Chapter 512. To amend so much of section 55 of the Hawaiian Organic Act as amended by the Hawaiian Homes Commission Act, approved July 9, 1921
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CHAP. 512.— An Act To amend so much of section 55 of the Hawaiian Organic Act as amended by the Hawaiian Homes Commission Act, approved July 9, 1921.June 9, 1926.[[H. R. 6535](/us/bill/69/hr/6535).][[Public, No. 360](/us/pl/69/360).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*,Hawaiian Organic Act.Vol. 36, p. 1H, amended.Indebtedness of subdivisions. That so much of section 55 of the Hawaiian Organic Act as amended by the Hawaiian Homes Commission Act, approved July 9, 1921, which reads:
“ and the total indebtedness of any such subdivision shall not at any time be extended beyond 3 per centum of such assessed value of 711 property in the subdivision,” be amended to read as follows: “anLimitation increased.d the total indebtedness of any such subdivision shall not at any time be extended beyond 5 per centum of such assessed value of property in the subdivision.” Sec. 2. That so much of section 55 of the Hawaiian Organic Act,Term of bonds.Vol. 36, p. 444, amended. as amended, as reads “nor shall any bond or other instrument of any such indebtedness be issued unless made payable in not more than thirty years from the date of the issue thereof; ” is amended by adding at the end thereof the following:
“nor shall any issue ofForm and term of issues after July 1, 1926. bonds or other instruments of any such indebtedness be made after July 1, 1926, other than such bond's or other instruments of indebtedness in serial form maturing in substantially equal annual installments, the first installment to mature not later than five years from the date of the issue of such series, and the last installment not later than thirty years from the date of such issue,” Approved, June 9, 1926.