Bill Text: HI SB2431 | 2024 | Regular Session | Introduced
Bill Title: Relating To Agricultural Loans.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2024-02-15 - Report adopted; Passed Second Reading and referred to WAM. [SB2431 Detail]
Download: Hawaii-2024-SB2431-Introduced.html
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THE SENATE |
S.B. NO. |
2431 |
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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 AGRICULTURAL LOANS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
"§155- Agricultural emergency loan revolving
fund. (a) There is established in the state treasury the
agricultural emergency loan revolving fund, to be administered and expended by
the department of agriculture, into which shall be deposited:
(1) All payments received on account of
principal from loans made by the fund; and
(2) Appropriations made by the
legislature to the fund.
(b)
Moneys in the agricultural emergency loan revolving fund shall be used
to fund class "D" loans made pursuant to section 155-9(e)."
SECTION 2. Section 155-14, Hawaii Revised Statutes, is amended by amending subsection (b) to read as follows:
"(b) All payments received on account of principal
shall be credited to the agricultural loan revolving fund[.] or the
agricultural emergency loan revolving fund based on which fund provided the
original funding for the loan."
SECTION 3. 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 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 2024-2025 to be
deposited into the agricultural emergency loan revolving fund.
SECTION 5. There is appropriated out of the
agricultural emergency loan revolving fund the sum of $
or so much thereof as may be necessary for fiscal year 2024-2025 for the
purposes of the fund.
The
sum appropriated shall be expended by the department of agriculture for the
purposes of this Act.
SECTION 6. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 7. This Act shall take effect on July 1, 2024.
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INTRODUCED BY: |
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Report Title:
DOA; Agricultural Emergency Loan Revolving Fund; Establishment; Class D Loans; Expenditure Ceiling; Appropriations
Description:
Establishes the Agricultural Emergency Loan Revolving Fund to be administered by the Department of Agriculture, to fund Class "D" loans. 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.
