HB 1973 Summary

• Reclassifies eight airport system revolving funds as trust accounts, including funds for debt service, interest accounts, and maintenance reserves administratively created in 1969 and 1994.

• Reclassifies four harbors division revolving funds as trust accounts related to certificate accounts and debt service reserves created between 1997 and 2010, and abolishes the risk management fire and casualty losses - harbors trust fund.

• Amends Hawaii Revised Statutes section 264-16 to authorize clearing trust accounts in addition to clearing accounts for the state highway fund and repeals section 264-19 establishing the transportation improvement special fund.

• Reclassifies three highways division revolving funds as trust accounts (senior interest/principal accounts and accrued payroll overhead fund) and reclassifies the special deposits - highways trust account as a trust fund.

• Transfers unencumbered balances from the highway senior debt service reserve account and the repealed transportation improvement special fund to the state highway fund, effective July 1, 2020.