Kaho`olawe rehabilitation trust fund

(a) There is created in the state treasury a trust fund to be designated as the Kaho`olawe rehabilitation trust fund to be administered by the department with the prior approval of the commission. Subject to Public Law 103-139, and this chapter: (1) All moneys received from the federal government for the rehabilitation and environmental restoration of the island of Kaho`olawe or other purposes consistent with this chapter; (2) Any moneys appropriated by the legislature to the trust fund; (3) Any moneys received from grants, donations, or the proceeds from contributions; and (4) The interest or return on investments earned from moneys in the trust fund, shall be deposited in the trust fund and shall be used to fulfill the purposes of this chapter. (b) The commission may use moneys in the trust fund to carry out the purposes of this chapter, including hiring employees, specialists, and consultants necessary to complete projects related to the purposes of this chapter. (c) Moneys deposited into or appropriated to the trust fund shall remain available until they are obligated or until the trust fund is terminated. (d) If the trust fund is terminated, all funds shall be transferred to the general fund; provided that all unexpended or unencumbered balances shall be disbursed in accordance with any requirements set by funding sources and for purposes consistent with this chapter. (e) The commission shall submit an annual report on the status of the Kaho`olawe rehabilitation trust fund to the legislature, no later than twenty days prior to the convening of each regular session of the legislature. The annual report shall include the total number of and amount of grants, donations, and contributions received and balances remaining on June 30 of each year.