Bill Text: HI SB104 | 2023 | Regular Session | Introduced
Bill Title: Relating To Education.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Introduced - Dead) 2023-01-20 - Referred to EDU, WAM. [SB104 Detail]
Download: Hawaii-2023-SB104-Introduced.html
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THE SENATE |
S.B. NO. |
104 |
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THIRTY-SECOND LEGISLATURE, 2023 |
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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:
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 shall 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 shall be 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 shall
be allowed to 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 students in the Hawaii public school system;
(4) Allocation
of funds for programs that support the education of and benefit the students in
the Hawaii public school system;
(5) Allocation
of funds for public school facilities; and
(6) Allocation
of funds for the benefit of public education.
(j)
The superintendent shall:
(1) Develop
the policy, planning, and strategy for the trust fund;
(2) Publicize
the trust fund; and
(3) Solicit
public and private moneys for the trust fund.
(k)
For the purposes of this section, "trust fund" or
"fund" means the Hawaii educational expenditure trust fund."
SECTION 3. New statutory material is underscored.
SECTION 4. This Act shall take effect upon its approval.
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INTRODUCED BY: |
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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.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
