HI HB516

Repeals requirement that interest earned on the principal in the hurricane reserve trust fund be transferred to the general fund each year.

Allows moneys in the hurricane reserve trust fund to be deposited to the loss mitigation grant fund established under section 431:22-102 in an amount determined by the legislature.

Permits expenditure of hurricane reserve trust fund moneys in furtherance of the powers and duties of the Hawaii hurricane relief fund prior to fund dissolution.

Maintains that net moneys in the hurricane reserve trust fund shall revert to the state general fund upon dissolution of the Hawaii hurricane relief fund.