Bill Text: HI HB1733 | 2010 | Regular Session | Introduced

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Bill Title: Interest Earned on Certain Special Funds, Revolving Funds, Special Accounts; Temporary Transfer to General Fund

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2009-05-11 - Carried over to 2010 Regular Session. [HB1733 Detail]

Download: Hawaii-2010-HB1733-Introduced.html

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Report Title:

Interest Earned on Certain Special Funds, Revolving Funds, Special Accounts; Temporary Transfer to General Fund

 

Description:

Provides for the temporary transfer of interest from certain special funds, revolving funds, and special accounts to the general fund.

 

HOUSE OF REPRESENTATIVES	H.B. NO.	1733
TWENTY-FIFTH LEGISLATURE, 2009
STATE OF HAWAII

A BILL FOR AN ACT

 

 

RELATING TO INTEREST.

 

 

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

 

     SECTION 1.  The purpose of this Act is to provide for the temporary transfer into the general fund of interest earned on short-term investment or deposit of moneys of certain special funds, revolving funds, and special accounts.

     This Act does not require the temporary transfer of any fee or user charge collected from a beneficiary of a state service.  It only provides for the temporary transfer of interest earned on the unexpended fee or charge.  Thus, the legislature intends that this Act be in conformance with state judicial interpretation concerning the proper use of the proceeds from a fee or user charge established by a state agency.

     SECTION 2.  Temporary transfer of interest earned on certain special funds, revolving funds, and special accounts to general fund.  (a)  Notwithstanding any other law to the contrary, from July 1, 2009, until June 30, 2015, the director of finance shall deposit into the general fund the interest earned on the short-term investment of moneys of the special funds, revolving funds, and special accounts listed in this subsection.  For purposes of this section, "short-term investment" means an investment made by the director of finance in accordance with section 36-21, Hawaii Revised Statutes (HRS).

     This section shall be applicable to the following special funds, revolving funds, and special accounts:

     (1)  Hawaii historic preservation special fund -- section 6E-16, HRS;

     (2)  Captain Cook memorial fund –- section 6E-33, HRS;

     (3)  Hawaii election campaign fund -- section 11-217, HRS;

     (4)  Hawaii legislative publications special fund -- section 21D-5, HRS;

     (5)  Human resources development special fund -- section 26-5(f), HRS;

     (6)  Compliance resolution fund -- section 26-9(o), HRS;

     (7)  Tobacco enforcement special fund -- section 28-15, HRS;

     (8)  Medicaid investigations recovery fund -- section 28-91.5, HRS;

     (9)  Interagency federal revenue maximization revolving fund -- section 29-24, HRS;

    (10)  State educational facilities improvement special fund -- section 36-32, HRS;

    (11)  State educational facilities repair and maintenance account -- section 36-35, HRS;

    (12)  School physical plant operations and maintenance account -- section 36-36, HRS;

    (13)  Litigated claims fund -- section 40-35, HRS;

    (14)  State risk management revolving fund -- section 41D-4, HRS;

    (15)  Works of art special fund -- section 103-8.5, HRS;

    (16)  Surplus federal property revolving fund -- section 103D-1107, HRS;

    (17)  State motor pool revolving fund -- section 105-11, HRS;

    (18)  Public works project assessment fund -- section 107-1.5, HRS;

    (19)  State parking revolving fund -- section 107-11(e), HRS;

    (20)  Stadium special fund -- section 109-3, HRS;

    (21)  Kapolei recreational sports complex special fund -- section 109-9, HRS;

    (22)  Major disaster fund -- section 127-11, HRS;

    (23)  Environmental response revolving fund -- section 128D-2, HRS;

    (24)  Aquaculture development special fund -- section 141-2.7, HRS;

    (25)  Animal quarantine special fund -- section 142-28.5, HRS;

    (26)  Certification services revolving fund -- section 147-101, HRS;

    (27)  Seal of quality special fund -- section 148-67, HRS;

    (28)  Pesticide use revolving fund -- section 149A-13.5, HRS;

