Appropriates matching funds to the State of Hawaii endowment fund.

A BILL FOR AN ACT

SECTION 1. The purpose of this Act is to appropriate funds to the State of Hawaii endowment fund, which is a separate fund of the Honolulu symphony trust. Income and capital gains from the fund will be used for the production of music by an Oahu-based symphony orchestra as determined by the state foundation on culture and the arts.

SECTION 2. There is appropriated out of the general revenues of the State of Hawaii the sum of $10,000,000, or so much thereof as may be necessary for fiscal year 2006-2007, into the State of Hawaii endowment fund for the production of music by an Oahu-based symphony orchestra to be matched dollar for dollar by private funds.

The sum appropriated shall be expended by the department of accounting and general services for the purposes of this Act.

SECTION 3. This Act shall take effect on July 1, 2006.