SB 1624 Summary

• Requires the Board of Regents to expend funds appropriated for "renew, improve, and modernize" (RIM) projects exclusively for those purposes and prohibits use of these funds for current, ongoing, or anticipated capital improvement projects.

• Mandates the Board of Regents submit an annual report to the Legislature detailing all RIM projects that received funding, due no later than thirty days before each regular legislative session convenes.

• Adds a new subsection (3) to Hawaii Revised Statutes section 304A-2672 establishing restrictions on RIM fund expenditures and reporting requirements, while renumbering existing subsections (3) through (9) to (4) through (10).

• Takes effect July 31, 2050.