Report Title:

Honolulu Symphony

 

Description:

Clarifies what constitutes "private funds" to be used to meet the matching requirements for the fiscal year 2006-2007 appropriation to the State of Hawaii endowment fund; lapses unexpended or unencumbered appropriated funds on June 30, 2009.  (SD1)

 

HOUSE OF REPRESENTATIVES

H.B. NO.

1435

TWENTY-FOURTH LEGISLATURE, 2007

H.D. 1

STATE OF HAWAII

S.D. 1

 

 

 

 

 

A BILL FOR AN ACT

 

 

RELATING TO THE STATE OF HAWAII ENDOWMENT FUND.

 

 

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

 

     SECTION 1.  Act 97, Session Laws of Hawaii 2006, is amended by amending section 2 to read as follows:

     "SECTION 2.  There is appropriated out of the general revenues of the State of Hawaii the sum of $4,000,000 or so much thereof as may be necessary for fiscal year 2006-2007 to be deposited into the State of Hawaii endowment fund, from which the income and capital gains shall be used for the production of music by an Oahu-based symphony orchestra; provided that the funds appropriated in this section are matched, dollar-for-dollar, by private funds.  For the purposes of this section private funds shall include the following:

     (1)  Cash or cash equivalents;

     (2)  Securities, including stocks, bonds, and mutual fund shares;

     (3)  Interests in real property;

     (4)  Tangible personal property that is converted to cash within five years;

     (5)  Irrevocable and binding pledges to be paid within five years;

     (6)  Irrevocable and binding commitments in wills or living trusts; and

     (7)  Irrevocable and vested interests in planned charitable gifts, including charitable remainder trusts, charitable lead trusts, charitable gift annuities, and transfers of residential real estate subject to life estates.

Any unexpended or unencumbered balances from the appropriation shall lapse on June 30, 2009.

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

     SECTION 2.  New statutory material is underscored.

     SECTION 3.  This Act shall take effect upon its approval.