Bill Text: HI HB1048 | 2024 | Regular Session | Amended
Bill Title: Relating To Education.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2023-12-11 - Carried over to 2024 Regular Session. [HB1048 Detail]
Download: Hawaii-2024-HB1048-Amended.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
1048 |
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THIRTY-SECOND LEGISLATURE, 2023 |
H.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO EDUCATION.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
The trust fund will be used to supplement existing funding
for department of education programs.
The legislature's intent is for the department of education, under the
direction of its superintendent of education, to maintain and expend various
moneys for the educational benefit of the students in the Hawaii public school
system.
SECTION 2. Chapter 302A, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:
"§302A- Hawaii educational expenditure trust fund;
established. (a) There is
established the Hawaii educational expenditure trust fund as a separate fund of
the department. Moneys received from the
State or county, tax remittances, fee assessments, private contributions of
cash and other property, and the income and capital gains earned by the trust fund
shall constitute the trust fund assets.
The department shall be responsible for determining the moneys that
would be deposited into the trust fund.
(b) The department
shall have the sole responsibility for the administration and expenditure of
moneys from the trust fund for the purposes of this chapter.
(c) The purpose of
the trust fund is to serve as a repository for moneys intended for improving
the education of, and supporting the programs benefiting, the students of the
Hawaii public school system.
(d) The aggregate
principal sum deposited in the trust fund, and any income and capital gains
earned by the trust fund but not expended for grantmaking or administration,
shall be invested by the superintendent in the State's investment pool to
maximize the rate of return on investment of the trust fund consistent with the
objective of preserving the trust fund's principal. The department may hire investment managers
either within or outside of the department.
(e) In the event of
the termination of the trust fund, the unspent appropriations made by the
State, if any, shall be distributed to EDN100 (department of education,
school-based budgeting).
(f) The trust fund
may receive contributions, grants, or gifts from corporations or other
businesses, foundations, government, individuals, and other interested parties.
(g) The trust fund
may receive contributions, grants, or gifts in cash or otherwise from all
sources. The public and private sectors shall
work together as partners in securing contributions for the trust fund. The State may allocate moneys to the trust
fund by legislative appropriation.
(h) There may be an
endowment component of the trust fund, as deemed necessary by the
superintendent.
(i) The
superintendent shall oversee the administration and expenditure of funds for
the following activities:
(1) Grantmaking to raise awareness of
the trust fund;
(2) Allocation of funds for the operations of the department;
(3) Allocation of funds for the education of public school
students;
(4) Allocation of funds for programs that support the education
of public school students;
(5) Allocation of funds for public school facilities;
(6) Allocation of funds for the benefit of public education;
(7) Allocation of funds for programs that support and benefit
public school students; and
(8) Administration of the trust fund; provided that the
department may choose to hire a third party to administer the trust fund.
(j) The superintendent shall develop policies,
plans, and a strategy for the trust fund; publicize the trust fund; and solicit
public and private moneys for the trust fund."
SECTION 3. New statutory material is underscored.
SECTION 4. This Act shall take effect on June 30, 3000.
Report Title:
Department of Education; Hawaii Educational Expenditure Trust Fund
Description:
Establishes the Hawaii educational expenditure trust fund as a separate fund of the department of education for improving the education of, and supporting the programs benefiting, the students of the Hawaii public school system. Effective 6/30/3000. (HD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