    (29)  Pest inspection, quarantine, and eradication fund -- section 150A-4.5, HRS;

    (30)  Permit revolving fund -- section 150A-6.7, HRS;

    (31)  Agricultural loan revolving fund -- section 155-14, HRS;

    (32)  Milk control special fund -- section 157-29, HRS;

    (33)  Waiahole water system revolving fund -- section 163D-15.5, HRS;

    (34)  Hawaii agricultural development revolving fund -- section 163D-17, HRS;

    (35)  Agricultural park special fund -- section 166-10, HRS;

    (36)  Non-agricultural park lands special fund -- section 166E-7, HRS;

    (37)  Irrigation system revolving fund -- section 167-22, HRS;

    (38)  Irrigation water development special fund -- section 167-22.5, HRS;

    (39)  Irrigation repair and maintenance special fund -- section 167-24, HRS;

    (40)  Special land and development fund -- section 171-19, HRS;

    (41)  Infrastructure development fund -- section 171-19.5, HRS;

    (42)  Beach restoration special fund -- section 171-156, HRS;

    (43)  Land conservation fund -- section 173A-5, HRS;

    (44)  Water resource management fund -- section 174C-5.5, HRS;

    (45)  Dam and reservoir safety special fund -- section 179D-25, HRS;

    (46)  Wildlife revolving fund -- section 183D-10.5, HRS;

    (47)  State parks special fund -- section 184-3.4, HRS;

    (48)  Firefighter's contingency fund -- section 185-4(d), HRS;

    (49)  Sport fish special fund -- section 187A-9.5, HRS;

    (50)  Commercial fisheries special fund -- section 189-2.4, HRS;

    (51)  Natural area reserve fund -- section 195-9, HRS;

    (52)  Forest stewardship fund -- section 195F-4, HRS;

    (53)  Energy security special fund -- section 201-12.8, HRS;

    (54)  Brownfields cleanup revolving loan fund -- section 201-18, HRS;

    (55)  Hawaii television and film development special fund -- section 201-113, HRS;

    (56)  Convention center enterprise special fund -- section 201B-8, HRS;

    (57)  Tourism special fund -- section 201B-11, HRS;

    (58)  Housing finance revolving fund -- section 201H-80, HRS;

    (59)  Kikala-Keokea housing revolving fund -- section 201H-81, HRS;

    (60)  Pineapple workers and retirees housing assistance fund -- section 201H-85, HRS;

    (61)  Rental assistance revolving fund -- section 201H-123, HRS;

    (62)  Dwelling unit revolving fund -- section 201H-191, HRS;

    (63)  Renewable energy facility siting special fund -- section 201N-11, HRS;

    (64)  Hawaii community development revolving fund -- section 206E-16, HRS;

    (65)  Kalaeloa community development revolving fund -- section 206E-195, HRS;

    (66)  Aloha Tower fund -- section 206J-17, HRS;

    (67)  High technology special fund -- section 206M-15.5, HRS;

    (68)  Hawaii technology loan revolving fund -- section 206M-15.6, HRS;

    (69)  State disaster revolving loan fund -- section 209-34, HRS;

    (70)  Hawaii community-based economic development revolving fund -- section 210D-4, HRS;

    (71)  Hawaii strategic development corporation revolving fund -- section 211F-5, HRS;

    (72)  Cancer detection development revolving fund -- section 211F-5.5, HRS;

    (73)  Hydrogen investment capital special fund -- section 211F-5.7, HRS;

    (74)  Capital formation revolving fund -- section 211G-16, HRS;

    (75)  Foreign-trade zones special fund -- section 212-9, HRS;

    (76)  Aquaculture loan revolving fund -- section 219-4, HRS;

    (77)  Statewide geospatial information and data integration special fund -- section 225M-7, HRS;

    (78)  Natural energy laboratory of Hawaii authority special fund -- section 227D-5, HRS;

    (79)  Tax administration special fund -- section 235-20.5, HRS;

    (80)  Cigarette tax stamp administrative special fund -- section 245-41.5, HRS;

