Report Title:

Agricultural Loan Fund

 

Description:

Appropriates $10 million in general obligation bonds to be used to expand the Agricultural Loan Fund.

 

HOUSE OF REPRESENTATIVES

H.B. NO.

421

TWENTY-FIRST LEGISLATURE, 2001

 

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

authorizing the issuance of general obligation bonds and making an appropriation to expand the agricultural loan fund.

 

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

SECTION 1. The legislature finds that Hawaii's agriculture industry is at a critical stage in Hawaii's economy. With the dissolution of the large agriculture conglomerates, smaller farmers have become the lifeblood of Hawaii's agriculture industry. These are the farms that are leading the way in diversifying the agriculture industry by creating new products and exploiting lucrative niche markets that have been ignored. The key to the success of Hawaii's farmers will be the speed by which they embrace new technology. The Internet now allows farmers to market the products worldwide and provide services to their customers at minimal cost. Electronic commerce will become an integral part of Hawaii's agriculture industry and Hawaii's farmers need capital to acquire the technology required to effectively compete online. The legislature finds that the necessary resources can be made available to farmers by expanding the agricultural loan fund. This will increase exportation of agriculture products and will bring new money into the State, which will help stimulate Hawaii's economy. Therefore, the purpose of this Act is to appropriate funds to further expand the agricultural loan fund program.

SECTION 2. The director of finance is authorized to issue general obligation bonds in the sum of $10,000,000, or so much thereof as may be necessary, and the same sum, or so much thereof as may be necessary, is appropriated for fiscal year 2001-2002 for the purpose of expanding the agricultural loan fund. The sum appropriated shall be paid into the agricultural loan revolving fund established under section 155-14, Hawaii Revised Statutes.

SECTION 3. There is appropriated out of the agricultural loan revolving fund of the State of Hawaii the sum of $10,000,000, or so much thereof as may be necessary for fiscal year 2001-2002, to expand the agricultural loan program.

SECTION 4. The sum appropriated shall be expended by the department of agriculture for the purposes of this Act.

SECTION 5. This Act shall take effect on July 1, 2001.

INTRODUCED BY:

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