REPORT TITLE:
Technology Development


DESCRIPTION:
Consolidates the state's technology agencies under single entity
to coordinate their activities under the direction of the
Governor's Special Advisor for Technology Development.

 
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THE SENATE                              S.B. NO.           
TWENTIETH LEGISLATURE, 2000                                
STATE OF HAWAII                                            
                                                             
________________________________________________________________
________________________________________________________________


                   A  BILL  FOR  AN  ACT

RELATING TO TECHNOLOGY DEVELOPMENT.



BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 1      SECTION 1.   Findings and Purpose.  The legislature finds
 
 2 that over the years, a number of state agencies have been created
 
 3 to promote and develop a variety of technology industries.  While
 
 4 these agencies provide valuable services, great changes have
 
 5 taken place in technology and there is a need to consolidate
 
 6 these agencies functions under a single entity to coordinate
 
 7 their activities to provide a more focused effort in recruiting,
 
 8 retaining, and expanding technology industries in Hawaii.
 
 9      The purpose of this Act is to consolidate the State's
 
10 technology activities under the coordination and direction of the
 
11 governor's special advisor for technology development. The new
 
12 technology development corporation will subsume the functions
 
13 presently administered by the high technology development
 
14 corporation, the Hawaii strategic development corporation, the
 
15 natural energy laboratory of Hawaii authority, and the energy,
 
16 resources, and technology division of the department of business,
 
17 economic development and Tourism.  The new technology development
 
18 corporation will be headed by a decision-making board.  The
 
19 corporation shall also contain various administrative and support
 

 
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 1 functions to carry out the common administrative duties of the
 
 2 four transferred entities.
 
 3      SECTION 2.  The Hawaii Revised Statutes is amended by adding
 
 4 a new chapter to be appropriately designated and to read as
 
 5 follows:
 
 6                             "CHAPTER
 
 7             HAWAII TECHNOLOGY DEVELOPMENT CORPORATION
 
 8                    PART I. GENERAL PROVISIONS
 
 9      §  -1  Definitions.  The following terms, wherever used or
 
10 referred to in this chapter, shall have the following respective
 
11 meanings, unless context clearly requires otherwise:
 
12      "Board" means the board of directors of the Hawaii
 
13 technology development corporation.
 
14      "Bonds" means any bonds, interim certificates, notes,
 
15 debentures, participation certificates, pass-through
 
16 certificates, mortgage-backed obligations, or other evidence of
 
17 indebtedness of the corporation issued pursuant to this chapter.
 
18      "Contract" means any agreement of the corporation with an
 
19 obligee or a trustee for an obligee, whether contained in a
 
20 resolution, trust indenture, mortgage, lese, bond, or other
 
21 instrument.
 
22      "Corporation" means the Hawaii technology development
 
23 corporation.
 

 
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 1      "Executive director" means the executive director of the
 
 2 Hawaii technology development corporation.
 
 3      "Seed capital" means financing provided for the earliest
 
 4 stage of business investment, including but not limited to
 
 5 developing a working prototype, preparing a business plan,
 
 6 performing an initial market analysis, or organizing a management
 
 7 team.
 
 8      "Venture capital investment" means any of the following
 
 9 investments in a business:
 
10 (1)       Common or preferred stock and equity securities without
 
11           a repurchase requirement for at least five years;
 
12 (2)       A right to purchase stock or equity  securities;
 
13 (3)       Any debenture or loan, whether or not convertible or
 
14           having stock purchase rights, which are subordinated,
 
15           together with security interests against the assets of
 
16           the borrower, by their terms to all borrowings of the
 
17           borrower from other institutional lenders, and that is
 
18           for the term of not less than three years, and that has
 
19           no part amortized during the first three years, and
 
20 (4)       General or limited partnership interests.
 
21      §  -2  Hawaii technology development corporation;
 
22 establishment; staff.  (a)  There is established the Hawaii
 
23 technology development corporation to be placed within the
 

 
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 1 department of business, economic development, and tourism for
 
 2 administrative purposes only.  The corporation shall be a public
 
 3 body and a body corporate and politic.
 
