THE SENATE

S.B. NO.

1346

THIRTY-SECOND LEGISLATURE, 2023

 

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

RELATING TO EDUCATION.

 

 

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

 


SECTION 1. The purpose of this Act is to establish the Hawaii educational expenditure trust fund as a means to make additional funds available for use by the Hawaii State department of education for increasing educational opportunities for students and supporting the department's programs. The trust fund will serve as a repository for state funds, as well as private contributions from corporations and other businesses, foundations, individuals, and other interested parties.

The trust fund will be used to supplement existing funding for department programs. The legislature's intent is for the department of education, under the direction of its superintendent, to maintain and expend various moneys for the educational benefit of the students in the Hawaii public school system.

SECTION 2. Chapter 302A, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:

"302A- Hawaii educational expenditure trust fund; established. (a) There is established the Hawaii educational expenditure trust fund as a separate fund of the department. Moneys received from the State or county, tax remittances, fee assessments, private contributions of cash and other property, and the income and capital gains earned by the trust fund shall constitute the trust fund assets. The department shall be responsible for determining the moneys that would be deposited into the trust fund.

(b) The department shall have the sole responsibility for the administration and expenditure of moneys from the trust fund for the purposes of this chapter.

(c) The purpose of the trust fund is to serve as a repository for moneys intended for improving the education of, and supporting the programs benefiting, the students of the Hawaii public school system.

(d) The aggregate principal sum deposited in the trust fund, and any income and capital gains earned by the trust fund but not expended for grantmaking or administration, shall be invested by the superintendent in the State's investment pool to maximize the rate of return on investment of the trust fund consistent with the objective of preserving the trust fund's principal. The department is allowed to hire investment managers either within or outside of the department.

(e) In the event of the termination of the trust fund, the unspent appropriations made by the State, if any, shall be distributed to EDN100 (department of education, school-based budgeting).

(f) The trust fund may receive contributions, grants, or gifts from corporations or other businesses, foundations, government, individuals, and other interested parties.

(g) The trust fund may receive contributions, grants, or gifts in cash or otherwise from all sources. The public and private sectors shall work together as partners in securing contributions for the trust fund. The State may allocate moneys to the trust fund by legislative appropriation.

(h) There may be an endowment component of the trust fund, as deemed necessary by the superintendent.

(i) The superintendent shall oversee the administration and expenditure of funds for the following activities:

(1) Grantmaking to raise awareness of the trust fund;

(2) Allocation of funds for the operations of the department;

(3) Allocation of funds for the education of the public school students of this State;

(4) Allocation of funds for programs that support the education of the public school students of this State;

(5) Allocation of funds for public school facilities;

(6) Allocation of funds for the benefit of public education;

(7) Allocation of funds for programs that support and benefit the public school students of this State; and

(8) Administration of the trust fund. The department may choose to hire outside of the department to administer the trust fund.

(j) The superintendent shall develop policy, planning, and strategy for the trust fund; publicize the trust fund; and solicit public and private moneys for the trust fund.

(k) For the purposes of this section, "trust fund" or "fund" means the Hawaii educational expenditure trust fund."

SECTION 3. New statutory material is underscored.

SECTION 4. This Act shall take effect upon its approval.

 

INTRODUCED BY:

_____________________________

 

 

BY REQUEST


 


 

Report Title:

Department of Education; Hawaii Educational Expenditure Trust Fund

 

Description:

Establishes the Hawaii Educational Expenditure Trust Fund as a separate fund of the Department of Education for improving the education of, and supporting the programs benefiting, the students of the Hawaii public school system.

 

 

 

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.