    (81)  State highway fund -- section 248-8, HRS;

    (82)  Airport revenue fund -- section 248-8, HRS;

    (83)  Boating special fund -- section 248-8, HRS;

    (84)  Passenger facility charge special fund -- section 261-5.5, HRS;

    (85)  Rental motor vehicle customer facility charge special fund -- section 261-5.6, HRS;

    (86)  Transportation use special fund -- section 261D-1, HRS;

    (87)  Transportation improvement special fund -- section 264-19, HRS;

    (88)  Highway development special fund -- section 264-122, HRS;

    (89)  Harbor special fund -- section 266-19, HRS;

    (90)  Ferry project special fund -- section 268-2.6, HRS;

    (91)  Public utilities commission special fund -- section 269-33, HRS;

    (92)  Universal service fund -- section 269-42, HRS;

    (93)  OMPO revolving fund -- section 279E-5, HRS;

    (94)  Driver education and training fund -- section 286G-2, HRS;

    (95)  Ignition interlock special fund -- section 291E-5, HRS;

    (96)  Education research and development revolving fund -- section 302A-305, HRS;

    (97)  Special school lunch fund -- section 302A-405, HRS;

    (98)  School bus fare revolving fund -- section 302A-407.5, HRS;

    (99)  Felix stipend program special fund -- section 302A-707, HRS;

   (100)  Hawaii teacher standards board special fund -- section 302A-806, HRS;

   (101)  Teachers' housing revolving fund -- section 302A-833, HRS;

   (102)  Textbook and instructional materials fee special account -- section 302A-1130.6, HRS;

   (103)  After-school plus program revolving fund -- section 302A-1149.5, HRS;

   (104)  Special out-of-school time instructional program fund -- section 302A-1310, HRS;

   (105)  Food distribution program revolving fund -- section 302A-1315, HRS;

   (106)  Federal grants search, development, and application revolving fund -- section 302A-1405, HRS;

   (107)  Department of education federal revenue maximization program revolving fund -- section 302A-1406, HRS;

   (108)  School-level minor repairs and maintenance special fund -- section 302A-1504.5, HRS;

   (109)  Education design and construction project assessment fund -- section 302A-1508, HRS;

   (110)  Libraries special fund -- section 312-3.6, HRS;

   (111)  Library fee for enhanced services special fund -- section 312-22, HRS;

   (112)  Domestic violence and sexual assault special fund -- section 321-1.3, HRS;

   (113)  Office of health care assurance special fund -- section 321-1.4, HRS;

   (114)  Community health centers special fund -- section 321-1.65, HRS;

   (115)  Trauma system special fund -- section 321-22.5, HRS;

   (116)  Environmental health education fund -- section 321-27, HRS;

   (117)  Children with special health needs special fund -- section 321-53, HRS;

   (118)  Emergency medical services special fund -- section 321-234, HRS;

   (119)  Financial assistance fund for hemophilia -- section 321-281, HRS;

   (120)  Early intervention special fund -- section 321-355, HRS;

   (121)  Public health nursing services special fund -- section 321-432, HRS;

   (122)  Neurotrauma special fund -- section 321H-4, HRS;

   (123)  State health planning and development special fund -- section 323D-12.6, HRS;

   (124)  Health systems special fund -- section 323F-21(a), HRS;

   (125)  Hawaii organ and tissue education special fund -- section 327-24, HRS;

   (126)  Hawaii tobacco settlement special fund -- section 328L-2, HRS;

   (127)  Controlled substance registration revolving fund -- section 329-59, HRS;

   (128)  Mental health and substance abuse special fund -- section 334-15, HRS;

   (129)  Vital statistics improvement special fund -- section 338-14.6, HRS;

   (130)  Electronic device recycling fund -- section 339D-10, HRS;

   (131)  Wastewater treatment certification board special fund -- section 340B-3.5, HRS;

   (132)  Drinking water treatment revolving loan fund -- section 340E-35, HRS;

