Report Title:

Community-Based Economic Development; Appropriation

Description:

Appropriates $200,000 in FY 2003-2003 and $200,000 in FY 2004-2005 for the community-based economic development program of the department of business, economic development, and tourism. (SD1)

THE SENATE

S.B. NO.

1627

TWENTY-SECOND LEGISLATURE, 2003

S.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 accessible, able to provide business counseling, financial backing, and general support to them to foster real community-based economic development of the various products and services demonstrating and embracing Hawaii's diversified economy. The community-based economic development program of the department of business, economic development, and tourism was established for this very purpose. To provide the necessary financial assistance to community-based entrepreneurs, the community-based economic development program has been authorized by the legislature to provide low-interest grants to qualifying applicants.

The purpose of this Act is to appropriate funds for the community-based economic development program.

SECTION 2. There is appropriated out of the general revenues of the State of Hawaii the sum of $200,000, or so much thereof as may be necessary for fiscal year 2003-2004, and the sum of $200,000, or so much thereof as may be necessary for fiscal year 2004-2005, for the purpose of providing grants under the community-based economic development program of the department of business, economic development, and tourism.

SECTION 3. 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, 2003.