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THE SENATE |
S.B. NO. |
2984 |
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THIRTY-SECOND LEGISLATURE, 2024 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
Relating to Small Business.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
"§210- Hawaii capital loan revolving fund;
established. There is
established in the state treasury the Hawaii capital loan revolving fund into
which shall be deposited:
(1) All moneys received as repayment of
loans and interest payments as provided in this chapter;
(2) Legislative appropriations; and
(3) Other funds that are made available,
including funds from federal, county, private, or other funding sources.
Funds in the Hawaii capital loan revolving fund shall be used to make loans to businesses located in the 2023 Maui wildfire nationally declared disaster areas; provided that a portion of the funds may be used to administer the Hawaii capital loan revolving fund and the Maui business bridge grants program."
SECTION 2. In accordance with section 9 of article VII of the Hawaii State Constitution and sections 37-91 and 37-93, Hawaii Revised Statutes, the legislature has determined that the appropriations contained in Act 164, Regular Session of 2023, and this Act will cause the state general fund expenditure ceiling for fiscal year 2024-2025 to be exceeded by $ or per cent. This current declaration takes into account general fund appropriations authorized for fiscal year 2024-2025 in Act 164, Regular Session of 2023, and this Act only. The reasons for exceeding the general fund expenditure ceiling are that:
(1) The appropriation made in this Act is necessary to serve the public interest; and
(2) The appropriation made in this Act meets the needs addressed by this Act.
SECTION 3. 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 2024-2025 to be deposited into the Hawaii capital loan revolving fund established by this Act.
SECTION 4. New statutory material is underscored.
SECTION 5. This Act shall take effect on July 1, 2024.
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INTRODUCED BY: |
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Report Title:
Small Business; Hawaii Capital Loan Revolving Fund; Maui Business Bridge Grants; Expenditure Ceiling; Appropriation
Description:
Establishes the Hawaii Capital Loan Revolving Fund to be used to make loans to businesses located in nationally-declared disaster areas relating to the 2023 Maui wildfires and to, in part, administer the Maui Business Bridge Grants Program. Declares that the general fund expenditure ceiling is exceeded. Makes an appropriation.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.