   (133)  Clean air special fund -- section 342B-32, HRS;

   (134)  Water pollution control revolving fund -- section 342D-83, HRS;

   (135)  Environmental management special fund -- section 342G-63, HRS;

   (136)  Deposit beverage container deposit special fund -- section 342G-104, HRS;

   (137)  Leaking underground storage tank fund -- section 342L-51, HRS;

   (138)  Asbestos and lead abatement special fund -- section 342P-8, HRS;

   (139)  Public assistance emergency fund -- section 346-53(f), HRS;

   (140)  Rx plus special fund -- section 346-318, HRS;

   (141)  State pharmacy assistance program special fund -- section 346-345, HRS;

   (142)  Long-term care benefits fund -- section 346C-5, HRS;

   (143)  Blind shop revolving and handicraft fund -- section 347-12, HRS;

   (144)  Randolph-Sheppard revolving account -- section 347-12.5, HRS;

   (145)  Disability and communication access board special fund -- section 348F-7, HRS;

   (146)  Crime victim compensation special fund -- section 351-62.5, HRS;

   (147)  Commercial exploitation of crime special account -- section 351-84, HRS;

   (148)  Youth correctional facilities' benefit fund -- section 352-21, HRS;

   (149)  Correctional facility stores revolving funds -- section 353-31, HRS;

   (150)  Federal reimbursement maximization special fund -- section 353C-7, HRS;

   (151)  Correctional industries revolving fund -- section 354D-10, HRS;

   (152)  Public housing revolving fund -- section 356D-28, HRS;

   (153)  Housing project bond special funds -- section 356D-28, HRS;

   (154)  State low-income housing revolving fund -- section 356D-45, HRS;

   (155)  Housing for elders revolving fund -- section 356D-72, HRS;

   (156)  Stevedoring fund -- section 382-5, HRS;

   (157)  Special unemployment insurance administration fund -- section 383-127, HRS;

   (158)  Employment and training fund -- section 383-128, HRS;

   (159)  Additional unemployment compensation fund -- section 385-12, HRS;

   (160)  Special premium supplementation fund -- section 393-41, HRS;

   (161)  Hoisting machine operators' certification revolving fund -- section 396-20, HRS;

   (162)  Commissioner's education and training fund -- section 431:2-214, HRS;

   (163)  Special drivers education fund account -- section 431:10C-115, HRS;

   (164)  Captive insurance administrative fund -- section 431:19-101.8, HRS;

   (165)  Loss mitigation grant fund -- section 431:22-102, HRS;

   (166)  Dietitian licensure special fund -- section 448B-10, HRS;

   (167)  Notaries public revolving fund -- section 456-9.5, HRS;

   (168)  Solicitation of funds for charitable purposes special fund -- section 467B-15, HRS;

   (169)  Petroleum industry monitoring, analysis, and reporting special fund -- section 486J-5.6, HRS;

   (170)  Bureau of conveyances special fund -- section 502-8, HRS;

   (171)  Fee simple residential revolving fund -- section 516-44, HRS;

   (172)  DNA registry special fund -- section 706-603, HRS;

   (173)  Drug demand reduction assessments special fund -- section 706-650, HRS;

   (174)  Criminal forfeiture fund -- section 712A-16, HRS;

   (175)  Criminal history record improvement revolving fund -- section 846-10.6, HRS; and

   (176)  State identification revolving fund -- section 846-27, HRS.

     (b)  Notwithstanding any other law to the contrary, from July 1, 2009 until June 30, 2011, the president of the University of Hawaii shall transfer to the director of finance any interest earned on moneys of the following special and revolving funds that are deposited in depositories pursuant to section 304A-2003, HRS.  Upon receipt, the director of finance shall deposit the moneys in the general fund.

