A BILL FOR AN ACT

SECTION 1. The tragic events of September 11, 2001, thrust the United States and Hawaii into an economic whirlpool. The repercussions of the devastation in New York and Washington, D.C., were felt across the nation, and have had especially serious, negative effects on Hawaii's economy. It is clear that unless the State acts quickly and decisively, our economic downward spiral will continue.

The emergency budget and reserve fund was established by the legislature in 1999 to serve as a temporary source of supplemental funding for the State during times of crisis like the one we face today. The legislature finds that an appropriation of $33,270,403 for fiscal year 2001-2002 into the emergency budget and reserve fund is necessary to allow the State to provide for its public health, safety, and welfare needs.

SECTION 2. There is appropriated out of the Hawaii tobacco settlement special fund the sum of $33,270,403 or so much thereof as may be necessary for fiscal year 2001—2002 to be deposited into the emergency budget and reserve fund.

The sum appropriated shall be expended by the department of health for the purpose of this Act.

SECTION 3. This Act shall take effect upon its approval.