REPORT TITLE:
State Educational Facilities Improvement Special Fund


DESCRIPTION:
Reduces the authorization for the state educational facilities
improvement special fund from $90,000,000 to $45,000,000.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                            1283        
HOUSE OF REPRESENTATIVES                H.B. NO.           
TWENTIETH LEGISLATURE, 1999                                
STATE OF HAWAII                                            
                                                             
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                   A  BILL  FOR  AN  ACT

RELATING TO THE STATE EDUCATIONAL FACILITIES IMPROVEMENT SPECIAL
   FUND.



BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 1      SECTION 1.  Section 237-31, Hawaii Revised Statutes, is
 
 2 amended to read as follows:
 
 3      "§237-31  Remittances.  All remittances of taxes imposed by
 
 4 this chapter shall be made by money, bank draft, check, cashier's
 
 5 check, money order, or certificate of deposit to the office of
 
 6 the department of taxation to which the return was transmitted.
 
 7 The department shall issue its receipts therefor to the taxpayer
 
 8 and shall pay the moneys into the state treasury as a state
 
 9 realization, to be kept and accounted for as provided by law;
 
10 provided that the sum from all general excise tax revenues
 
11 realized by the State that represents the difference between
 
12 [$90,000,000] $45,000,000 and the proceeds from the sale of any
 
13 general obligation bonds authorized for that fiscal year for the
 
14 purposes of the state educational facilities improvement special
 
15 fund shall be deposited in the state treasury in each fiscal year
 
16 to the credit of the state educational facilities improvement
 
17 special fund; provided further that a sum, not to exceed
 
18 $5,000,000, from all general excise tax revenues realized by the
 

 
Page 2                                   1283              
                                  H.B. NO.              
                                                        
                                                        

 
 1 State shall be deposited in the state treasury in each fiscal
 
 2 year to the credit of the compound interest bond reserve fund."
 
 3      SECTION 2.  Statutory material to be repealed is bracketed.
 
 4 New statutory material is underscored.
 
 5      SECTION 3.  This Act shall take effect on July 1, 1999.
 
 6 
 
 7                           INTRODUCED BY:  _______________________