Public Law 74–378

That the

Hawaii.

Authority of Legislature of, to authorize issue of revenue bonds.

Legislature of the Territory of Hawaii may cause to be issued on behalf of the Territory and may authorize any political or municipal corporation or subdivision of the Territory to issue on its own behalf bonds and other obligations payable solely from the revenues derived from a public improvement or public undertaking (which revenues may include transfers by agreement or otherwise from the regular funds of the issuer in respect of the use by it of the facilities afforded

Territorial indebtedness.

Vol. 31, p. 151.

U. S. C., p. 2149.

by such improvement or undertaking). The issuance of such revenue bonds shall not constitute the incurrence of an indebtedness within the meaning of section 55 of the Act of April 30, 1900, entitled “An Act to provide a government for the Territory of Hawaii”, as

Approval of President not required.

amended, and shall not require the approval of the President of the United States.

Sec. 2.

The Legislature of the Territory of Hawaii may authorize the city and county of Honolulu to issue its general obligation bonds for the purpose of financing projects for the prevention and control

Aggregate amount.

of floods, in a total amount of not to exceed $1,200,000, notwithstanding the existing limitation of indebtedness contained in section 55 of the Act of April 30, 1900, entitled “An Act to provide a government for the Territory of Hawaii”, as amended.

Sec. 3.

This Act shall take effect immediately. All Acts of the Legislature of Hawaii heretofore authorizing the issuance of revenue bonds on behalf of the Territory or by any political or municipal corporation or any subdivision thereof, or authorizing the city and county of Honolulu to issue bonds for the control of any protection against floods, are hereby approved, ratified, and confirmed.