 4      (b)  The corporation shall employ, exempt from chapters 76
 
 5 and 77 and section 26-35(4), an executive director.  The salary
 
 6 of the executive director shall be set by the board.  The
 
 7 corporation may employ, subject to chapters 76 and 77, employees,
 
 8 technical experts, and officers, agents, and employees, permanent
 
 9 and temporary, as required. The corporation may also employ
 
10 officers, agents, and employees; prescribe their duties and
 
11 qualifications; and fix their salaries, not subject to chapters
 
12 76 and 77, when in the determination of the corporation, the
 
13 services to be performed are unique and essential to the
 
14 execution of the functions of the corporation.  The corporation
 
15 may call upon the attorney general for legal services as it may
 
16 require.  The corporation may delegate to one or more of its
 
17 agents or employees the powers and duties as it deems proper.
 
18      §  -3  Board; establishment, functions, duties.  (a)  There
 
19 is created a board consisting of nine voting members.  The
 
20 members of the board shall be selected as follows:
 
21      (1)  Four ex-officio voting members: the governor's special
 
22           assistant for technology development, the director of
 
23           business, economic development, and tourism, the
 

 
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 1           director of finance, and the comptroller.  The
 
 2           governor's special advisor for technology development
 
 3           shall serve as the chair of the board; and
 
 4      (2)  Five members of the public appointed by the governor
 
 5           for staggered terms pursuant to section 26-34, with at
 
 6           least three of the initial members selected from the
 
 7           last membership of the boards of the high technology
 
 8           development corporation, the Hawaii strategic
 
 9           development corporation, and the natural energy
 
10           laboratory of Hawaii authority.  Thereafter, the public
 
11           members shall represent the industries of information
 
12           technology, bio-technology, healthcare technology, and
 
13           ocean, earth, and space technology.
 
14      (b)  The members appointed under subsection (a)(2) shall
 
15 serve without compensation, but may be reimbursed for reasonable
 
16 expenses, including travel expenses, incurred in the performance
 
17 of their duties.
 
18      (c)  The board shall appoint an executive director, who
 
19 shall serve at the pleasure of the board and shall be exempt from
 
20 chapters 76 and 77.
 
21      (d)  A board member shall not participate in any corporation
 
22 decision to invest in, purchase from, sell to borrow from, loan
 
23 to, contract with, or otherwise deal with any person with whom or
 

 
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 1 entity in which the board member has a substantial financial
 
 2 interest.
 
 3      (e)  The board may delegate to its executive director,
 
 4 staff, or others those functions and powers that the board deems
 
 5 necessary or appropriate, including but not limited to the
 
 6 oversight and supervision of employees or the corporation.
 
 7      §  -4  Powers.  (a)  The corporation shall have all the
 
 8 powers necessary to carry out its purposes, including the
 
 9 following powers:
 
10      (1)  To sue and be sued;
 
11      (2)  To have a seal and alter the same at its pleasure;
 
12      (3)  To make and execute, enter into, amend, supplement, and
 
13           carry out contracts and all other instruments necessary
 
14           or convenient for the exercise of its powers and
 
15           functions under this chapter, including a project
 
16           agreement with a qualified person, and any other
 
17           agreement whereby the obligations of a qualified person
 
18           under a project agreement shall be unconditionally
 
19           guaranteed or insured by, or the performance thereof
 
20           assigned to, or guaranteed or insured by, a person or
 
21           persons other than the qualified person; and to grant
 
22           options or renew any project agreement entered into by
 
23           it in connection with any project or industrial park,
 

 
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 1           on terms and conditions as it deems advisable;
 
 2      (4)  To make and alter bylaws for its organization and
 
 3           internal management;
 
 4      (5)  To adopt rules under chapter 91 necessary to effectuate
 
 5           this chapter in connection with industrial parks,
 
 6           projects, and the operations, properties, and
 
 7           facilities of the development corporation;
 
 8      (6)  Through its chief executive officer, to appoint
 
 9           officers, agents, and employees, prescribe their duties
 
10           and qualifications, and fix their salaries, without
 
11           regard to chapters 76 and 77;
 
12      (7)  To prepare or cause to be prepared development plans
 
13           for industrial parks;
 
14      (8)  To acquire, own, lease, hold, clear, improve, and
 
15           rehabilitate real, personal, or mixed property and to
 
16           assign, exchange, transfer, convey, lease, sublease, or
 
17           encumber any project including by way of easements;
 
