Bill Text: HI SB2597 | 2012 | Regular Session | Introduced
Bill Title: Hawaii Legacy Trust Fund; Department of Land and Natural Resources
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Introduced - Dead) 2012-02-14 - (S) The committee on WLH deferred the measure. [SB2597 Detail]
Download: Hawaii-2012-SB2597-Introduced.html
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THE SENATE |
S.B. NO. |
2597 |
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TWENTY-SIXTH LEGISLATURE, 2012 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to the hawaii legacy trust fund.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The purpose of this Act is to establish the Hawaii legacy trust fund as a means to encourage people to make strong financial investments while supporting conservation, reforestation of Hawaii's native trees, environmental stewardship, sustainable food and energy production, affordable housing, public education, and programs that support and benefit keiki and kupuna. The fund will serve as a repository for federal and state funds, as well as private contributions from corporations and other businesses, foundations, individuals, and other interested parties. The fund will be used to purchase individual or lots of Hawaiian hardwood trees that will be grown on private or publicly owned land. The legislature's intent is for the Hawaiian hardwood trees to be used for investment purposes by the State of Hawaii, individual residents of Hawaii, and other individuals and organizations who are interested in financial health, conservation, reforestation, environmental stewardship, sustainable food and energy production, affordable housing, public education, and the well-being of the State's keiki and kupuna.
SECTION 2. The Hawaii Revised Statutes is amended by adding a new chapter to be appropriately designated and to read as follows:
"Chapter
HAwaii Legacy TRust Fund
§ -1 Definitions. As used in this chapter:
"Board" means the Hawaii legacy trust fund advisory board.
"Coalition" means the Hawaii legacy trust fund coalition.
"Trust fund" or "fund" means the Hawaii legacy trust fund.
§ -2 Creation of the Hawaii legacy trust fund. (a) There is established the Hawaii legacy trust fund as a separate fund of the Hawaii Community Foundation, a Hawaii nonprofit corporation. Moneys received from the state, county, or federal government, income tax remittances allocated under section 235‑102.5, private contributions of cash and other property, and the income and capital gains earned by the fund shall constitute the trust fund assets.
(b) The Hawaii Community Foundation shall have the sole responsibility for the administration and expenditure of moneys from the trust fund for the purposes of this chapter.
(c) The purpose of the trust fund is to encourage people to make strong financial investments while supporting conservation efforts, the reforestation of Hawaii's native trees, environmental stewardship, sustainable food and energy production, affordable housing, public education, and programs that support and benefit the State's keiki and kupuna.
(d) The fund may receive contributions, grants, or gifts in cash or otherwise from all sources. The legislature intends that the public and private sectors work together as partners in securing contributions for the fund. The State may donate moneys to the trust fund by legislative appropriation.
(e) There shall be an endowment component of the Hawaii legacy trust fund.
(f) The aggregate principal sum deposited in the Hawaii legacy trust fund, and any income and capital gains earned by the trust fund but not expended for grantmaking or administration, shall be invested in accordance with the provisions of the Hawaii Community Foundation in a manner intended to maximize the rate of return on investment of the trust fund consistent with the objective of preserving the trust fund's principal.
(g) The department of land and natural resources shall serve as the lead agency for the public sector and, in conjunction with the Hawaii Community Foundation, may provide staffing for the board and the coalition.
(h) The Hawaii Community Foundation shall submit to the department of land and natural resources a copy of any annual audit that is conducted by a third party on the Hawaii Community Foundation no later than thirty days from the date the Hawaii Community Foundation receives the results of its annual audit. The Hawaii Community Foundation shall retain for three years all documents, papers, books, records, and other material pertinent to the fund and audit. The Hawaii Community Foundation shall permit the department of land and natural resources, the department of accounting and general services, the legislature, and the auditor, or their authorized representatives, to inspect and have access to any of these materials.
(i) In the event of the termination of the trust fund or the dissolution of the Hawaii Community Foundation, the unspent appropriations made by the State, if any, shall revert back to the general fund of the State. Any other amounts remaining in the Hawaii legacy trust fund shall be distributed at the recommendation of the board.
§ -3 Receipt of funds. The fund may accept contributions, grants, or gifts from corporations or other businesses, foundations, government, individuals, and other interested parties.
§ -4 Hawaii legacy trust fund advisory board. (a) There shall be a Hawaii legacy trust fund advisory board, which shall make the final recommendations to the Hawaii Community Foundation for the expenditure of funds for the following activities:
(1) Grantmaking to raise community awareness of the trust fund;
(2) Allocation of funds for sustainable forestry operations;
(3) Allocation of funds for sustainable energy production;
(4) Allocation of funds for sustainable food production;
(5) Allocation of funds for affordable housing;
(6) Allocation of funds for the benefit of public education;
(7) Allocation of funds for programs that support and benefit the State's keiki;
(8) Allocation of funds for programs that support and benefit the State's kupuna; and
(9) Administration of the trust fund.
(b) The board shall consist of five members who shall be appointed in the manner and serve for the term set forth in section 26-34 as follows:
(1) One member shall be selected by the Hawaii Community Foundation;
(2) One member shall be a representative of a well-established service organization organized in the State;
(3) One member shall be a reputable arborist or other professional who is educated and experienced in the growth and care of trees;
(4) One member shall have experience in forest finance or managing a trust fund; and
(5) The chairperson of the board of land and natural resources, who shall serve as an ex officio voting member.
(c) Any action taken by the commission shall be by a simple majority of its members. Three members of the commission shall constitute a quorum.
§ -5 Hawaii legacy trust fund coalition. There shall be a Hawaii legacy trust fund coalition which, through its advisory committee, shall develop policy, planning, and strategy for the fund; publicize the fund; and solicit public and private moneys for the fund. The coalition shall serve as a forum for addressing responsible financial investment, conservation efforts, environmental stewardship, sustainable food and energy production, and issues related to affordable housing, public education, keiki, and kupuna. Membership in the coalition shall be open to any representative of any agency, company, or entity and any individual committed to conservation, reforestation, environmental stewardship, sustainability, affordable housing, public education, or the well-being of Hawaii's keiki and kupuna."
SECTION 3. This Act shall take effect upon its approval.
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INTRODUCED BY: |
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Report Title:
Hawaii Legacy Trust Fund; Department of Land and Natural Resources
Description:
Establishes the Hawaii legacy trust fund as a separate fund of the Hawaii Community Foundation to encourage individuals to make strong financial investments while supporting conservation, reforestation, environmental stewardship, sustainability, affordable housing, public education, and the well-being of the State's keiki and kupuna.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
