REPORT TITLE:
School facilities special fund


DESCRIPTION:
Changes the amount of general excise tax revenues to be deposited
into the state educational facilities improvement special fund.
(SD1)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                        854
HOUSE OF REPRESENTATIVES                H.B. NO.           S.D. 1
TWENTIETH LEGISLATURE, 1999                                
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:

 1      SECTION 1.  Section 237-31, Hawaii Revised Statutes, is
 
 2 amended to read as follows:
 
 3      "237-31  Remittances.  All remittances of taxes imposed by
 
 4 this chapter shall be made by money, bank draft, check, cashier's
 
 5 check, money order, or certificate of deposit to the office of
 
 6 the department of taxation to which the return was transmitted.
 
 7 The department shall issue its receipts therefor to the taxpayer
 
 8 and shall pay the moneys into the state treasury as a state
 
 9 realization, to be kept and accounted for as provided by law;
 
10 provided that the sum from all general excise tax revenues
 
11 realized by the State that represents the difference between
 
12 [$90,000,000] $         and the proceeds from the sale of any
 
13 general obligation bonds authorized for that fiscal year for the
 
14 purposes of the state educational facilities improvement special
 
15 fund shall be deposited in the state treasury in each fiscal year
 
16 to the credit of the state educational facilities improvement
 
17 special fund; provided further that a sum, not to exceed
 
18 $5,000,000, from all general excise tax revenues realized by the
 
19 State shall be deposited in the state treasury in each fiscal
 

 
Page 2                                                     854
                                     H.B. NO.           S.D. 1
                                                        
                                                        

 
 1 year to the credit of the compound interest bond reserve fund."
 
 2      SECTION 2.  Statutory material to be repealed is bracketed.
 
 3 New statutory material is underscored.
 
 4      SECTION 3.  This Act shall take effect upon its approval.