Changes the education storeroom fund to the education procurement fund, and transfers all moneys from the former to the latter. (SD1)

A BILL FOR AN ACT

SECTION 1. Section 302A-1304, Hawaii Revised Statutes, is amended to read as follows:

"[[]§302A-1304[]] Department of education [storeroom;] procurement; revolving fund. [There shall be a storeroom established by the department to provide schools a source for commonly used educational, office, and custodial supplies.] There is established a revolving fund to be known as the ["storeroom] "procurement revolving fund", into which shall be deposited the receipts from charges made to schools for [the] educational, office, and custodial supplies and cost of issuing the supplies [from the storeroom] and transfers from other accounts or funds. Receipts and transfers deposited into the [storeroom] procurement revolving fund may be expended to purchase educational, office, and custodial supplies, and equipment and services needed to [operate the storeroom.] procure and issue supplies. Balances in excess of $400,000 at the end of each fiscal year shall lapse into the general fund."

SECTION 2. Any funds remaining in the education storeroom revolving fund as of July 1, 2001, shall be transferred to the education procurement revolving fund. Encumbered moneys shall continue to be encumbered until paid out or released from prior encumbrances.

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 Statutory material to be repealed is bracketed and stricken.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.