Report Title:

Allocation of tobacco settlement proceeds

 

Description:

Allocates moneys from Tobacco Settlement Special Fund to the general fund. Appropriates funds. (SB1305 HD1)

THE SENATE

S.B. NO.

1305

TWENTY-SECOND LEGISLATURE, 2003

S.D. 1

STATE OF HAWAII

H.D. 1

 

A BILL FOR AN ACT

 

RELATING TO STATE FUNDS.

 

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

SECTION 1. Section 328L-2, Hawaii Revised Statutes, is amended by amending subsection (b) to read as follows:

"(b) The fund shall be used for the purpose of receiving, allocating, and appropriating the tobacco settlement moneys as follows:

(1) [Twenty-four and one-half] per cent shall be appropriated into the emergency and budget reserve fund under section 328L-3;

(2) [Thirty-five] per cent shall be appropriated to the department for purposes of section 328L-4;

(3) [Twelve and one-half] per cent shall be appropriated into the Hawaii tobacco prevention and control trust fund under section 328L-5; and

(4) Twenty-eight per cent shall be appropriated into the university revenue-undertakings fund created in section 306-10, to be applied solely to the payment of the principal of and interest on, and to generate required coverage, if any, for, revenue bonds issued by the board of regents of the University of Hawaii to finance the cost of construction of a university health and wellness center, including a new medical school facility, to be situated on the island of Oahu, for the succeeding fiscal year; provided that any moneys in excess of the amount required to pay principal of and interest on, and to generate required coverage, if any, for such revenue bonds in any fiscal year, shall be transferred to the emergency and budget reserve fund under section 328L-3, and the Hawaii tobacco prevention and control trust fund under section 328L-5, in the succeeding fiscal year, in the same proportion as to the amount of moneys appropriated to those funds in accordance with this subsection[.]; and

(5) per cent shall be appropriated into the general fund."

SECTION 2. 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 and budget reserve fund which shall be a special fund administered by the director of finance, into which shall be deposited:

(1) [Twenty-four and one-half] per cent of the moneys received from the tobacco settlement moneys under section 328L-2(b)(1); and

(2) Appropriations made by the legislature to 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, 2050.