18      (9)  To construct, reconstruct, rehabilitate, improve,
 
19           alter, or repair, or provide for the construction,
 
20           reconstruction, rehabilitation, improvement,
 
21           alteration, or repair of any project and to designate a
 
22           qualified person as its agent for such purpose, and to
 
23           own, hold assign, transfer, convey, exchange, lease
 

 
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 1           sublease or encumber any project;
 
 2     (10)  To arrange or initiate appropriate action for the
 
 3           planning, re-planning, opening, grading, or closing of
 
 4           streets, roads, roadways, alleys, easements, or other
 
 5           places, the furnishing of improvements, the acquisition
 
 6           of property or property rights, or the furnishing of
 
 7           property or services in connection with an industrial
 
 8           park;
 
 9     (11)  To prepare or cause to be prepared plans,
 
10           specifications, designs, and estimates of cost for the
 
11           construction, reconstruction, rehabilitation,
 
12           improvement, alteration, or repair of any project or
 
13           industrial park, and from time to time to modify such
 
14           plans, specifications, designs, or estimates;
 
15     (12)  To engage the services of consultants on a contractual
 
16           basis for rendering professional and technical
 
17           assistance and advice;
 
18     (13)  To procure insurance against any loss in connection
 
19           with its property and other assts and operations in
 
20           such amounts and from such insurers as it deems
 
21           desirable;
 
22     (14)  To accept and expend gifts or grants in any form from
 
23           any public agency or any other source;
 

 
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 1     (15)  To issue bonds pursuant to this chapter in such
 
 2           principle amounts as may be authorized from time to
 
 3           time by law to finance the cost of a project or an
 
 4           industrial park as authorized by law and to provide for
 
 5           the security thereof as permitted by this chapter;
 
 6     (16)  To lend or otherwise apply the proceeds of the bonds
 
 7           issued for a project or an industrial park either
 
 8           directly or through a trustee or a qualified person for
 
 9           use and application in the acquisition, construction,
 
10           installation, or modification of a project or
 
11           industrial park, or agree with the qualified person
 
12           whereby any of these activities shall be undertaken or
 
13           supervised by that qualified person or by a person
 
14           designated by the qualified person;
 
15     (17)  With or without terminating a project agreement, to
 
16           exercise any and all rights provided by law for entry
 
17           and re-entry upon or to take possession of a project at
 
18           any time or from time to time upon breach or default by
 
19           qualified person under a project agreement, including
 
20           any action at law or in equity for the purpose of
 
21           effecting its rights of entry or re-entry or obtaining
 
22           possession of the project or for the payments of
 
23           rentals, user taxes, or charges, or any other sum due
 

 
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 1           and payable by the qualified person to the corporation
 
 2           pursuant to the project agreement;
 
 3     (18)  To enter into arrangements with qualified county
 
 4           development entities whereby the board would provide
 
 5           financial support to qualified projects proposed;
 
 6     (19)  Finance, conduct, or cooperate in financing or
 
 7           conducting technological, business, financial, or other
 
 8           investigations that are related to or likely to lead to
 
 9           business and economic development by making and
 
10           entering into contracts and other appropriate
 
11           arrangements, including the provision of loans, start-
 
12           up and expansion capital, and other forms of
 
13           assistance;
 
14     (20)  Provide advice and technical and marketing assistance,
 
15           support, and promotion to enterprises in which
 
16           investments have been made;
 
17     (21)  Carry out programs designed to encourage the
 
18           development of new products, businesses and markets;
 
19     (22)  Acquire, hold, and sell qualified securities;
 
20     (23)  Consent, subject to the provisions of any contract with
 
21           noteholders or bondholders, whenever the corporation
 
22           deems it necessary or desirable in the fulfillment of
 
23           the purposes of this chapter, to the modification, with
 

 
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 1           respect to rate of interest, time of payment of any
 
 2           installment of principal or interest, or any other
 
 3           terms, of any contract or agreement of any kind to
 
 4           which the corporation is attached;
 
 5     (24)  Invest any funds held in reserves or sinking funds, or
 
 6           any funds not required for immediate disbursement, in
 
 7           such investments as may be lawful for fiduciaries in
 
 8           the State;
 
