Report Title:

Economic Diversification; Appropriation

Description:

Appropriates moneys for economic diversification activities.

THE SENATE	S.B. NO.	2852
TWENTY-FOURTH LEGISLATURE, 2008
STATE OF HAWAII

A BILL FOR AN ACT

relating to economic diversification.

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

     SECTION 1.  The legislature finds that economic development in Hawaii is a prime concern in the face on an increasingly weak national economy.  Currently, there is a broad range of organizations – both public and private – working to create economic opportunities.  The private nonprofit economic development boards of the four counties, and their umbrella organization, the Economic Development Alliance of Hawaii, offer a wide variety of services to recruit, nurture, and build the State's diverse private sector businesses.  Organizations such the Hawaii Science and Technology Council focus on the needs of the growing technology industry and the Hawaii Technology Development Venture, through federal funding, provides support to Hawaii's dual use sector.

     The legislature further finds that using the expertise of these and other economic development organizations through a unified approach would provide opportunities to expand the STEM academies and the creative media initiatives currently funded by legislature.

     The purpose of this Act is to appropriate moneys for economic diversification activities.

     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 for economic diversification activities.

     The sum appropriated shall be expended by the department of business, economic development, and tourism for the purposes of this Act.

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

INTRODUCED BY:

_____________________________