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HOUSE OF REPRESENTATIVES

H.B. NO.

1107

TWENTY-SECOND LEGISLATURE, 2003

 

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

RELATING TO THE IRRIGATION WATER DEVELOPMENT SPECIAL FUND.

 

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

SECTION 1. Section 167-22.5, Hawaii Revised Statutes, is repealed.

["[167-22.5] Irrigation water development special fund. (a) There is established in the state treasury the irrigation water development special fund, into which shall be deposited:

(1) Appropriations by the legislature to the irrigation water development special fund;

(2) All receipts and revenues derived from irrigation projects financed through the issuance of revenue bonds;

(3) All or any portion of the receipts and revenues collected under this chapter, as determined by the board, whether or not receipts or revenues are derived from irrigation projects financed through the issuance of revenue bonds; and

(4) Interest earned or accrued on moneys in the irrigation water development special fund.

(b) Moneys in the irrigation water development special fund shall be used by the board for the following purposes:

(1) Planning, design, improvement, construction, land acquisition, and equipment necessary for the development, operation, or maintenance of an irrigation project;

(2) Payment of debt service on revenue bonds issued by the department for irrigation project purposes, and the establishment of debt service and other revenues deemed necessary by the board;

(3) Reimbursement of the general fund for debt service on general obligation bonds issued to finance irrigation projects where the bonds are designated to be reimbursable out of the irrigation water development special fund; and

(4) Any other purpose deemed necessary by the board for the purpose of planning, designing, improving, constructing, developing, operating, and maintaining irrigation projects."]

SECTION 2. Statutory material to be repealed is bracketed and stricken.

SECTION 3. This Act shall take effect upon its approval.

INTRODUCED BY:

_____________________________

By Request