HI SB1270

Appropriates $42,000,000 from the hurricane reserve trust fund to the general fund for fiscal year 2010-2011 to balance the state budget and maintain essential programs in education, public health, and public welfare.

Authorizes the governor to transfer any remaining balance of the hurricane reserve trust fund into the general fund by June 30, 2011, if additional funds are needed to balance the fiscal year 2010-2011 budget.

Requires automatic replenishment of the hurricane reserve trust fund from general excise tax revenues by depositing one-half of the total appropriated or transferred amounts in fiscal years 2013-2014 and 2014-2015, with deposits due by October 1 each year.

Authorizes the Hawaii hurricane relief fund to issue revenue bonds not exceeding $75,000,000 in aggregate to maintain a $75,000,000 balance in the hurricane reserve trust fund, with bond authority terminating June 30, 2015.

Requires the governor to submit a report by January 1, 2012, identifying programs and projects funded with hurricane reserve trust fund transfers, and to recommend whether any unspent funds should be returned to the reserve fund.