(a) Public funds shall be deposited in a depository institution, as defined in § 412:1-109, duly authorized to do business in the State, such as a bank, savings bank, savings and loan association, depository financial services loan company, credit union, intra-Pacific bank, or similar financial institution, the deposits or accounts of which are insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration.

Terms Used In Hawaii Revised Statutes 11-432

  • Candidate: means an individual who seeks nomination for election or seeks election to office. See Hawaii Revised Statutes 11-302
  • Candidate committee: means an organization, association, or individual that receives campaign funds, makes expenditures, or incurs financial obligations on behalf of a candidate with the candidate's authorization. See Hawaii Revised Statutes 11-302
  • Commission: means the campaign spending commission. See Hawaii Revised Statutes 11-302
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Election: means any election for office or for determining a question or issue provided by law or ordinance. See Hawaii Revised Statutes 11-302
  • Loan: means an advance of money, goods, or services, with a promise to repay in full or in part within a specified period of time. See Hawaii Revised Statutes 11-302
  • National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
(b) No expenditures of any public funds shall be made except by checks drawn on such checking account.
(c) Public funds shall be only used to:

(1) Defray expenditures of the candidate or the candidate committee authorized by the candidate; and
(2) Repay loans, the proceeds of which were used to defray expenditures.
(d) Public funds shall not be transferred to another candidate for any election.
(e) Unexpended public funds shall be returned to the commission by the deadline for filing the final report for the election for which the funds were received.