Volume 68 · 786
Public Law 83–643
To ratify and confirm sections 5 and 6 of Act 254 and Act 280 of the Session Laws of Hawaii 1953 and to authorize the Issuance of certain public improvement bonds by the Territory of Hawaii.
Approved August 24, 1954
Statutory text
AN ACT
To ratify and confirm sections 5 and 6 of Act 254 and Act 280 of the Session Laws of Hawaii 1953 and to authorize the Issuance of certain public improvement bonds by the Territory of Hawaii.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
That sections 5 and 6
Hawaii.
Improvement bonds.
of Act 254 of the Session Laws of Hawaii 1953, entitled: “An Actproviding for the issuance of public improvement bonds”, and Act 280 of the Session Laws of Hawaii 1953, entitled “An Act relating to public improvement and the financing thereof, making appropriations for public improvements and providing for the issuance of public improvement bonds, and memorializing Congress to authorize the issuance of public improvement bonds of the Territory of Hawaii during the years 1953 to 1959, inclusive, without respect to the limitations
imposed by the Hawaiian Organic Act” are hereby ratified and confirmed: Provided, however, That nothing herein contained shall be deemed to prohibit the amendment of said Act of said Territory by the legislature thereof, from time to time, to provide for changes in the improvements authorized by said Act, and for the disposition of unexpended moneys appropriated by said Act: Provided further, That, no such amendment shall cause the proceeds of the bond issues hereby authorized to be expended for any purpose other than authorized public improvements or reduction of the debt, unless otherwise approved by the Congress.
Sec. 2.
During the years 1954 to 1959, inclusive, the Territory of Hawaii is authorized to issue, any provision of the Hawaiian Organic Act or any other Act of Congress to the contrary notwithstanding, public improvement bonds in the amount of $19,063,500 in excess of the existing debt limitation, which shall be in addition to all other issues in excess of said debt limitation authorized by the Congress: Provided, That the total indebtedness of such Territory shall not exceed $95,000,000.
Sec. 3.
All bonds issued pursuant to section 2 shall be serial bonds payable in substantially equal annual installments, with the first such installment maturing not later than five years from the date of issue and the last such installment maturing not later than thirty years from such date.
Sec. 4.
Bonds shall not be issued pursuant to section 2 without the approval of the President of the United States.
Approved August 24, 1954.