HOUSE OF REPRESENTATIVES	H.B. NO.	1498
TWENTY-SIXTH LEGISLATURE, 2011
STATE OF HAWAII

A BILL FOR AN ACT

relating to culture and the arts.

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

     SECTION 1.  The legislature finds that the Honolulu symphony endowment fund was created in 1987 to be used to fund the Honolulu symphony operations.  In 1988, the name of the fund was changed to the State of Hawaii endowment fund.  In 1995, a portion of the income and capital gains from the fund was transferred to the state foundation on culture and the arts, to be used for the production of music by an Oahu-based symphony orchestra as determined by the state foundation on culture and the arts.

     The legislature notes that the requirement that any amount contributed to the fund by the State shall be matched by private donations was not met.  The legislature further notes that, as of December 2010, the Honolulu symphony society filed for Chapter 7 bankruptcy.

     The purpose of this Act is to lapse all unexpended or unencumbered moneys remaining in the State of Hawaii endowment fund to the credit of the works of art special fund.

     SECTION 2.  Act 97, Session Laws of Hawaii 2006, as amended by Section 1 of Act 156, Session Laws of Hawaii 2007, as amended by Section 1 of Act 65, Session Laws of Hawaii 2009, is repealed.

     SECTION 3.  Section 103-8.5, Hawaii Revised Statutes, is amended by amending subsection (b) to read as follows:

     "(b)  The works of art special fund shall be used solely for the following purposes:

     (1)  Costs related to the acquisition of works of art, including any consultant or staff services required to carry out the art in public places and relocatable works of art programs;

     (2)  Site modifications, display, and interpretive work necessary for the exhibition of works of art;

     (3)  Upkeep services, including maintenance, repair, and restoration of works of art;

     (4)  Storing and transporting works of art[.]; and

(5) Costs related to the state foundation on culture and the arts foundation grant program established under part II of chapter 9; provided that only funds obtained from the lapsing of the State of Hawaii endowment fund shall be used for this purpose."

     SECTION 3.  All unexpended or unencumbered moneys remaining in the State of Hawaii endowment fund, including the income, interest, and capital gains earned by the investments of the fund, as of the effective date of this Act shall lapse to the credit of the works of art special fund established under section 103-8.5; provided that funds lapsed under this section shall be used only for the state foundation on culture and the arts foundation grant program established under part II of chapter 9.

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

INTRODUCED BY:

_____________________________

Report Title:

State of Hawaii Endowment Fund; Repeal

Description:

Repeals appropriations to the State of Hawaii endowment fund and requires that all unexpended or unencumbered moneys remaining in the fund be lapsed to the works of art special fund.

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.