 9     (25)  Acquire real property, or an interest therein, by
 
10           purchase or foreclosure, where that acquisition is
 
11           necessary or appropriate to protect or secure any
 
12           investment or loan in which the corporation has an
 
13           interest;  sell, transfer, and convey the property to a
 
14           buyer and if the sale, transfer, or conveyance cannot
 
15           be effected with reasonable promptness or at a
 
16           reasonable price, to lease the property to a tenant;
 
17     (26)  To promote and market Hawaii as a site for commercial
 
18           technology activity;
 
19     (27)   To provide advice on policy and planning for
 
20           technology-based economic development;  and
 
21     (28)  To do all things necessary or proper to carry out the
 
22           purposes of this chapter.
 
23      (b)  The corporation shall not promise to answer for the
 

 
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 1 debts of any other person.
 
 2      §  -5  Hawaii venture capital special fund.  There is
 
 3 established in the state treasury the Hawaii venture capital
 
 4 special fund to be administered by the corporation.  The
 
 5 following moneys shall be deposited into the Hawaii venture
 
 6 capital revolving: all moneys appropriated for deposit into this
 
 7 fund by the legislature, received as repayments of loans, earned
 
 8 on investments, received pursuant to a venture agreement,
 
 9 received as royalties, received as premiums or fees charged by
 
10 the corporation, or otherwise received by the corporation.  The
 
11 corporation shall use all funds in the Hawaii venture capital
 
12 special fund for the purpose of seed capital and venture capital
 
13 investment in technology development in Hawaii by co-investing
 
14 public funds with private financial organizations with provision
 
15 for the recovery of its expenditures, as far as possible.
 
16      §  -6  Hawaii technology special fund.  There is
 
17 established in the State treasury the Hawaii technology special
 
18 fund to be administered by the corporation, into which shall be
 
19 deposited all moneys appropriated for deposit into this fund by
 
20 the legislature, all federal grants and appropriations, all
 
21 grants, gifts and donations, all moneys and fees from tenants or
 
22 other users of the development corporations industrial parks,
 
23 projects, other leased facilities, and other services and
 

 
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 1 publications.  All moneys are appropriated for the purposes of
 
 2 and shall be expended by the corporation for the operations of
 
 3 the corporation. "
 
 4      SECTION 3.  All references to "high technology development
 
 5 corporation", "Hawaii strategic development corporation",
 
 6 "natural energy laboratory of Hawaii authority", and "energy,
 
 7 resources and technology division of the department of business,
 
 8 economic development and tourism", or like terms, as the case may
 
 9 be, in the Hawaii Revised Statutes, shall be amended to "Hawaii
 
10 technology development corporation" or "corporation" or like
 
11 terms, as the case may be, as the context requires.
 
12      SECTION 4.  The revisor of statutes shall substitute all
 
13 references made to "chapter 206M" or any specific section or part
 
14 of chapter 206M, as the case may be, in the Hawaii Revised
 
15 Statutes, with the corresponding chapter, part, or section number
 
16 of the new chapter added to the Hawaii Revised Statutes by
 
17 section 2 of this Act, as appropriate.
 
18      SECTION 5.  The revisor of statutes shall substitute all
 
19 references made to "chapter 211F" or any specific section or part
 
20 of chapter 211F, as the case may be, in the Hawaii Revised
 
21 Statutes, with the corresponding chapter, part, or section number
 
22 of the new chapter added to the Hawaii Revised Statutes by
 
23 section 2 of this Act, as appropriate.
 

 
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 1      SECTION 6.  The revisor of statutes shall substitute all
 
 2 references made to "chapter 227D" or any specific section or part
 
 3 of chapter 227D, as the case may be, in the Hawaii Revised
 
 4 Statutes, with the corresponding chapter, part, or section number
 
 5 of the new chapter added to the Hawaii Revised Statutes by
 
 6 section 2 of this Act, as appropriate.
 
