Hawaii tobacco settlement special fund

(a) There is established in the state treasury the Hawaii tobacco settlement special fund into which shall be deposited: (1) All tobacco settlement moneys; and (2) All interest and earnings accruing from the investment of moneys in the fund; provided that of all tobacco settlement moneys received by the State each fiscal year, the sum representing the first $750,000 of those moneys shall first be deposited in the state treasury in each fiscal year to the credit of the tobacco enforcement special fund. The Hawaii tobacco settlement special fund shall be administered by the department. (b) The fund shall be used for the purpose of receiving, allocating, and appropriating the tobacco settlement moneys as follows: (1) Fifteen per cent shall be appropriated into the emergency and budget reserve fund under section 328L-3; (2) Twelve and one-half per cent shall be appropriated into the Hawaii tobacco prevention and control trust fund under section 328L-5; (3) Twenty-six per cent shall be appropriated into the university revenue-undertakings fund created in section 304A-2167.5, to be applied to the payment of the principal of and interest on, and to generate required coverage, if any, for, revenue bonds issued by the board of regents of the University of Hawaii to finance the cost of construction of a university health and wellness center, including a new medical school facility, to be situated on the island of Oahu; and (4) Any remaining amounts shall be deposited to the credit of the state general fund; in the succeeding fiscal year.