Bill Text: HI HB2370 | 2012 | Regular Session | Introduced
Bill Title: Hurricane Reserve Trust Fund; Repayment
Spectrum: Partisan Bill (Democrat 10-0)
Status: (Introduced - Dead) 2012-01-25 - (H) Referred to FIN, referral sheet 7 [HB2370 Detail]
Download: Hawaii-2012-HB2370-Introduced.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
2370 |
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TWENTY-SIXTH LEGISLATURE, 2012 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO THE HURRICANE RESERVE TRUST FUND.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The purpose of this Act is to provide for the earlier repayment of the moneys from the hurricane reserve trust fund that were appropriated and transferred into the general fund under Act 62, Session Laws of Hawaii 2011, to address the general fund deficit during the fiscal year 2010-2011.
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;
(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] three-fourths
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] 2012-2013, and a sum from
all general excise tax revenues realized by the State that is equal to one-fourth
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. The deposit required in each fiscal year shall be made by
October 1 of that fiscal year."
SECTION 3. Act 62, Session Laws of Hawaii 2011, is amended by amending section 9 to read as follows:
"SECTION 9. The Hawaii hurricane relief fund, with the approval of the director of finance and the governor, is authorized to issue revenue bonds at such times and in such amounts not exceeding $75,000,000 in the aggregate to maintain a balance of $75,000,000 in the hurricane reserve trust fund established pursuant to section 431P-16, Hawaii Revised Statutes. The proceeds of any revenue bonds issued pursuant to this section shall be deposited into the hurricane reserve trust fund. The bonds shall be issued pursuant to part III of chapter 39, Hawaii Revised Statutes. General excise tax revenues deposited into the hurricane reserve trust fund under section 8 of this Act may be used, together with or separately from other revenues authorized under chapter 431P, Hawaii Revised Statutes, to pay the debt service on or redeem any revenue bonds issued under this section.
The authorization to issue revenue bonds under
this section shall terminate on June 30, [2015,] 2014, and shall
be deemed invalid thereafter."
SECTION 4. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 5. This Act shall take effect on July 1, 2012.
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INTRODUCED BY: |
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Report Title:
Hurricane Reserve Trust Fund; Repayment
Description:
Provides for the earlier repayment of the amount appropriated and transferred into the general fund from the hurricane reserve trust fund under Act 62, SLH 2011, to address the general fund deficit in fiscal year 2010-2011. Provides for an earlier termination of the relief fund's authority to issue revenue bonds under Act 62.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
