H.B. 706 Summary

• Reclassifies the Hawaii educator loan program from a special fund to a revolving fund, allowing the fund to retain unspent balances and use up to 5% for administrative expenses

• Reclassifies the community colleges special fund to a revolving fund to account for tuition, fees, and charges from affiliated instructional and public service programs

• Reclassifies the professional student exchange program special fund to a revolving fund to account for repayment of financial support and interest earned

• Repeals the Senator Hiram L. Fong scholarship program endowment trust fund and the Senator Oren E. Long scholarship program endowment trust fund, and abolishes the hurricane Iniki insurance proceeds special fund

• Transfers unencumbered balances from the three repealed special funds to their corresponding new revolving funds on July 1, 2015, with remaining balances lapsing to the general fund