HB1989 HD1

HOUSE OF REPRESENTATIVES	H.B. NO.	1989
TWENTY-FOURTH LEGISLATURE, 2008		H.D. 1
STATE OF HAWAII

A BILL FOR AN ACT

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) There is established within the state treasury the veterans' gift trust fund. All funds contributed to the trust fund, including income and capital gains earned therefrom, shall be used exclusively for veterans authorized under this chapter. The trust fund may receive any and all types of private contributions and the income and capital gains earned by the fund; provided that funds or properties donated for the office's use shall be deposited and accounted for in accordance with policies and procedures adopted by the comptroller. The trust fund shall be subject to the following restrictions:

(1) All funds, and the income and capital gains earned by investment of those funds, shall be expended only for the support of veterans, including Hawaii state veterans' home programs; and

(2) Other restrictions imposed by the legislature with respect to the transfer or appropriation of funds.

(b) The office 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 (c), or chapter 84.

(c) A gift of money shall be deposited by the director into 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.

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

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. The information shall be compiled and transmitted annually to the legislature and the governor not less than twenty days prior to the convening of each regular session beginning with the regular session of 2009.

(e) The director shall retain for a period of three years, any documents, papers, books, records, and other evidence that are pertinent to the trust fund, and permit inspection or access thereto by the department of budget and finance, the department of accounting and general services, state legislators, and the auditor, or their duly authorized representatives."

SECTION 2. New statutory material is underscored.

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