Report Title:

Loss Mitigation Grant Program; Appropriation

Description:

Appropriates $1 in FY2003-2004,and $1 in FY2004-2005, from interest income transferred from the hurricane reserve trust fund to the general fund under Act 179, SLH 2002, to fund the loss mitigation grant program established under the Act. Allows appropriated funds to be used for grants issued from January 1, 2003. (HB640 HD1)

HOUSE OF REPRESENTATIVES

H.B. NO.

640

TWENTY-SECOND LEGISLATURE, 2003

H.D. 1

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

Making an appropriation for the loss mitigation grant program.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. There is appropriated out of the general revenues of the State of Hawaii, from the interest income appropriated out of the hurricane reserve trust fund to the general fund pursuant to Act 179, Session Laws of Hawaii 2002, the sum of $1 or so much thereof as may be necessary for fiscal year 2003-2004 and the sum of $1 or so much thereof as may be necessary for fiscal year 2004-2005 to be deposited into the loss mitigation grant fund.

SECTION 2. There is appropriated out of the loss mitigation grant fund the sum of $1 or so much thereof as may be necessary for fiscal year 2003-2004 and the sum of $1 or so much thereof as may be necessary for fiscal year 2004-2005 to develop and implement the grant program established under Act 179, Session Laws of Hawaii 2002; provided that:

(1) The commissioner may carry over unexpended and unencumbered funds from fiscal year 2003-2004 into fiscal year 2004-2005; and

(2) At the end of fiscal biennium 2003-2005, the unexpended and unencumbered funds shall be returned to the general fund in accordance with section 40-66, Hawaii Revised Statutes.

The sums appropriated shall be expended by the insurance commissioner for the purposes of the Act.

SECTION 3. This Act shall take effect on July 1, 2003; provided that funds appropriated under this Act may be used to pay grants awarded retroactive to January 1, 2003.