Report Title:

Veterans Gift Trust Fund

 

Description:

Requires director of office of veterans' services to deposit gifts into an account in the state treasury to be known as the veterans' gift trust fund.

 

HOUSE OF REPRESENTATIVES

H.B. NO.

1989

TWENTY-FOURTH LEGISLATURE, 2008

 

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

relating to veterans.

 

 

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

 

     SECTION 1.  Chapter 363, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:

     "§363‑     Veterans' gift trust fund.  (a)  Notwithstanding any other law to the contrary, the office of veterans' services may receive, use, manage, and invest moneys or property, real, personal, or mixed, which may be given, bequeathed, devised, or in any other manner provided from sources other than the legislature or the federal government, for any purpose authorized by this chapter and not inconsistent with any terms or conditions imposed by the donor, subsection (b), or chapter 84.

     (b)  A gift of money shall be deposited by the director into a trust fund in the state treasury to be known as the veterans' gift trust fund and shall be expended in accordance with law and any terms and conditions that may pertain to the gift.  Unless otherwise specified as a term or condition, the director may convert a gift of property into money.  Income derived from property or the conversion of property may be used to pay for the storage, handling, and distribution of other properties held by the office.

     (c)  All expenditures made pursuant to this section shall be subject to the approval of the director.

     (d)  The office shall maintain records of each gift, the essential facts of the management thereof, details relating to expenditures of all moneys made pursuant to this section, and the current disposition, use, and condition of each gifted property held by the office.  This information shall be compiled and transmitted annually to the legislature and the governor."

     SECTION 2.  New statutory material is underscored.

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

 

INTRODUCED BY:

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