STAND. COM. REP. NO.913
Honolulu, Hawaii
, 2001
RE: S.B. No. 838
S.D. 2
Honorable Robert Bunda
President of the Senate
Twenty-First State Legislature
Regular Session of 2001
State of Hawaii
Sir:
Your Committee on Ways and Means, to which was referred S.B. No. 838, S.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO HAWAII HURRICANE RELIEF FUND,"
begs leave to report as follows:
The purpose of this measure is to make a variety of modifications to the Hawaii Hurricane Relief Fund law.
Specifically, this bill:
(1) Establishes a scholarship program funded in part by the Hawaii Hurricane Relief Fund;
(2) Prohibits the dissolution of the Hawaii Hurricane Relief Fund except through legislation;
(3) Authorizes the Hawaii Hurricane Relief Fund to use its investment income for the scholarship fund, for grants to residential property owners to install wind damage mitigation devices, and for reinvestment into the hurricane relief fund;
(4) Requires the plan of operation of the hurricane relief fund to accumulate through investments the amount of funds necessary to cover the claims of a covered event;
(5) Requires the Hawaii Hurricane Relief Fund to develop a program to provide grants to residential property owners to install wind damage mitigation devices;
(6) Appropriates moneys out of the scholarship special fund; and
(7) Appropriates moneys out of the hurricane reserve trust fund for the hazard grant mitigation program.
Your Committee finds that it is in the best interests of the State to authorize the Legislature to decide whether to dissolve the Hawaii Hurricane Relief Fund and to retain hurricane relief fund moneys in the relief fund. Your Committee finds that given the unpredictability of hurricanes it is prudent to retain the moneys in the relief fund even if the relief fund chooses to suspend its operations. The need for the moneys may arise in the future.
Furthermore, the relief fund is encouraged to look to federal sources of funds for receipt into the relief fund.
Your Committee has amended this measure by:
(1) Deleting the establishment of the Hawaii new century scholarship program endowment special fund;
(2) Expanding the group of recipients of grants for the installation of the wind damage mitigation devices to include small business owners;
(3) Replacing the scholarship special fund with the general fund as a depository for the investment income from the hurricane relief fund;
(4) Specifying the percentages under which the investment income will be allocated among grants for installation of mitigation devices, reinvestment into the hurricane relief fund, and reversion to the general fund; and
(5) Lowering the maximum matching grant amount from $3,500 to $2,000 per insured location for the installation of the mitigation devices.
As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 838, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 838, S.D. 2.
Respectfully submitted on behalf of the members of the Committee on Ways and Means,
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____________________________ BRIAN T. TANIGUCHI, Chair |
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