(a) There is established in the state treasury the Hawaii tobacco settlement special fund into which shall be deposited:

Terms Used In Hawaii Revised Statutes 328L-2

  • Department: means the department of health. See Hawaii Revised Statutes 328L-1
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Tobacco prevention and control: means activities or programs that attempt to reduce tobacco consumption. See Hawaii Revised Statutes 328L-1
  • Tobacco settlement moneys: refers to moneys received by the State pursuant to the tobacco master settlement agreement. See Hawaii Revised Statutes 328L-1
(1) All tobacco settlement moneys; and
(2) All interest and earnings accruing from the investment of moneys in the fund;

provided that of all tobacco settlement moneys received by the State each fiscal year, the sum representing the first $350,000 of those moneys shall first be deposited in the state treasury in each fiscal year to the credit of the tobacco enforcement special fund. The Hawaii tobacco settlement special fund shall be administered by the department.

(b) The fund shall be used for the purpose of receiving, allocating, and appropriating the tobacco settlement moneys as follows:

(1) Fifteen per cent shall be appropriated into the emergency and budget reserve fund under § 328L-3;
(2) Twelve and one-half per cent shall be appropriated into the Hawaii tobacco prevention and control trust fund under § 328L-5;
(3) Twenty-six per cent shall be appropriated into the university revenue-undertakings fund created in section 304A-2167.5, to be applied to the payment of the principal of and interest on, and to generate required coverage, if any, for, revenue bonds issued by the board of regents of the University of Hawaii to finance the cost of construction of a university health and wellness center, including a new medical school facility, to be situated on the island of Oahu; and
(4) Any remaining amounts shall be deposited to the credit of the state general fund;

in the succeeding fiscal year.

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