Report Title:

Passenger Facility Charge Special Fund; Bonds; Airport Capital Improvement Projects; Subaccounts

 

Description:

Amends the authorized use of the passenger facility charge special fund to be used for bonds and establishes subaccounts within the special fund for airport capital improvement projects.  Effective on 07/01/2050.  (SD2)

 

THE SENATE

S.B. NO.

1614

TWENTY-FIFTH LEGISLATURE, 2009

S.D. 2

STATE OF HAWAII

 

 

 

 

 

A BILL FOR AN ACT

 

 

RELATING TO THE PASSENGER FACILITY CHARGE SPECIAL FUND.

 

 

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

 

     SECTION 1.  Section 261-5.5, Hawaii Revised Statutes, is amended to read as follows:

     "§261-5.5  Passenger facility charge special fund.  (a)  There is established in the state treasury the passenger facility charge special fund, into which shall be deposited all proceeds from the passenger facility charge.

     [(b)  Moneys in the passenger facility charge special fund shall be used for airport capital improvement program projects approved by the legislature.

     (c)] (b)  The director of transportation shall administer the passenger facility charge special fund.

     (c)  Moneys in the passenger facility charge special fund shall be used for purposes of and pursuant to sections 39‑61(a)(1) and (3).

     (d)  All moneys paid into the passenger facility charge special fund shall be expended by the department for any purpose permitted by the Aviation Safety and Capacity Expansion Act of 1990, P. L. 101-508, title IX, subtitle B, sections 9110 and 9111, recodified as title 49 United States Code section 40117, as amended from time to time.

     (e)  The department of transportation may establish subaccounts within the passenger facility charge special fund and require the transfer of passenger facility charges into the subaccounts to pay debt service on bonds issued to finance airport capital improvement projects and authorized by the legislature."

     SECTION 2.  Statutory material to be repealed is bracketed and stricken.  New statutory material is underscored.

     SECTION 3.  This Act shall take effect on July 1, 2050.