Report Title:

High Technology Development Corporation; Special Fund

Description:

Allows moneys collected into the high technology special fund to be deposited into a private trust account in any bank or financial institution. Deletes the fund's $3 million cap. (CD1)

THE SENATE

S.B. NO.

2281

TWENTY-SECOND LEGISLATURE, 2004

S.D. 1

STATE OF HAWAII

H.D. 1


C.D. 1

A BILL FOR AN ACT

 

RELATING TO THE HIGH TECHNOLOGY DEVELOPMENT CORPORATION.

 

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

SECTION 1. Section 206M-15.5, Hawaii Revised Statutes, is amended to read as follows:

"§206M-15.5 High technology special fund. There is established in the state treasury a fund to be known as the high technology special fund, into which shall be deposited, except as otherwise provided by section 206M-17, all moneys, fees, and equity from tenants, qualified persons, or other users of the development corporation's industrial parks, projects, other leased facilities, and other services and publications[; provided that the total amount of moneys in the fund shall not exceed $3,000,000 at the end of any fiscal year.]; provided that moneys collected and received for projects under a contract for services as provided in section 206M-3.4, may be deposited into a private trust account in any bank or financial institution. All moneys in the fund [are appropriated for the purposes of and] shall be expended by the development corporation for the operation, maintenance, and management of its industrial parks, projects, facilities, services, and publications, and to pay the expenses in administering the special purpose revenue bonds of the development corporation or in carrying out its project agreements[.]; provided that moneys collected to develop, manage, operate, and maintain projects that are industrial parks, projects, and facilities not of the corporation, may be deposited into a private trust account in any bank or financial institution.

For purposes of this section, "private trust account in any bank or financial institution" means an account with any Hawaii bank or financial institution that holds a license or charter under chapter 412, in the name and for the benefit of the high technology development corporation, wherein deposits, as defined in section 412:1-109, are made."

SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.

SECTION 3. This Act shall take effect upon its approval.