THE SENATE	S.B. NO.	752
TWENTY-SIXTH LEGISLATURE, 2011
STATE OF HAWAII

A BILL FOR AN ACT

relating to economic development.

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

     SECTION 1.  The purpose of this Act is to amend the uses of the Hawaii community-based economic development revolving fund to include operational funding and a funding mechanism for the enterprise zone program.

     SECTION 2.  Section 210D-4, Hawaii Revised Statutes, is amended to read as follows:

     "§210D-4  Hawaii community-based economic development revolving fund; established.  (a)  There is established a revolving fund to be known as the Hawaii community-based economic development revolving fund [from which moneys shall be loaned or granted by the department under this chapter].  All moneys appropriated to the fund by the legislature, received as repayments of loans, payments of interest or fees, and all other moneys received by the fund from any other source shall be deposited into the revolving fund and used for the purposes of this chapter.

(b)  The department [may] shall use all appropriations and other moneys in the revolving fund not appropriated for a designated purpose to [make grants or loans.]:

(1) Fund the operations of the community-based economic development program and the enterprise zone program established under chapter 209E, and the personnel costs of the respective programs for staff positions existing on November 1, 2009; provided that the use of moneys from the fund for current and future personnel costs shall be limited to those employees performing specialized duties and assigned solely to the respective programs; and

(2) Make grants and loans in accordance with this chapter."

     SECTION 3.  Statutory material to be repealed is bracketed and stricken.  New statutory material is underscored.

     SECTION 4.  This Act shall take effect on July 1, 2011.

INTRODUCED BY:

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Report Title:

Community-Based Economic Development; Enterprise Zone Program

Description:

Amends the uses of the Hawaii community-based economic development revolving fund to include operational funding and a funding mechanism for the enterprise zone program.

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