     The special and revolving funds, to which this section is applicable, shall be the following:

     (1)  University of Hawaii risk management special fund -- section 304A-2151, HRS;

     (2)  University of Hawaii at Manoa malpractice special fund -- section 304A-2152, HRS;

     (3)  University of Hawaii tuition and fees special fund ‑‑ section 304A-2153, HRS;

     (4)  Systemwide information technology and services special fund -- section 304A-2154, HRS;

     (5)  Library special fund -- section 304A-2155, HRS;

     (6)  University of Hawaii community services special fund -- section 304A-2156, HRS;

     (7)  University of Hawaii auxiliary enterprises special fund -- section 304A-2157, HRS;

     (8)  Western Governors University special fund -- section 304A-2158, HRS;

     (9)  University of Hawaii scholarship and assistance special fund -- section 304A-2159, HRS;

    (10)  State higher education loan fund -- section 304A-2160, HRS;

    (11)  Hawaii educator loan program special fund -- section 304A-2161, HRS;

    (12)  Community colleges special fund -- section 304A-2162, HRS;

    (13)  Center for nursing special fund -- section 304A-2163, HRS;

    (14)  Hawaii medical education special fund -- section 304A-2164, HRS;

    (15)  State aquarium special fund -- section 304A-2165, HRS;

    (16)  University of Hawaii-West Oahu special fund -- section 304A-2166, HRS;

    (17)  Hawaii cancer research special fund -- section 304A-2168, HRS;

    (18)  Energy systems development special fund -- section 304A-2169, HRS;

    (19)  University of Hawaii commercial enterprises revolving fund -- section 304A-2251, HRS;

    (20)  Child care programs revolving fund -- section 304A-2252, HRS;

    (21)  Research and training revolving fund -- section 304A-2253, HRS;

    (22)  Discoveries and inventions revolving fund -- section 304A-2254, HRS;

    (23)  Student health center revolving fund -- section 304A-2255, HRS;

    (24)  Transcript and diploma revolving fund -- section 304A-2256, HRS;

    (25)  University of Hawaii student activities revolving fund -- section 304A-2257, HRS;

    (26)  University of Hawaii housing assistance revolving fund -- section 304A-2258, HRS;

    (27)  University of Hawaii alumni revolving fund -- section 304A-2259, HRS;

    (28)  University of Hawaii graduate application revolving fund -- section 304A-2260, HRS;

    (29)  University of Hawaii at Manoa intercollegiate athletics revolving fund -- section 304A-2261, HRS;

    (30)  University of Hawaii at Hilo intercollegiate athletics revolving fund -- section 304A-2261, HRS;

    (31)  Animal research farm, Waialee, Oahu revolving fund ‑‑ section 304A-2262, HRS;

    (32)  Seed distribution program revolving fund -- section 304A-2263, HRS;

    (33)  Conference center revolving fund for University of Hawaii at Manoa -- section 304A-2264, HRS;

    (34)  International exchange healthcare tourism revolving fund -- section 304A-2265, HRS;

    (35)  Education laboratory school summer programs revolving fund -- section 304A-2266, HRS;

    (36)  Center for labor education and research revolving fund -- section 304A-2267, HRS;

    (37)  Career and technical training projects revolving fund -- section 304A-2268, HRS;

    (38)  Community college and University of Hawaii at Hilo bookstore revolving fund -- section 304A-2269, HRS;

    (39)  Hawaiian language college revolving fund -- section 304A-2270, HRS;

    (40)  University of Hawaii-Hilo theatre revolving fund -- section 304A-2271, HRS;

    (41)  Conference center revolving fund, University of Hawaii at Hilo -- section 304A-2272, HRS;

    (42)  Community college conference center revolving fund ‑‑ section 304A-2273, HRS;

    (43)  University of Hawaii real property and facilities use revolving fund -- section 304A-2274, HRS; and

    (44)  University parking revolving fund -- section 304A-2275, HRS.

     (c)  Notwithstanding any other law to the contrary, from July 1, 2009 until June 30, 2011, the chief justice shall transfer to the director of finance any interest earned on the short-term investment by the judiciary of moneys of the following special and revolving funds.  Upon receipt, the director of finance shall deposit the moneys in the general fund.

