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TWENTY-NINTH LEGISLATURE, 2017 <br /> STATE OF HAWAII <br /> .B• NO • <br /> A BILL FOR AN ACT <br /> RELATING TO TRANSIENT ACCOMMODATIONS TAX. <br /> • <br /> BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAPI: <br /> 1 SECTION I. The purpose of this Act is to eliminate the cap established <br /> 2 for the distribution of transient accommodations tax revenues to the counties. <br /> 3 SECTION 2. Section 237D-6.5, Hawai`i Revised Statutes, is amended <br /> 4 by amending subsection (b) to read as follows: <br /> 5 "(b) Revenues collected under this chapter shall be distributed in the <br /> 6 following priority, with the excess revenues to be deposited into the general <br /> 7 fund: <br /> 8 (1) $1,500,000 shall be allocated to the Turtle Bay <br /> 9 conservation easement special fund beginning July 1, 2015, for the <br /> 10 reimbursement to the state general fund of debt service on <br /> 11 reimbursable general obligation bonds, including ongoing expenses <br /> 12 related to the issuance of the bonds, the proceeds of which were used to <br /> 13 acquire the conservation easement and other real property interests in <br /> 14 Turtle Bay, O`ahu, for the protection, preservation, and enhancement <br />