REPORT TITLE:
Agricultural loans


DESCRIPTION:
Appropriates funds out of the agricultural loan revolving fund
for loans to farmers in economically depressed areas.  (HB1635
HD2)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                        1635
HOUSE OF REPRESENTATIVES                H.B. NO.           H.D. 2
TWENTIETH LEGISLATURE, 1999                                
STATE OF HAWAII                                            
                                                             
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                   A  BILL  FOR  AN  ACT

RELATING TO AGRICULTURE.



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

 1      SECTION 1.  The legislature finds that Act 118, Session Laws
 
 2 of Hawaii 1998, enables the department of agriculture to make
 
 3 loans from the agricultural loan revolving fund to qualified
 
 4 farmers in economically depressed areas under specified
 
 5 conditions.  This legislation supports the growth and development
 
 6 of diversified agriculture in economically depressed areas.
 
 7      The legislature further finds that this program provides
 
 8 financial assistance to agricultural producers to increase and
 
 9 expand agricultural production and has resulted in increased
 
10 employment and consumption of agricultural-related products and
 
11 services.
 
12      The purpose of this Act is to support economic growth in
 
13 economically depressed areas by appropriating funds from the
 
14 agricultural loan revolving fund to farmers in these areas.
 
15      SECTION 2.  There is appropriated out of the agricultural
 
16 loan revolving fund of the State of Hawaii the sum of $2,000,000
 
17 or so much thereof as may be necessary for fiscal year 1999-2000
 
18 for loans to farmers in economically depressed areas; provided
 
19 that:
 

 
Page 2                                                     1635
                                     H.B. NO.           H.D. 2
                                                        
                                                        

 
 1      (1)  Any principal collected shall be deposited into the
 
 2           agricultural loan revolving fund and interest collected
 
 3           shall be deposited into the agricultural loan reserve
 
 4           fund;
 
 5      (2)  Loans under this Act shall be subject to the provisions
 
 6           of Act 118, Session Laws of Hawaii 1998; and
 
 7      (3)  The department of agriculture, in its annual report,
 
 8           shall report on loans made from the agricultural loan
 
 9           revolving fund to qualified farmers in economically
 
10           depressed areas.
 
11      SECTION 3.  The sum appropriated shall be expended by the
 
12 department of agriculture for the purposes of this Act.
 
13      SECTION 4.  This Act shall take effect on July 1, 1999.