Report Title:
Airport Public Land Trust Fund; Ceded Land Revenues; OHA
Description:
Establishes the airport public land trust fund into which shall be deposited an amount equal to twenty percent of the ceded land revenues derived from state airports. The trust fund shall be administered by the board of trustees of the Office of Hawaiian Affairs and used exclusively to fulfill the purposes of OHA.
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
1376 |
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TWENTY-THIRD LEGISLATURE, 2005 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to ceded land revenues.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Chapter 10, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:
"§10- Airport public land trust fund. (a) There is established in the state treasury a trust fund to be designated as the airport public land trust fund into which shall be deposited:
(1) All general fund moneys appropriated each fiscal year by the legislature to the trust fund, to be appropriated in an amount equal to twenty percent of the ceded land revenues derived from state airports in the previous fiscal year;
(2) Any moneys received from grants, donations, or the proceeds from contributions; and
(3) Any interest and return on investments earned from moneys in the trust fund.
Moneys in the fund shall be used to fulfill the purposes of this chapter.
(b) The trust fund shall be administered by the board. The board may use moneys in the trust fund to carry out the purposes of this chapter, including but not limited to hiring employees, specialists, and consultants necessary to complete projects related to the purposes of this chapter.
(c) Moneys deposited into or appropriated to the trust fund shall remain available until they are obligated or until the trust fund is terminated.
(d) If the trust fund is terminated, all funds shall be transferred to the general fund; provided that all unexpended and unencumbered balances shall be disbursed in accordance with any requirements set by funding sources and for purposes consistent with this chapter.
(e) The board shall submit an annual report on the status of the trust fund to the legislature no later than twenty days prior to the convening of each regular session of the legislature. The annual report shall include but not be limited to a financial accounting and a detailed description of income and expenditures."
SECTION 2. There is appropriated out of the general revenues of the state of Hawaii the sum of $ for fiscal year 2005-2006 for deposit into the airport public land trust fund.
SECTION 3. New statutory material is underscored.
SECTION 4. This Act shall take effect on July 1, 2005.
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INTRODUCED BY: |
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