Report Title:
Hawaii Hurricane Relief Fund
Description:
Transfers moneys remaining in the Hurricane Reserve Trust Fund upon the repeal of HHRF to the Emergency Budget and Reserve Fund. (HB1156 HD1)
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
1156 |
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TWENTY-FIRST LEGISLATURE, 2001 |
H.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO HAWAII HURRICANE RELIEF FUND.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 328L-3, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:
"(a) There is established in the state treasury the emergency budget and reserve fund which shall be a special fund administered by the director of finance, into which shall be deposited:
(1) Forty per cent of the moneys received from the tobacco settlement moneys under section 328L-2(b)(1);
(2) Appropriations made by the legislature to the fund[.]; and
(3) Net moneys remaining in the hurricane reserve trust fund upon the dissolution of the Hawaii hurricane relief fund."
SECTION 2. Section 431P-16, Hawaii Revised Statutes, is amended by amending subsection (i) to read as follows:
"(i) Solely upon dissolution of the Hawaii hurricane relief fund, the net moneys in the hurricane reserve trust fund shall [revert to the state general fund,] be transferred to the emergency budget and reserve fund established under section 328L-3, after any payments by the fund on behalf of licensed property and casualty insurers or the State that are required to be made pursuant to any federal disaster insurance program enacted to provide insurance or reinsurance for hurricane risks. In the event such moneys are paid on behalf of licensed property and casualty insurers, payment shall be made in proportion to the premiums from policies of hurricane property insurance serviced by the insurers in the twelve months prior to dissolution of the fund."
SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 4. This Act shall take effect on July 1, 2001; provided that if a measure is enacted in 2001 that repeals the Hawaii hurricane relief fund, then this Act shall take effect one day prior to the effective date of that Act if that Act takes effect prior to July 2, 2001.