HOUSE OF REPRESENTATIVES

H.B. NO.

692

TWENTY-EIGHTH LEGISLATURE, 2015

 

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

relating to crowdfunding.

 

 

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

 


     SECTION 1.  Chapter 302A, Hawaii Revised Statutes, is amended by adding a new section to part VI to be appropriately designated and to read as follows:

     "§302A-     School capital improvement project crowdfunding; special fund.  (a)  The department may implement crowdfunding as a method of financing all or part of specific school capital improvement projects within the department.

     (b)  There is established within the state treasury the school capital improvement project crowdfunding special fund, into which shall be deposited:

     (1)  Appropriations from the legislature;

     (2)  Donations received by the department through crowdfunding for specific capital improvement projects; and

     (3)  All interest earned or accrued on moneys deposited into the special fund.

     (c)  The special fund shall be administered by the department and shall be used to completely or partially fund specific school capital improvement projects.  If special fund moneys are used to partially fund a capital improvement project, the special funds moneys collected and allocated for the specific project shall be expended until exhausted prior to expending any general funds, bond revenues, or other public funds.

     (d)  The department shall submit to the director of finance a report that shall be prepared in the form prescribed by the director of finance and shall identify the total amount of funds in the school capital improvement project crowdfunding special fund that will carry over to the next fiscal year.  The department shall submit the report to the director of finance within ninety days of the close of each fiscal year and a copy of the report to the legislature no later than twenty days prior to the convening of each regular session.

     (e)  As used in this section, "crowdfunding" means the practice of funding a project by soliciting and receiving via the Internet multiple monetary donations that do not exceed $2,000 each."

     SECTION 2.  New statutory material is underscored.

     SECTION 3.  This Act shall take effect on July 1, 2015.

 

INTRODUCED BY:

_____________________________

 

 


 


 

Report Title:

Crowdfunding; Schools; Capital Improvement Projects

 

Description:

Authorizes DOE to use crowdfunding to fund specific capital improvement projects.  Establishes the school capital improvement project crowdfunding special fund.  Defines crowdfunding.

 

 

 

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