Report Title:

Community-Based Economic Development; Appropriation

 

Description:

Appropriates funds for the Hawaii Community-Based Economic Development Technical and Financial Assistance Program to provide loans and grants to qualifying community-based economic development organizations statewide.  Effective 7/1/2034.  (HB2228 HD2)

 

HOUSE OF REPRESENTATIVES

H.B. NO.

2228

TWENTY-FOURTH LEGISLATURE, 2008

H.D. 2

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 nonprofit 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 nonprofit 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 assist qualifying community-based organizations statewide.

     SECTION 2.  There is appropriated out of the general revenues of the State of Hawaii the sum of $       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.

     SECTION 3.  There is appropriated out of the Hawaii community-based economic development revolving fund the sum of $      or so much thereof as may be necessary for fiscal year 2008-2009 for low-interest loans and grants to qualifying community-based organizations involved in economic development activities under the 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 for the purposes of this Act.

     SECTION 4.  This Act shall take effect on July 1, 2034.