Report Title:

Community-Based Economic Development; Appropriation

Description:

Appropriates $500,000 into the Hawaii community-based economic development revolving fund to financially assist qualifying community-based organizations statewide. 

HOUSE OF REPRESENTATIVES	H.B. NO.	2228
TWENTY-FOURTH LEGISLATURE, 2008
STATE OF HAWAII

A BILL FOR AN ACT

making an appropriation for community-based economic development.

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

     SECTION 1.  The legislature finds that the business community, community-based non-profit organizations, and other entrepreneurs require a functional, service-oriented agency that is readily available to provide business counseling, financial backing, and general support to foster real community-based economic development for the various products and services demonstrating and embracing Hawaii's diversified economy.  Further, the legislature finds that besides a growing financial need in Hawaii's non-profit communities, Hawaii's residents demand a clear and open process for grant-giving and accountability by the organizations receiving financial assistance.

     The Hawaii community-based economic development technical and financial assistance program within the department of business, economic development, and tourism was established for this purpose.  The legislature established the Hawaii community-based economic development technical and financial assistance program in Act 111, Session Laws of Hawaii 1990, codified as chapter 210D, Hawaii Revised Statutes, to provide financial assistance to community-based organizations and community-based enterprises through low-interest loans and grants to qualifying applicants.

     The purpose of this Act is to appropriate funds for the Hawaii community-based economic development technical and financial assistance program to financially assist qualifying community-based organizations statewide.

     SECTION 2.  There is appropriated out of the general revenues of the State of Hawaii the sum of $500,000 or so much thereof as may be necessary for fiscal year 2008-2009 to be paid into the Hawaii community-based economic development revolving fund created in section 2l0D-4, Hawaii Revised Statutes, for low-interest loans and grants to qualifying community-based organizations involved in economic development activities under Hawaii community-based economic development technica1 and financial assistance program.

     The sum appropriated shall be expended by the department of business, economic development, and tourism solely for the purposes of the community-based economic development revolving fund and for the purposes of this Act.

     SECTION 3.  This Act shall take effect on July 1, 2008.

INTRODUCED BY:

_____________________________