|
THE SENATE |
S.B. NO. |
825 |
|
THIRTY-SECOND LEGISLATURE, 2023 |
|
|
|
STATE OF HAWAII |
|
|
|
|
|
|
|
|
||
|
|
||
A BILL FOR AN ACT
relating to the agribusiness development corporation.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
"§163D-
Startup agriculture businesses and farms
special fund. (a) There is established the startup agriculture
business and farms special fund into which shall be deposited:
(1) Appropriations made by the
legislature to the fund;
(2) All contributions from public or
private partners;
(3) All interest earned on or accrued to
moneys deposited in the special fund; and
(4) Any other moneys made available to
the special fund from other sources.
(b) Moneys in the fund shall be expended by the
development corporation to provide seed capital for and venture
capital investments in private sector projects for startup agricultural businesses
and farms; provided that each project shall not be provided with more than
$ in funds from the special
fund.
(c) The department shall adopt rules pursuant to chapter 91 to administer the special fund.
§163D- Value added startups special fund. (a) There is established the value added special
fund into which shall be deposited:
(1) Appropriations made by the
legislature to the fund;
(2) All contributions from public or
private partners;
(3) All interest earned on or accrued to
moneys deposited in the special fund; and
(4) Any other moneys made available to
the special fund from other sources.
(b) Moneys in the fund shall be expended by the
development corporation to provide seed capital for and venture
capital investments in private sector projects for value added startups;
provided that each project shall not be provided with more than $ in funds from the special fund.
(c) The department shall adopt rules pursuant to chapter 91 to administer the special fund."
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 2023-2024 and the same sum or so much thereof as may be necessary for fiscal year 2024-2025 for deposit into the startup agriculture business and farms special fund.
SECTION 3. There is appropriated out of the startup agriculture business and farms special fund the sum of $ or so much thereof as may be necessary for fiscal year 2023-2024 and the same sum or so much thereof as may be necessary for fiscal year 2024-2025 for seed capital for and venture capital investments in private sector projects for startup agricultural businesses and farms.
The sums appropriated shall be expended by the agribusiness development corporation for the purposes of this Act.
SECTION 4. 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 2023-2024 and the same sum or so much thereof as may be necessary for fiscal year 2024-2025 for deposit into the value added startups special fund.
SECTION 5. There is appropriated out of the value added startups special fund the sum of $ or so much thereof as may be necessary for fiscal year 2023-2024 and the same sum or so much thereof as may be necessary for fiscal year 2024-2025 for seed capital for and venture capital investments in private sector projects for value added startups.
The sums appropriated shall be expended by the agribusiness development corporation for the purposes of this Act.
SECTION 6. New statutory material is underscored.
SECTION 7. This Act shall take effect on July 1, 2023.
|
INTRODUCED BY: |
_____________________________ |
|
|
|
Report Title:
Startup; Venture Capital; Agribusiness Development Corporation; Appropriation
Description:
Establishes the startup agriculture business and farms special fund to provide seed capital for and venture capital investments in private sector projects for startup agricultural businesses and farms. Establishes the value added startups special fund to provide seed capital for and venture capital investments in private sector projects for value added startups. Appropriates moneys.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.