(a) Notwithstanding any law to the contrary, the director of finance is authorized, with the approval of the governor, to make loans up to the aggregate sum of $1,000,000, or so much thereof as may be necessary, to the development corporation. The loans shall be made from the state general fund moneys which are in excess of the amounts necessary for immediate state requirements, and shall be used for the purpose of paying administrative and other costs associated with the development of econimic zones and other projects and activities that encourage the growth of the technology industry in Hawaii.
Terms Used In Hawaii Revised Statutes 206M-10
Board: means the board of directors of the development corporation established in section 206M-2, and any successor thereto. See Hawaii Revised Statutes 206M-1
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Development corporation: means the Hawaii technology development corporation established by section 206M-2. See Hawaii Revised Statutes 206M-1
Technology: means industries that are technology-intensive, including but not limited to electronics, biotechnology, software, computers, telecommunications, and other computer-related technologies. See Hawaii Revised Statutes 206M-1
(b) The development corporation, to the extent moneys become available from bond proceeds or otherwise, shall repay the general fund the principal amount of any loan made by the director of finance. No interest shall be required for any such loan.(c) Loans authorized by this section shall be drawn upon by the development corporation from time to time upon at least five days notice to the director of finance and upon the filing with the director of finance of a certificate of the chairperson of the board setting forth the amount being borrowed, the names of the persons, firms, or corporations to which moneys will be paid from the proceeds of such borrowing and the amount to be paid to each. In addition, the chairperson of the board shall file with the director of finance a copy of the resolution or resolutions of the board approving contracts for services which will be paid from the proceeds of the borrowing.
