THE SENATE	S.B. NO.	761
TWENTY-NINTH LEGISLATURE, 2017
STATE OF HAWAII

A BILL FOR AN ACT

relating to business development.

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

     SECTION 1.  The legislature finds that diversifying the economy is critical to the future of Hawaii.  The governor has recommended that Hawaii become the innovation center of the Pacific.  The legislature recognizes that it is important to continue the momentum of current efforts to fully develop the State's innovation ecosystem through programs such as the HI growth initiative, which supports local entrepreneurial development.

     The purpose of this Act is to appropriate funds necessary to continue programs under the HI growth initiative.

     SECTION 2.  There is appropriated out of the general revenues of the State of Hawaii the sum of $3,000,000 or so much thereof as may be necessary for fiscal year 2017-2018 and $4,500,000 or so much thereof as may be necessary for fiscal year 2018-2019 for deposit into the Hawaii strategic development corporation revolving fund established pursuant to section 211F‑5, Hawaii Revised Statutes.

     SECTION 3.  There is appropriated out of the Hawaii strategic development corporation revolving fund the sum of $3,000,000 or so much thereof as may be necessary for fiscal year 2017-2018 and $4,500,000 or so much thereof as may be necessary for fiscal year 2018-2019 for the HI growth initiative.

     The sums appropriated shall be expended by the Hawaii strategic development corporation for the purposes of this Act.

     SECTION 4.  This Act shall take effect on July 1, 2017.

INTRODUCED BY:

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Report Title:

HI Growth Initiative; Appropriation

Description:

Appropriates funds to the Hawaii strategic development corporation revolving fund for the HI growth initiative.

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