 7      SECTION 7.  Chapters 206M, 211F, and 227D, Hawaii Revised
 
 8 Statutes, are repealed.
 
 9      SECTION 8.  The governor shall select a management team and
 
10 appoint a representative from the governor's office to spearhead
 
11 the management team and may hire necessary staff without regard
 
12 to chapters 76 and 77, Hawaii Revised Statutes, to:
 
13      (1)  Develop appropriate transition plans;
 
14      (2)  Rework position descriptions;
 
15      (3)  Revise personnel classifications;
 
16      (4)  Develop an organizational structure including proposals
 
17           to consolidate the administrative functions of the
 
18           former technology agencies
 
19      (5)  Prepare a proposed budget; and
 
20      (6)  Attend to other administrative details;
 
21 so the Hawaii technology development corporation can be initially
 
22 operational by July 1, 2001.
 
23      SECTION 9.  The jurisdiction, functions, powers, duties, and
 

 
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 1 authority heretofore exercised by the high technology development
 
 2 corporation, the Hawaii strategic development corporation, the
 
 3 natural energy laboratory of Hawaii authority, and the energy,
 
 4 resources, and technology division of the department of business,
 
 5 economic development, and tourism shall be transferred to and
 
 6 conferred upon the Hawaii technology development corporation by
 
 7 this Act and shall be performed and enforced in the same manner
 
 8 as previously authorized, entitled, or obligated except as
 
 9 otherwise authorized, directed, or instructed by this Act.
 
10      The Hawaii technology development corporation shall succeed
 
11 to all of the rights and powers previously exercised and all of
 
12 the duties and obligations incurred by the high technology
 
13 development corporation, the Hawaii strategic development
 
14 corporation, the natural energy laboratory of Hawaii authority,
 
15 and the energy, resources, and technology division of the
 
16 department of business, economic development and tourism in the
 
17 exercise of the functions, powers, duties, and authority
 
18 transferred, whether such functions, powers, duties, and
 
19 authority are mentioned in or granted by any law, contract, or
 
20 other document.
 
21      All rules, policies, procedures, guidelines, and other
 
22 material adopted or developed by the high technology development
 
23 corporation, the Hawaii strategic development corporation, the
 

 
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 1 natural energy laboratory of Hawaii authority, and the energy,
 
 2 resources, and technology division of the department of business,
 
 3 economic development and tourism to implement provisions of the
 
 4 Hawaii Revised Statutes the substance of which are reenacted or
 
 5 made applicable to the Hawaii technology development corporation
 
 6 by this Act, shall remain in full force and effect until amended
 
 7 or repealed by the Hawaii technology development corporation
 
 8 pursuant to chapter 91, Hawaii Revised Statutes.
 
 9      All deeds, leases, contracts, loans, agreements, permits, or
 
10 other documents executed or entered into by or on behalf of the
 
11 high technology development corporation, the Hawaii strategic
 
12 development corporation, the natural energy laboratory of Hawaii
 
13 authority, and the energy, resources, and technology division of
 
14 the department of business, economic development and tourism
 
15 pursuant to the provisions of Hawaii Revised Statutes, the
 
16 substance of which are reenacted or made applicable to the Hawaii
 
17 technology development corporation by this Act, shall remain in
 
18 full force and effect.
 
19      All moneys in the Hawaii strategic development corporation
 
20 revolving fund established under section 211F-5, Hawaii Revised
 
21 Statutes, as of June 30, 2001, shall be transferred to the Hawaii
 
22 venture capital special fund established by the new chapter added
 
23 to the Hawaii Revised Statutes by section 2 of this Act.
 

 
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 1      SECTION 10.  All officers and employees whose functions are
 
 2 transferred to the Hawaii technology development corporation by
 
 3 this Act shall be transferred with their current functions and
 
 4 shall continue to perform their regular duties upon their
 
 5 transfer, subject to the state personnel laws and this Act.  No
 
 6 officer or employee of the State shall suffer any loss of salary,
 
 7 seniority, or prior service credit, vacation, sick leave, or
 
 8 other employee benefit or privilege as a consequence of this Act.
 
 9      In the event that an office or position held by an officer
 
10 or employee having tenure is abolished, the officer or employee
 
11 shall not thereby be separated from public employment, but shall
 
12 remain in the employment of the State with the same pay and
 
13 classification and shall be transferred to some other office or
 
14 position for which the officer or employee is eligible under the
 
15 personnel laws of the State as determined by the head of the
 
16 department of human resources development or the governor.
 
