§328L-2 Hawaii tobacco settlement special fund.
[Section effective until June 30, 2002. For section effective July 1, 2002, see below.] (a) There is established in the state treasury the Hawaii tobacco settlement special fund into which shall be deposited:(1) All tobacco settlement moneys; and
(2) All interest and earnings accruing from the investment of moneys in the fund;
provided that of all tobacco settlement moneys received by the State each fiscal year, the sum representing the difference between the first $350,000 of such moneys and the unexpended and unencumbered balance of the tobacco enforcement special fund at the close of the previous fiscal year shall first be deposited in the state treasury in each fiscal year to the credit of the tobacco enforcement special fund. The Hawaii tobacco settlement special fund shall be administered by the department.
(b) The fund shall be used for the purpose of receiving and appropriating the tobacco settlement moneys as follows:
(1) Forty per cent shall be appropriated into the emergency and budget reserve fund under section 328L-3;
(2) Thirty-five per cent shall be appropriated to the department for purpose of section 328L-4; and
(3) Twenty-five per cent shall be appropriated into the Hawaii tobacco prevention and control trust fund under section 328L-5. [L 1999, c 304, pt of §2; am L 2001, c 270, §11]
§328L-2 Hawaii tobacco settlement special fund. [Section effective July 1, 2002. For section effective until June 30, 2002, see above.] (a) There is established in the state treasury the Hawaii tobacco settlement special fund into which shall be deposited:
(1) All tobacco settlement moneys; and
(2) All interest and earnings accruing from the investment of moneys in the fund;
provided that of all tobacco settlement moneys received by the State each fiscal year, the sum representing the difference between the first $350,000 of such moneys and the unexpended and unencumbered balance of the tobacco enforcement special fund at the close of the previous fiscal year shall first be deposited in the state treasury in each fiscal year to the credit of the tobacco enforcement special fund. The Hawaii tobacco settlement special fund shall be administered by the department.
(b) The fund shall be used for the purpose of receiving, allocating, and appropriating the tobacco settlement moneys as follows:
(1) Twenty-four and one-half per cent shall be appropriated into the emergency and budget reserve fund under section 328L-3;
(2) Thirty-five per cent shall be appropriated to the department for purposes of section 328L-4;
(3) Twelve and one-half per cent shall be appropriated into the Hawaii tobacco prevention and control trust fund under section 328L-5; and
(4) Twenty-eight per cent shall be appropriated into the university revenue-undertakings fund created in section 306-10, to be applied solely to the payment of the principal of and interest on, and to generate required coverage, if any, for, revenue bonds issued by the board of regents of the University of Hawaii to finance the cost of construction of a university health and wellness center, including a new medical school facility, to be situated on the island of Oahu, for the succeeding fiscal year; provided that any moneys in excess of the amount required to pay principal of and interest on, and to generate required coverage, if any, for such revenue bonds in any fiscal year, shall be transferred to the emergency and budget reserve fund under section 328L-3, and the Hawaii tobacco prevention and control trust fund under section 328L-5, in the succeeding fiscal year, in the same proportion as to the amount of moneys appropriated to those funds in accordance with this subsection. [L 1999, c 304, pt of §2; am L 2001, c 270, §11; am L Sp 2001 3d, c 14, §2]