(a) The development corporation shall have all the powers necessary to carry out its purposes, including the powers to:
Terms Used In Hawaii Revised Statutes 206M-3
Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
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
Contract: A legal written agreement that becomes binding when signed.
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.
Cost: means the total cost in carrying out all undertakings that the development corporation deems reasonable and necessary for the development of a project or econimic zone, including but not limited to the cost of studies, surveys, plans, and specifications, architectural, design, engineering, or any other special related services; the cost of site preparation and development, demolition, construction, reconstruction, rehabilitation, and improvement; the cost of financing such project or econimic zone, including interest on bonds issued to finance such project or econimic zone from the date thereof to the estimated date of completion of such project or econimic zone as determined by the board; the cost of an allocable portion of the administrative and operating expenses of the development corporation related to the development of such project or econimic zone; and the cost of indemnity and surety bonds, premiums on policies of insurance, legal fees, and fees and expenses of trustees, depositories, and paying agents for the bonds, and for the issuance of letters of credit or other banking arrangements whether for the development corporation or a qualified person; all as the development corporation shall deem necessary. See Hawaii Revised Statutes 206M-1
Development corporation: means the Hawaii technology development corporation established by section 206M-2. See Hawaii Revised Statutes 206M-1
Donor: The person who makes a gift.
Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
Person: means a sole proprietorship, partnership, joint venture, corporation, or other association of persons organized for commercial or industrial purposes. See Hawaii Revised Statutes 206M-1
Personal property: All property that is not real property.
Project: means the acquisition, construction, improvement, installation, equipping, and development of any combination of land, buildings, and other improvements thereon, including, without limitation, parking facilities for use of, or to assist a technology industrial, manufacturing, or processing enterprise located within or without an econimic zone, including, without limiting the generality of the foregoing, machinery, equipment, furnishings, and apparatus that shall be deemed necessary, suitable, or useful to the enterprise. See Hawaii Revised Statutes 206M-1
Project agreement: means any agreement entered into under this chapter by the development corporation with a qualified person to finance, construct, operate, or maintain a project or an econimic zone from the proceeds of special purpose revenue bonds, or to lend the proceeds of special purpose revenue bonds to assist a technology industrial, manufacturing, or processing enterprise, including, without limitation, any lease, sublease, loan agreement, conditional sale agreement, or other similar financing contract or agreement, or any combination thereof. See Hawaii Revised Statutes 206M-1
Qualified person: means any individual, firm, partnership, corporation, association, cooperative, or other legal entity, governmental body or public agency, or any combination of the foregoing, possessing the competence, expertise, experience, and resources, including financial, personnel, and tangible resources, required for the purposes of a project and other qualifications as may be deemed desirable by the development corporation in administering this chapter and which enters into a project agreement with the development corporation. 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
Trustee: A person or institution holding and administering property in trust.
(1) Sue and be sued;(2) Have a seal and alter the same at its pleasure;(3) Make and execute, enter into, amend, supplement, and carry out contracts and all other instruments necessary or convenient for the exercise of its powers and functions under this chapter, including, with the approval of the governor, a project agreement, or an amendment or supplement to an existing project agreement, with a qualified person, and to enter into and carry out any agreement whereby the obligations of a qualified person under a project agreement shall be unconditionally guaranteed or insured by, or the performance thereof assigned to, or guaranteed or insured by, a person or persons other than the qualified person; and extend or renew any project agreement or any other agreement related thereto; provided that any such renewal or extension shall be subject to the approval of the governor unless made in accordance with provisions for the extension or renewal contained in a project agreement or related agreement theretofore approved by the governor;(4) Make and alter bylaws for its organization and internal management;(5) Adopt rules under chapter 91 necessary to effectuate this chapter in connection with econimic zones, projects, multi-project programs, and the operations, properties, and facilities of the corporation;(6) Through its chief executive officer, appoint officers, agents, consultants, advisors, and employees, prescribe their duties and qualifications, and fix their salaries, without regard to chapter 76;(7) Prepare or cause to be prepared development plans for econimic zones;(8) Acquire, own, lease, hold, clear, improve, and rehabilitate real, personal, or mixed property and assign, exchange, transfer, convey, lease, sublease, or encumber any project, including by way of easements;(9) Acquire, construct, improve, install, equip, or develop or provide for the acquisition, construction, improvement, installation, equipping, or development of any project and designate a qualified person as its agent for such purpose;(10) Own, hold, assign, transfer, convey, exchange, lease, sublease, or encumber any project;(11) Arrange or initiate appropriate action for the planning, replanning, opening, grading, or closing of streets, roads, roadways, alleys, easements, or other places, the furnishing of improvements, the acquisition of property or property rights, or the furnishing of property or services in connection with an econimic zone or project;(12) Prepare, or cause to be prepared, plans, specifications, designs, and estimates of cost for the acquisition, construction, reconstruction, improvement, installation, equipping, development, or maintenance of any project or econimic zone, and from time to time modify the plans, specifications, designs, or estimates;(13) Engage the services of consultants on a contractual basis for rendering professional and technical assistance and advice;(14) Procure insurance against any loss in connection with its property and other assets and operations in amounts and from insurers as it deems desirable;
