Report Title:

Loss Mitigation Grant Program; Appropriation

Description:

Appropriates $3,500,000 in FY2003-2004,and $2,500,000 in FY2004-2005, from interest income transferred from the hurricane reserve trust fund to the general fund under Act 179, SLH 2002, to fund the loss mitigation grant program established under the Act. Allows appropriated funds to be used for grants issued from January 1, 2003.

THE SENATE

S.B. NO.

913

TWENTY-SECOND LEGISLATURE, 2003

 

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

Making an appropriation for the loss mitigation grant program.

 

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

SECTION 1. There is appropriated out of the general revenues of the State of Hawaii, from the interest income appropriated out of the hurricane reserve trust fund to the general fund pursuant to Act 179, Session Laws of Hawaii 2002, the sum of $3,500,000, or so much thereof as may be necessary for fiscal year 2003-2004, and the sum of $2,500,000, or so much thereof as may be necessary for fiscal year 2004-2005, to be deposited into the loss mitigation grant fund.

SECTION 2. There is appropriated out of the loss mitigation grant fund the sum of $3,500,000, or so much thereof as may be necessary for fiscal year 2003-2004, and the sum of $2,500,000, or so much thereof as may be necessary for fiscal year 2004-2005, to develop and implement the grant program established under Act 179, Session Laws of Hawaii 2002.

The sums appropriated shall be expended by the insurance commissioner for the purposes of the Act; provided that the commissioner may carry over unexpended and unencumbered funds from fiscal year 2003-2004 into fiscal year 2004-2005; and provided further that at the end of the fiscal biennium 2003-2005, the unexpended and unencumbered funds shall be returned to the general fund in accordance with section 40-66, Hawaii Revised Statutes.

SECTION 3. This Act shall take effect on July 1, 2003; provided that funds appropriated under this Act may be used to pay grants awarded retroactive to January 1, 2003.

INTRODUCED BY:

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