SB2460 Summary

• Transfers authority over the Molokini shoal marine life conservation district from the Department of Land and Natural Resources to the Kahoolawe Island Reserve Commission (KIRC).

• Authorizes KIRC to issue commercial permits for activities in Molokini and collect user fees from customers, with permit holders retaining 2% of collected fees for administrative costs.

• Requires permit holders to remit collected user fees to the Kahoolawe Rehabilitation Trust Fund within 60 days of collection, with fees exempt from taxation.

• Mandates the Office of Hawaiian Affairs to deposit matching funds to the trust fund equal to the amount of fees and gross receipts collected from Molokini commercial activities.

• Establishes a Molokini sub-account within the Kahoolawe Rehabilitation Trust Fund for management of the marine district, with excess funds transferable to the main trust fund for island restoration purposes; effective July 1, 2050.