Bill Text: HI SB2522 | 2018 | Regular Session | Amended
Bill Title: Relating To Agriculture.
Spectrum: Partisan Bill (Democrat 9-0)
Status: (Engrossed - Dead) 2018-04-27 - Received notice of discharge of conferees (Hse. Com. No. 689). [SB2522 Detail]
Download: Hawaii-2018-SB2522-Amended.html
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THE SENATE |
S.B. NO. |
2522 |
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TWENTY-NINTH LEGISLATURE, 2018 |
S.D. 1 |
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STATE OF HAWAII |
H.D. 1 |
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A BILL FOR AN ACT
RELATING TO AGRICULTURE.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The purpose of this Act is to provide creative means of financing for agriculture businesses in Hawaii by:
(1) Establishing the agriculture accelerator program to authorize the agribusiness development corporation to provide moneys and invest in existing or new agriculture businesses approved by the board of directors of the agribusiness development corporation in return for equity in those agriculture businesses; and
(2) Establishing an agriculture accelerator special fund to provide funds for the agribusiness development corporation to provide moneys to and invest in agriculture businesses under the agriculture accelerator program.
SECTION 2. Chapter 163D, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:
"§163D- Agriculture accelerator program; special
fund. (a) There is established the agriculture
accelerator program to be administered by the corporation. Subject to approval by the board, the
corporation may provide moneys to existing or new agriculture businesses that
engage in farming, aquaculture, or ranching activities in the State in return
for one to six per cent equity in the agriculture business. Moneys received by an agriculture business
under the program shall be used for the following purposes:
(1) Purchasing
equipment;
(2) Improving
energy efficiency;
(3) Studying,
planning, and constructing a new process and packaging facility;
(4) Training in
food safety technology;
(5) Acquiring
branding and marketing support; or
(6) Other uses
approved by the board.
(b) The corporation may invest in other
agriculture businesses under this program in return for equity in the
agriculture business; provided that these agriculture businesses shall be
approved by the board.
(c) There is established within the state
treasury the agriculture accelerator special fund. The following moneys shall be deposited into
the special fund:
(1) Any
appropriation by the legislature into the special fund;
(2) Any grant or
donation made to the special fund; and
(3) Any interest earned
on the balance of the special fund.
Moneys in the special fund shall be used by the
corporation to invest in existing or new agriculture businesses under the
agriculture accelerator program pursuant to subsection (a).
(d) The board shall adopt rules pursuant to chapter 91 to implement the purposes of this section."
SECTION 3. New statutory material is underscored.
SECTION 4. This Act shall take effect on July 31, 2150.
Report Title:
Agriculture Accelerator Program; Agribusiness Development Corporation; Special Fund
Description:
Establishes the Agriculture Accelerator Program (Program) to authorize the Agribusiness Development Corporation (ADC) to invest in existing or new agriculture businesses approved by the Board of Directors of ADC in return for equity in those agriculture businesses. Establishes an Agriculture Accelerator Special Fund to provide moneys that ADC may invest in agriculture businesses under the Program. (SB2522 HD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