     The special and revolving funds, to which this section is applicable, shall be the following:

     (1)  Supreme court law library revolving fund -- section 601-3.5, HRS;

     (2)  Spouse and child abuse special account -- section 601-3.6, HRS;

     (3)  Judiciary computer system special fund -- section 601-3.7, HRS;

     (4)  Court interpreting services revolving fund -- section 607-1.5, HRS;

     (5)  Parent education special fund -- section 607-5.6(d), HRS;

     (6)  Indigent legal assistance fund -- section 607-5.7(c); and

     (7)  Probation services special fund -- section 706-649, HRS.

     SECTION 3.  Section 36-21, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:

     "(a)  The director of finance may invest any moneys of the State which in the director's judgment are in excess of the amounts necessary for meeting the immediate requirements of the State and where in the director's judgment the action will not impede or hamper the necessary financial operations of the State in:

     (1)  Any bonds or interest-bearing notes or obligations:

         (A)  Of the State (including state director of finance's warrant notes issued pursuant to chapter 40);

         (B)  Of the United States;

         (C)  For which the faith and credit of the United States are pledged for the payment of principal and interest;

     (2)  Federal Farm Credit System notes and bonds;

     (3)  Federal Agricultural Mortgage Corporation notes and bonds;

     (4)  Federal Home Loan Bank notes and bonds;

     (5)  Federal Home Loan Mortgage Corporation bonds;

     (6)  Federal National Mortgage Association notes and bonds;

     (7)  Student Loan Marketing Association notes and bonds;

     (8)  Tennessee Valley Authority notes and bonds;

     (9)  Securities of a mutual fund whose portfolio is limited to bonds or securities issued or guaranteed by the United States or an agency thereof or repurchase agreements fully collateralized by any such bonds or securities;

    (10)  Securities of a money market mutual fund that is rated AAA, or its equivalent, by a nationally recognized rating agency or whose portfolio consists of securities that are rated as first tier securities by a nationally recognized statistical rating organization as provided in 17 Code of Federal Regulations section 270.2a-7;

    (11)  Federally insured savings accounts;

    (12)  Time certificates of deposit;

    (13)  Certificates of deposit open account;

    (14)  Repurchase agreements with federally insured banks, savings and loan associations, and financial services loan companies;

    (15)  Student loan resource securities including:

         (A)  Student loan auction rate securities;

         (B)  Student loan asset-backed notes;

         (C)  Student loan program revenue notes and bonds; and

         (D)  Securities issued pursuant to Rule 144A of the Securities Act of 1933, including any private placement issues;

          issued with either bond insurance or overcollateralization guaranteed by the United States Department of Education; provided all insurers maintain a triple-A rating by Standard & Poor's, Moody's, Duff & Phelps, Fitch, or any other major national securities rating agency;

    (16)  Commercial paper with an A1/P1 or equivalent rating by any national securities rating service; and

    (17)  Bankers' acceptances with an A1/P1 or equivalent rating by any national securities rating service;

provided that the investments are due to mature not more than five years from the date of investment.  Income derived from those investments shall be a realization of the general fund; provided that, except as provided by Act          , Session Laws of 2009, income earned from moneys invested by the general funds, special funds, bond funds, and trust and agency funds on an investment pool basis shall be paid into and credited to the respective funds based on the contribution of moneys into the investment pool by each fund.  As used in this section, "investment pool" means the aggregate of state treasury moneys that are maintained in the custody of the director of finance for investment and reinvestment without regard to fund designation."

     SECTION 4.  On June 30, 2015, the amendment made by this Act to section 36-21, Hawaii Revised Statutes, shall be repealed.  The repeal of the amendment shall not affect any other amendment made to the section that becomes effective between July 1, 2009, and June 30, 2015.

     SECTION 5.  New statutory material is underscored.

     SECTION 6.  This Act shall take effect on July 1, 2009, and shall be repealed on July 1, 2015; provided that section 36-21, Hawaii Revised Statutes, shall be reenacted in the form in which it existed on the day before the effective date of this Act.

 

INTRODUCED BY:	_____________________________