§206M-10 Authorization for loans; loan terms and conditions; loan procedure.

300 words·~1 min read·/hi/206m-10

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Notwithstanding any law to the contrary, the director of finance is authorized, with the approval of the governor, to make loans up to the aggregate sum of $1,000,000, or so much thereof as may be necessary, to the development corporation. The loans shall be made from the state general fund moneys which are in excess of the amounts necessary for immediate state requirements, and shall be used for the purpose of paying administrative and other costs associated with the development of economic zones and other projects and activities that encourage the growth of the technology industry in Hawaii.

(b)The development corporation, to the extent moneys become available from bond proceeds or otherwise, shall repay the general fund the principal amount of any loan made by the director of finance. No interest shall be required for any such loan.

(c)Loans authorized by this section shall be drawn upon by the development corporation from time to time upon at least five days notice to the director of finance and upon the filing with the director of finance of a certificate of the chairperson of the board setting forth the amount being borrowed, the names of the persons, firms, or corporations to which moneys will be paid from the proceeds of such borrowing and the amount to be paid to each. In addition, the chairperson of the board shall file with the director of finance a copy of the resolution or resolutions of the board approving contracts for services which will be paid from the proceeds of the borrowing. [L 1983, c 152, pt of §2; am L 1991, c 288, §3; am L 2000, c 72, §14; am L 2017, c 69, §5; am L 2022, c 55, §2]