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THE SENATE |
S.B. NO. |
2784 |
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TWENTY-SIXTH LEGISLATURE, 2012 |
S.D. 2 |
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STATE OF HAWAII |
H.D. 1 |
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A BILL FOR AN ACT
MAKING APPROPRIATIONS TO RECAPITALIZE STATE FISCAL RESERVES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that ongoing effects of one of the most challenging economic periods in Hawaii's history have necessitated the use of the State's reserve funds, specifically the Hawaii hurricane relief fund. These funds were used in fiscal year 2010‑2011 to maintain essential education, public health, and public welfare programs. As of June 30, 2011, the adjusted balance (adjusted to accommodate all of the transfers authorized by Act 62, Session Laws of Hawaii 2011) for the Hawaii hurricane relief fund was approximately $8,800,000.
Finally, bond rating agencies have expressed concern with the near depletion of reserves, such as the Hawaii hurricane relief fund, in fiscal year 2010‑2011. To respond to the rating agencies' concern, the legislature is proposing to accelerate recapitalization of its reserves.
The purpose of this Act is to appropriate general funds to the Hawaii hurricane relief fund. As the State continues its economic recovery, accelerated recapitalization of this reserve fund is prudent and fiscally sound.
SECTION 2. Section 237-31, Hawaii Revised Statutes, is amended to read as follows:
"§237-31 Remittances. All remittances of taxes imposed by this chapter shall be made by money, bank draft, check, cashier's check, money order, or certificate of deposit to the office of the department of taxation to which the return was transmitted. The department shall issue its receipts therefor to the taxpayer and shall pay the moneys into the state treasury as a state realization, to be kept and accounted for as provided by law; provided that:
(1) The sum from all general excise tax revenues realized by the State that represents the difference between $45,000,000 and the proceeds from the sale of any general obligation bonds authorized for that fiscal year for the purposes of the state educational facilities improvement special fund shall be deposited in the state treasury in each fiscal year to the credit of the state educational facilities improvement special fund; and
(2) A sum, not to exceed $5,000,000, from all general
excise tax revenues realized by the State shall be deposited in the state
treasury in each fiscal year to the credit of the compound interest bond
reserve fund[; and
(3) A sum from all general excise tax
revenues realized by the State that is equal to one-half of the total
amount of funds appropriated or transferred out of the hurricane reserve trust
fund under sections 4 and 5 of Act 62, Session Laws of Hawaii 2011, shall be
deposited into the hurricane reserve trust fund in fiscal year 2013-2014 and in
fiscal year 2014-2015; provided that the deposit required in each fiscal year
shall be made by October 1 of that fiscal year]."
SECTION 3. There is appropriated out of the general revenues of the State of Hawaii the sum of $ or so much thereof as may be necessary for fiscal year 2011-2012 and the sum of $ or so much thereof as may be necessary for fiscal year 2012-2013 for the purposes of recapitalizing the Hawaii hurricane relief fund.
The sums appropriated shall be expended by the department of commerce and consumer affairs for the purposes of this Act.
SECTION 4. This Act shall take effect on July 1, 2030.
Report Title:
Hawaii Hurricane Relief Fund; Appropriation
Description:
Makes general fund appropriations of unspecified amounts for fiscal years 2011-2012 and 2012-2013 to recapitalize the Hawaii Hurricane Relief Fund. Effective July 1, 2030. (SB2784 HD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.