(15) Issue special purpose revenue bonds and refunding special purpose revenue bonds pursuant to and in accordance with this chapter in principal amounts as may be authorized from time to time by law to finance or refinance the cost of a project, singly or as part of a multi-project program, or an econimic zone as authorized by law and provide for the security thereof as permitted by this chapter;(16) Lend or otherwise apply the proceeds of the bonds issued for a project or an econimic zone either directly or through a trustee to a qualified person for use and application by the qualified person in the acquisition, construction, improvement, installation, equipping, or development of a project or econimic zone, or agree with the qualified person whereby any of these activities shall be undertaken or supervised by that qualified person or by a person designated by the qualified person;(17) As security for the payment of the principal of, premium, if any, and interest of the special purpose revenue bonds issued for a project to:
(A) Pledge, assign, hypothecate, or otherwise encumber all or any part of the revenues and receipts derived or to be derived by the development corporation under the project agreement for the project for which the bonds are issued;(B) Pledge and assign the interest and rights of the development corporation under the project agreement or other agreement with respect to the project or the special purpose revenue bonds;(C) Pledge and assign any bond, debenture, note, or other evidence of indebtedness received by the development corporation with respect to the project; or(D) Any combination of the foregoing;(18) With or without terminating a project agreement, exercise any and all rights provided by law for entry and reentry upon or take possession of a project at any time or from time to time upon breach or default by a qualified person under a project agreement, including any action at law or in equity for the purpose of effecting its rights of entry or reentry or obtaining possession of the project or for the payments of rentals, user taxes, or charges, or any other sum due and payable by the qualified person to the development corporation pursuant to the project agreement;(19) Enter into arrangements with qualified county development entities whereby the board would provide financial support to qualified projects proposed;(20) Create an environment in which to support technology economic development, including but not limited to:
(A) Supporting all aspects of technology-based economic development;(B) Developing instructive programs, identifying issues and impediments to the growth of technology industry in Hawaii; and(C) Providing policy analysis and information important to the development of technology industries in Hawaii;(21) Develop programs that support start-up and existing technology companies in Hawaii and attract new companies to relocate to or establish operations in Hawaii by assessing the needs of these companies and providing the physical and technical infrastructure to support their operations;(22) Coordinate its efforts with other public and private agencies involved in stimulating technology-based economic development in Hawaii, including but not limited to:
(A) The department of business, economic development, and tourism;(B) The Pacific international center for high technology research; (C) The office of technology transfer and economic development of the University of Hawaii; and(D) The state energy office;(23) Promote and market Hawaii as a site for commercial technology activity, including the expenditure of funds for protocol purposes at the discretion of the board;(24) Provide advice on policy and planning for technology-based economic development;(25) Finance, conduct, or cooperate in financing or conducting technological, business, financial, or other investigations that are related to or likely to lead to business, technology, and economic development by making and entering into contracts and other appropriate arrangements, including the provision of loans, start-up and expansion capital, loan guaranty, loans convertible to equity, equity charged and received by the corporation, and other forms of assistance;(26) Solicit, study, and assist in the preparation of business plans and proposals of new or established businesses;(27) Provide advice, technical and marketing assistance, support, and promotion to enterprises in which investments have been made;(28) Acquire, hold, and sell qualified securities;(29) Consent, subject to the provisions of any contract with noteholders or bondholders, whenever the corporation deems it necessary or desirable in the fulfillment of the purposes of this chapter, to the modification, with respect to rate of interest, time of payment of any installment of principal or interest, or any other terms, of any contract or agreement of any kind to which the corporation is a party;(30) Invest any funds held in reserves or sinking funds, or any funds not required for immediate disbursement, in such investments as may be lawful for fiduciaries in the State; (31) Coordinate the development corporation’s programs with any education and training program;(32) Carry out specialized programs designed to encourage the development of new products, businesses, and markets;(33) Prepare, publish, and distribute such technical studies, reports, bulletins, and other materials as it deems appropriate, subject only to the maintenance and respect for confidentiality of client proprietary information;(34) Organize, conduct, sponsor, or cooperate in and assist in the conduct of conferences, demonstrations, and studies relating to the stimulation and formation of businesses;(35) Provide and pay for such advisory services and technical, managerial, and marketing assistance, support, and promotion as may be necessary or desirable to carry out the purposes of this chapter;(36) Accept donations, grants, bequests, and devises of money, property, service, or other things of value that may be received from the United States or any agency thereof, any governmental agency, or any public or private institution, person, firm, or corporation, to be held, used, or applied for any or all of the purposes specified in this chapter. Receipt of each donation or grant shall be detailed in the annual report of the development corporation. The report shall include the identity of the donor or lender, the nature of the transaction, and any conditions attaching thereto;(37) Acquire real property, or an interest therein, by purchase or foreclosure, where that acquisition is necessary or appropriate to protect or secure any investment or loan in which the development corporation has an interest; sell, transfer, and convey the property to a buyer and if the sale, transfer, or conveyance cannot be effected with reasonable promptness or at a reasonable price, to lease the property to a tenant;(38) Acquire, own, hold, dispose of, and encumber personal property of any nature, or any interest therein;(39) Enter into agreements or other transactions with any federal, state, or county agency;(40) Appear on its own behalf before state, county, or federal agencies;(41) Appoint advisory committees as deemed necessary;(42) Exercise any other powers of a corporation organized under the laws of the State; and(43) Do any and all things necessary or convenient to carry out its purposes and exercise the powers given and granted in this chapter.(b) The corporation shall be exempt from chapter 102.
