Public Law 83–640

That the Legislature of the Territory of Hawaii, any provision of the Hawaiian Organic Act, or any law of the Territory of Hawaii, or of any Act of this Congress to the contrary notwithstanding, may authorize the issuance of general obligation bonds in the amount of $20,000,000, such authorization to be over and above any limitation on the bonded debt of the Territory imposed by the Hawaiian Organic Act and in addition to all other issues in excess of said debt limitation authorized by the

Limitation.

Congress: Provided, however, That the total indebtedness of such Territory shall not exceed $95,000,000. The proceeds of such bonds shall be used for the purchase of mortgages made on or after July 1, 1954, or for the making of mortgages, on homes and farms of veterans within the Territory of Hawaii.

Sec. 2.

The bonds issued under the authority of this Act shall be serial bonds, payable in substantially equal installments, the first installment to mature not later than five years and the last installment to mature not later than thirty years from the date of such issue. Such bonds may be issued without the approval of the President of the United States.

Sec. 3.

Act 211 of the Session Laws of Hawaii 1953, relating to the issuance of general obligation bonds, as authorized by this Act, is hereby ratified and confirmed, subject, however, to the provisions of this Act.