SB486

Establishes the Pomaikai Hawaii Fund, a trust fund outside the state treasury, to be administered by the Department of Budget and Finance.

The bill establishes the Pomaikai Hawaii Fund, a trust fund outside the state treasury, consisting of a percentage of visitor green fees collected by the department. The fund will be administered by the Department of Budget and Finance. The fund's assets, including interest and earnings, are held in trust for the exclusive use and benefit of bona fide residents of the State. The bill mandates the creation of a board to administer the fund, determine eligibility criteria for compensation, and establish investment criteria modeled after the Hawaii employees' retirement system.