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HI SB2732
Bill
AI Summary
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Retains all interest earned on the Hurricane Reserve Trust Fund balance within the fund instead of transferring it to the general fund, effective July 1, 2016.
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Repeals the provision that required annual transfer of interest earnings from the Hurricane Reserve Trust Fund to the general fund, a practice that began in 2002 to address budget shortfalls.
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Directs the Board of Directors of the Hawaii Hurricane Relief Fund to conduct a study on the feasibility, practicality, affordability, and public interest value of parametric disaster insurance policies for the State.
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Requires the study findings, recommendations, and any proposed legislation to be submitted to the legislature and governor at least 20 days before the 2017 regular session convenes.
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Appropriates funds from the Hurricane Reserve Trust Fund for fiscal year 2016-2017 to conduct the parametric disaster insurance study.
Legislative Description
Hawaii Hurricane Relief Fund; Interest Earned, Study; Appropriation ($)
Last Action
Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with none voting aye with reservations; none voting no (0) and Representative(s) Kawakami, Kong, Oshiro, Tokioka, Tupola, Woodson excused (6).
3/24/2016