HI HB1378

Broadens the purpose of the State of Hawaii endowment fund to include music education for children in schools, in addition to the current purpose of funding music production by an Oahu-based symphony orchestra.

Expands fund use to support instruction by performers from an Oahu-based symphony orchestra, including youth symphony orchestras, in preparation for music production.

Clarifies that the Department of Accounting and General Services shall administer the endowment fund, reflecting the December 2010 Chapter 7 bankruptcy filing of the Honolulu Symphony Society.

Maintains existing restrictions that principal contributions cannot be used for operations and income distributions are prohibited when fund value falls below contributed principal amounts.

Effective date set for July 1, 2050.