Appropriation to the emergency and budget reserve fund.

A BILL FOR AN ACT

SECTION 1. The emergency and budget reserve fund was established by the legislature in 1999 to serve as a temporary source of supplemental funding for the State to use during times of emergency, an economic downturn, or an unforeseen reduction in revenue. The legislature may appropriate money from the fund only for the purposes listed under section 328L-3(d). The purpose of this Act is to set aside a portion of the State's general revenues and place it into the emergency and budget reserve fund to ensure that money will be available in times of need.

SECTION 2. There is appropriated out of the general revenues of the State of Hawaii the sum of $100,000,000, or so much thereof as may be necessary for fiscal year 2006-2007, to be deposited into the emergency and budget reserve fund.

SECTION 3. The sum appropriated shall be expended by the department of budget and finance for the purposes of this Act.

SECTION 4. This Act shall take effect on July 1, 2006.