Creating a fund to improve Hawaii's public schools

(a) There is established the Hawaii 3R's school improvement fund (hereinafter, "fund") as a separate restricted fund of Hawaii 3R's, a Hawaii nonprofit organization. Moneys received from the State, county, or federal government, private contributions of cash or other property, and the income and capital gains earned by the fund shall constitute its assets. (b) Hawaii 3R's shall expend moneys from the fund in the form of either grants to organizations or contracts with private vendors for the improvement of public schools and benefit of students in Hawaii in accordance with this section. (c) The fund may receive contributions, grants, endowments, or gifts in cash or otherwise from all sources, including corporations or other businesses, foundations, government, individuals, and other interested parties. The fund shall also receive moneys transferred to it from the school-level minor repairs and maintenance special fund established under section 302A-1504.5. The legislature intends that public and private sectors review and investigate all potential funding sources. The State may appropriate moneys to the fund; provided that any appropriations made by the State are not intended to supplant the funding of any existing programs. (d) Chapter 103D shall not apply to organizations or agencies that apply for grants or contracts under this section; provided that Hawaii 3R's shall be held accountable for the use of the funds under a contract with the department. (e) The fund shall not be placed in the state treasury, and the State shall not be liable for the operation or solvency of the fund or Hawaii 3R's.