic Act or any other •'°^f|^^^ j^j^ Act of Congress to the contrary notwithstanding, is authorized and 48 USC 491 note, empowered to issue highw^ay revenue bonds in a sum not to exceed $50,000,000 payable from funds derived from high\yay vehicle fuel taxes, for the purpose of providing for the construction of highways in the Territory. The issuance of such revenue bonds shall not constitute the incurrence of an indebtedness within the meaning of the Hawaiian Organic Act, and shall not require the approval of the President of the United States. SEC. 2. All bonds issued under authority of section 1 shall be issued pursuant to legislation enacted by the Legislature of the Territory which shall provide (1) that, so long as any of the bonds are outstanding, highway vehicle fuel taxes shall be levied and collected in amounts at least sufficient to provide for the payment of the principal of the bonds and the interest thereon, as such principal and interest become due (except that interest due upon any such bonds during the first year after their date of issuance may be paid from the proceeds of sale of the bonds); (2) that the superintendent of public works of the Territory, or any officer or agency succeeding to his powers and duties in respect to highways, shall have the power to issue and sell the bonds and to expend the proceeds and provide for the repayment thereof, in accordance with standards and pursuant to provisions which shall be set forth in such legislation; and (3) that the office of the superintendent of public works, or an office or agency succeeding to the powers and duties of that office in respect of highways, shall be continued in existence and shall retain the powers and duties set forth in such legislation, so long as any of the bonds are outstanding. Federal-aid SEC. 3. Nothing in this Act shall be deemed to prevent the appli- way funds. highcation of Federal-aid highway funds to aid in the retirement of said bonds, to the extent now or hereafter permitted by the Acts of Congress relating to the use of such funds. " gh veSEC. 4. As used in this Act, the term "highway vehicle fuel taxes" h i c lH ifuel wt a y e s. " e ax means taxes in respect to the fuel for operating a motor vehicle or motor vehicles upon the highways, as defined and imposed by the laws of the Territory of Hawaii, but in the event the legislation providing for such tax levies the same in respect to other fuel and does not provide for the segregation of the taxes in respect to the fuel for operating a motor vehicle or motor vehicles upon the highways, then the term "highw^ay vehicle fuel taxes" includes as well all such taxes in respect to fuel as are commingled with the taxes in respect to the fuel for operating a motor vehicle or motor vehicles upon the highw^ays. SEC. 5. Act 249 of the Session Laws of Hawaii, 1955, is hereby amended to the extent of inserting in section 5961 therein set forth the public law number as may be assigned to this bill upon its enactment. 69225 0 - 5 7 - 3 9 {Vol. 70)

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