Bill Text: HI SB2758 | 2014 | Regular Session | Amended
Bill Title: Hurricane Reserve Trust Fund; Interest and Other Earnings
Spectrum: Strong Partisan Bill (Democrat 13-1)
Status: (Engrossed - Dead) 2014-04-25 - Conference committee meeting to reconvene on 04-25-14 4:00PM in conference room 016. [SB2758 Detail]
Download: Hawaii-2014-SB2758-Amended.html
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THE SENATE |
S.B. NO. |
2758 |
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TWENTY-SEVENTH LEGISLATURE, 2014 |
S.D. 1 |
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STATE OF HAWAII |
H.D. 1 |
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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 legislature finds that general revenues are increasing and that the diversion of the interest from the hurricane reserve trust fund is no longer necessary to maintain the health of the general fund. Moreover, the legislature finds that this Act will allow the corpus of the trust fund to grow without imposition of a fee or tax.
The purpose of this Act is to require the interest and other moneys earned on the principal of the hurricane reserve trust fund to be deposited into the trust fund instead of being diverted to the general fund.
SECTION 2. Section 431P-16, Hawaii Revised Statutes, is amended as follows:
1. By amending subsection (g) to read:
"(g) Any proceeds from loans or other moneys from the federal government, any proceeds from bonds issued pursuant to this chapter loaned by the director to the Hawaii hurricane relief fund, and other moneys as the State may make available from time to time shall be deposited into the hurricane reserve trust fund.
Interest and other moneys earned on the principal of the hurricane reserve trust fund also shall be deposited into the trust fund."
2. By amending subsection (i) to read:
"(i) Moneys in the hurricane reserve trust fund may be disbursed upon dissolution of the Hawaii hurricane relief fund; provided that:
(1) The net moneys in the hurricane reserve trust fund shall revert to the state general fund after payments by the fund on behalf of licensed property and casualty insurers or the State that are required to be made pursuant to any federal disaster insurance program enacted to provide insurance or reinsurance for hurricane risks are completed; and
(2) If
such moneys are paid on behalf of licensed property and casualty insurers,
payment shall be made in proportion to the premiums from policies of hurricane
property insurance serviced by the insurers in the twelve months prior to
dissolution of the fund[;
provided that all interest
earned from the principal in the hurricane reserve trust fund shall be
transferred and deposited into the general fund each year that the hurricane
reserve trust fund remains in existence]."
SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 4. This Act shall take effect on December 21, 2112.
Report Title:
Hurricane Reserve Trust Fund; Interest and Other Earnings
Description:
Requires the interest and other moneys earned on the principal of the hurricane reserve trust fund to be deposited into the trust fund instead of being diverted to the general fund. Effective 12/21/2112. (HD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
