Establishes education research and development revolving fund to be funded by revenues from commercial exploitation of products/services developed by DOE. (HB11 CD1)

A BILL FOR AN ACT

SECTION 1. Chapter 302A, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:

"§302A- Education research and development revolving fund. (a) There is established, within the department of education, an education research and development revolving fund into which shall be deposited all revenues from the commercial exploitation of products and services developed by the department. The fund shall be used to support research and development of innovative curriculum, instructional aids, related technologies, and the related administrative costs of seeking and maintaining such commercialization. Appropriations or authorizations from the fund shall be expended by the superintendent.

(b) The department shall provide an annual report to the governor and the legislature describing all transactions and activities involved in the administration of the education research and development revolving fund."

SECTION 2. There is appropriated out of the education research and development revolving fund the sum of $1,000,000 or so much thereof as may be necessary for fiscal year 2001-2002 and the sum of $1,000,000 or so much thereof as may be necessary for fiscal year 2002-2003 to the department of education to carry out the purposes of this Act.

The sum appropriated shall be expended by the department of education for the purposes of this Act.

SECTION 3. New statutory material is underscored.

SECTION 4. This Act shall take effect on July 1, 2001.