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HI HB1506
Bill
Status
3/3/2023
Primary Sponsor
Scott Saiki
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AI Summary
HB 1506 Summary
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Amends section 88-119, Hawaii Revised Statutes, to require the Employees' Retirement System (ERS) board to consider opportunities in renewable energy businesses and businesses that acquire infrastructure needed for energy sustainability when evaluating venture capital investments.
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Requires the ERS board to report annually to the legislature on Hawaii venture capital investments made and, if the board determines it is not prudent to invest in qualifying Hawaii venture capital or sustainable industry opportunities, to explain the rationale for declining such investments.
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Appropriates funds from general revenues for fiscal year 2023-2024 to be invested by the ERS, with preference given to investments in the Hawaii Targeted Investment Program (HiTIP).
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Takes effect June 30, 3000, provided that the statutory amendments do not take effect until the appropriated funds have been released to the ERS.
Legislative Description
Relating To The Employees' Retirement System Of The State Of Hawaii.
Appropriation ($)
Last Action
Report adopted; Passed Second Reading and referred to WAM.
3/20/2023