Report Title:

Hydrogen Investment Capital Special Fund; Repeal

Description:

Repeals the hydrogen investment capital special fund; lapses balance of moneys into general fund upon repeal.  (SD1)

THE SENATE	S.B. NO.	146
TWENTY-FOURTH LEGISLATURE, 2007		S.D. 1
STATE OF HAWAII

A BILL FOR AN ACT

RELATING TO STATE FUNDS.

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

     SECTION 1.  Section 211F-5.7, Hawaii Revised Statutes, is repealed.

     ["[§211F-5.7] Hydrogen investment capital special fund.  (a)  There shall be established the hydrogen investment capital special fund, into which shall be deposited:

(1) Appropriations made by the legislature to the fund;

(2) All contributions from public or private partners;

(3) All interest earned on or accrued to moneys deposited in the special fund; and

(4) Any other moneys made available to the special fund from other sources.

(b)  Moneys in the fund shall be used to:

(1) Provide seed capital for and venture capital investments in private sector and federal projects for research, development, testing, and implementation of the Hawaii renewable hydrogen program, as set forth in section 196-10; and

(2) For any other purpose deemed necessary to carry out the purposes of section 196‑10."]

     SECTION 2.  Upon the repeal of the hydrogen investment capital special fund, all moneys in that fund shall lapse into the general fund.

     SECTION 3.  Statutory material to be repealed is bracketed and stricken.

     SECTION 4.  This Act shall take effect upon its approval.