HB59 Summary

• Reclassifies various non-general funds administered by the Department of Business, Economic Development, and Tourism, changing terminology from "revolving fund" to "special fund" throughout Hawaii Revised Statutes sections 206E and 210D.

• Repeals the research and development special fund and Hawaii technology loan revolving fund, with unencumbered balances lapsing to the general fund.

• Reclassifies the Kalaeloa facilities trust account (administratively established in 2018) as a special fund and abolishes the energy audits trust account (administratively established in 2012) with its unencumbered balance lapsing to the general fund.

• Makes conforming amendments to sections governing the Hawaii community development fund, Kalaeloa community development fund, Heeia community development fund, and Hawaii community-based economic development fund to replace "revolving fund" terminology with "special fund."

• Effective July 1, 2050.