SB2702 Summary

• Amends Hawaii Revised Statutes Section 127-11 to allow federal reimbursement moneys for disaster relief to be deposited into a trust account controlled by the department of defense instead of lapsing into the general fund.

• Designates federal reimbursement moneys for disaster relief as trust moneys that shall not lapse at the end of the fiscal year and may accrue interest.

• Allows trust account funds to be used for the purposes identified in the major disaster fund statute, preventing the need for state operating funds to cover disaster relief costs while awaiting federal reimbursement.

• Maintains existing authority for the governor to expend up to $2,000,000 for immediate relief of any single major disaster or emergency, plus an additional $2,000,000 for matching federal disaster relief funds.

• Takes effect upon approval.