Report Title:

Hawaii Hurricane Relief Fund; Transfer of funds

Description:

Transfers funds from the Hawaii Hurricane Relief Fund (HHRF) to the general fund.

HOUSE OF REPRESENTATIVES

H.B. NO.

644

TWENTY-SECOND LEGISLATURE, 2003

 

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

relating to the hawaii hurricane relief fund.

 

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

SECTION 1. Section 431P-16, Hawaii Revised Statutes, is amended by amending subsection (i) to read as follows:

"(i) Moneys in the hurricane reserve trust fund may be:

(1) Disbursed upon dissolution of the Hawaii hurricane relief fund; provided that:

(A) 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

(B) 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; [or]

(2) Deposited to the loss mitigation grant fund established under section 431:22-102; or

(3) Disbursed to the general fund as provided by law;

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 2. Notwithstanding any other law to the contrary, there is appropriated out of the hurricane reserve trust fund the sum of $      or so much thereof as may be necessary for fiscal year 2003-2004 to be deposited into the general fund.

The sum appropriated shall be expended by the Hawaii hurricane relief fund for the purposes of this Act.

SECTION 3. There shall be no cause of action, claim for damages or relief, charge, or any other liability of any kind whatsoever created against the state, the Hawaii hurricane relief fund, the Hawaii hurricane relief fund's board and its members, or their respective agents, or employees, by or relating to the transfer of any moneys from the hurricane reserve trust fund to the general fund.

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 Statutory material to be repealed is bracketed and stricken.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, 2003.

INTRODUCED BY:

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