17      Employees who, prior to this Act were exempt from civil
 
18 service and who are transferred to the Hawaii technology
 
19 development corporation pursuant to this Act shall continue to
 
20 retain their exempt status after the transfer and shall not
 
21 suffer any loss of seniority, prior service credit, vacation,
 
22 sick leave, or other employee benefits as a consequence of this
 
23 Act; provided that subsequent changes in status may be pursuant
 

 
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 1 to applicable civil service and compensation laws. In order to
 
 2 facilitate a smooth transition of activities, temporary positions
 
 3 which are currently exempt from civil service may be temporarily
 
 4 continued as exempt from civil service.  Any exemption under this
 
 5 provision may cease at such time as the current employee
 
 6 terminates, or the position is converted to permanent status, or
 
 7 expires.
 
 8      SECTION 11.  All records, equipment, files, supplies,
 
 9 contracts, books, papers, documents, maps, appropriations, and
 
10 other property heretofore made, used, acquired, or held by the
 
11 the high technology development corporation, the Hawaii strategic
 
12 development corporation, the natural energy laboratory of Hawaii
 
13 authority, and the energy, resources, and technology division of
 
14 the department of business, economic development, and tourism in
 
15 the exercise of the functions to be transferred by this Act shall
 
16 be transferred with the functions to which they relate to the
 
17 Hawaii technology development corporation.
 
18      SECTION 12.  The governor shall submit a progress report on
 
19 the transition plans for consolidation to the legislature no
 
20 later than twenty days prior to the convening of the regular
 
21 session of 2001.
 
22      SECTION 13.  It is the intent of this Act not to jeopardize
 
23 the receipt of any federal aid nor to impair the obligation of
 

 
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 1 the State or any state agency, and to the extent, and only to the
 
 2 extent, necessary to effectuate this intent, the governor is
 
 3 authorized and empowered to modify the strict provisions of this
 
 4 Act, but shall promptly report any such modifications with the
 
 5 reasons therefore to the legislature at its next session
 
 6 thereafter for review by the legislature.  Nothing contained in
 
 7 this chapter shall affect the validity or the terms and
 
 8 provisions of any bond heretofore issued by the State or the high
 
 9 technology development corporation under prior law.
 
10      SECTION 14.  All laws and parts of laws heretofore enacted
 
11 that are in conflict with the provisions of this Act are hereby
 
12 amended to conform herewith.  All Acts passed during the regular
 
13 and, if applicable, special sessions of 2000, whether enacted
 
14 before or after the passage of this Act, shall be amended to
 
15 conform to this Act, unless such acts specifically provide that
 
16 the act relating to the Hawaii technology development corporation
 
17 is being amended. Amendments made to sections of Hawaii Revised
 
18 Statutes that are amended by this Act as of a future effective
 
19 date shall include amendments made after the approval of this Act
 
20 and before the effective date of the amendments made by this Act,
 
21 to the extent that the intervening amendments may be harmonized
 
22 with the amendments made by this Act.
 
23      SECTION 15.  If any provision of this Act, or the
 

 
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 1 application thereof to any person or circumstances is held
 
 2 invalid, the invalidity does not affect other provisions or
 
 3 applications of the Act which can be given effect without the
 
 4 invalid provision or application, and to this end the provisions
 
 5 of this Act are severable.
 
 6      SECTION 16.  Notwithstanding any provision to the contrary,
 
 7 the terms of the members appointed to the boards of the high
 
 8 technology development corporation, the Hawaii strategic
 
 9 development corporation, and the natural energy laboratory of
 
10 Hawaii authority shall terminate no later than June 30, 2001.
 
11      SECTION 17.  All unexpended balances of appropriations,
 
12 allocations, allotments, special or revolving funds, or other
 
13 funds created and made available for the purposes of the
 
14 functions transferred to the Hawaii technology development
 
15 corporation shall be transferred to the Hawaii venture capital
 
16 special fund or Hawaii technology special fund for the purposes
 
17 of this Act.
 
18      SECTION 18.  Statutory material to be repealed is bracketed.
 
19 New statutory material is underscored.
 
20      SECTION 19.  This Act shall take effect on July 1, 2000,
 
21 provided that sections 2, 3, 4, 5, 6, 7, 9, and 16 shall take
 
22 effect on July 1, 2001. 
 
23 
 
24                           INTRODUCED BY:  _______________________
 

 
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