HI SB2504

Cancels $192,450,289 of debt owed by the Hawaii Tourism Authority to the State related to general obligation bonds issued under Act 7, Special Session Laws of Hawaii 1993, relieving the authority from all associated liability and interest payments.

Establishes the Convention Center Repair and Maintenance Special Fund to receive transient accommodations tax revenues and appropriations, with moneys used for repair, maintenance, and capital improvements of the convention center with board approval.

Establishes the Convention Center Emergency Special Fund outside the state treasury, funded by transient accommodations tax revenues and used exclusively for convention center emergencies requiring both a gubernatorial emergency declaration and board approval.

Modifies the transient accommodations tax revenue allocation by removing the requirement to pay debt to the Department of Budget and Finance from the Convention Center Enterprise Special Fund, allowing those funds to be used solely for convention center operations and improvements.

Requires the Hawaii Tourism Authority to submit annual reports to the legislature at least 20 days before each regular session detailing expenditures, balances, and planned uses of both the repair/maintenance and emergency special funds.