Makes an emergency appropriation for and increases the spending ceiling of the State Risk Management Revolving Fund by $25,000,000 to $35,450,000 and general revenues of the State of Hawaii for fiscal year 2004-2005 to pay for unanticipated losses which were incurred by the University of Hawaii as a result of the October 30, 2004 flood, that will exceed the current appropriation and spending ceiling.

A BILL FOR AN ACT

SECTION 1. This Act is recommended by the governor for immediate passage in accordance with section 9 of article VII of the Constitution of the State of Hawaii.

SECTION 2. The purpose of this Act is to make an emergency appropriation and increase the spending ceiling of the state risk management revolving fund by $25,000,000 to $35,450,000 and State of Hawaii general revenues of $ , for fiscal year 2004-2005 in order to pay for losses that would exceed the current spending ceiling and appropriation. The losses were incurred by the university of Hawaii as a result of the October 30, 2004 flood. The funds shall be expended for the purpose of cleaning, repairing or replacing damaged or destroyed university property and for reimbursing the university of Hawaii for funds that have already been spent cleaning, repairing and replacing damaged or destroyed university property.

SECTION 3. There is appropriated out of the state risk management revolving fund the sum of $25,000,000, or so much thereof as may be necessary, for fiscal year 2004-2005 for the purpose of cleaning, repairing or replacing damaged or destroyed university property as a result of the flood. The sums appropriated shall be expended by the department of accounting and general services for the purpose of this section.

SECTION 4. There is appropriated out of the general revenues of the State of Hawaii the sum of $ , or so much thereof as may be necessary, for fiscal year 2004-2005 for the purpose of cleaning, repairing or replacing damaged or destroyed university property and for reimbursing the university of Hawaii for funds that have already been spent cleaning, repairing and replacing damaged or destroyed university property as a result of the flood. The sums appropriated shall be expended by the university of Hawaii for the purpose of this section.

SECTION 4. This Act shall take effect upon its approval.