§304A-2161 - Hawaii educator loan program special fund. - Hawaii Statutes

     [§304A-2161]  Hawaii educator loan program special fund.  There is established the Hawaii educator loan program special fund, for the purpose of providing loans pursuant to section [304A-701].  The following may be deposited into the special fund:  appropriations made by the legislature, private contributions, repayment of loans, including interest and payments received on account of principal, and moneys from other sources; provided that:

     (1)  Moneys on balance in the special fund at the close of each fiscal year shall remain in that fund and shall not lapse to the credit of the general fund; and

     (2)  An amount from the special fund not exceeding five per cent of the total amount of outstanding loans may be set by the university to be used for administrative expenses incurred in administering the special fund. [L 2006, c 75, pt of §2]