Report Title:

Hawaii Community-based Economic Development; Appropriation

 

Description:

Appropriates $500,000 for each year in the 2007-2009 fiscal biennium to provide grants under the Hawaii Community-based Economic Development Technical and Financial Assistance Program.  (HD1)

 


HOUSE OF REPRESENTATIVES

H.B. NO.

312

TWENTY-FOURTH LEGISLATURE, 2007

H.D. 1

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT


 

 

relating to community-based economic development.

 

 

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

 


     SECTION 1.  The legislature finds that the business community, nonprofit organizations, and other entrepreneurs require a functional, service-oriented agency that is readily available to provide business counseling, financial backing, and general support to foster real community-based economic development of the various products and services demonstrating and embracing Hawaii's diversified economy.

     The Hawaii community-based economic development (CBED) technical and financial assistance program (CBED program) of the department of business, economic development, and tourism, was established for this purpose.  The legislature established the CBED program in Act 111, Session Laws of Hawaii 1990, to provide financial assistance to community-based businesses and enterprises through low-interest loans and grants to qualifying applicants.

     The purpose of this Act is to appropriate funds to the CBED program.

     SECTION 2.  There is appropriated out of the general revenues of the State of Hawaii the sum of $500,000, or so much thereof as may be necessary for fiscal year 2007-2008, and the same sum, or so much thereof as may be necessary for fiscal year 2008-2009, to be deposited into the community-based economic development revolving fund.

     SECTION 3.  There is appropriated out of the community-based economic development revolving fund of the State of Hawaii the sum of $500,000, or so much thereof as may be necessary for fiscal year 2007-2008, and the same sum, or so much thereof as may be necessary for fiscal year 2008-2009, to provide statewide grants and low-interest loans under the Hawaii community-based economic development technical and financial assistance program.

     The sums appropriated shall be expended by the department of business, economic development, and tourism for the purposes of this Act.

     SECTION 4.  This Act shall take effect on July 1, 2034.