[§163D-2]  Definitions.  As used in thischapter, unless the context clearly requires otherwise:

"Agriculture" means the productionfor marketing and exporting of plant and animal life on land and within pondsand other bodies of water for food, fiber, and raw materials for value-addedproducts, and any agricultural enterprise or enterprises organized for theproduction of agricultural materials or value-added products based on detailedmarketing analysis and strategies to exploit profitable potentials in local,national, and international markets, including general farming, cane growing,fruit growing, flower growing, aquaculture, growing of timber and forestproducts, apiary, grazing, dairying, and the production of any form oflivestock or poultry, and their appurtenant services and facilities.

"Board" means the board of directorsof the agribusiness development corporation.

"Coordinating entrepreneur" means aqualified person capable of organizing, operating, and assuming the risk forenterprises that may include securing land and seed capital, locating farmers,arranging right-to-till agreements, supplying materials, maintaining equipmentand infrastructure, and providing for the processing and marketing of products.

"Corporation" means the agribusinessdevelopment corporation.

"Coventure" means an investment bythe corporation in qualified securities of an enterprise in which a substantialinvestment is also being made or has been made by a professional investor toprovide seed capital to an enterprise.  A guarantee by the corporation ofqualified securities provided by a professional investor shall be classified asa coventure.  An investment made by the corporation, which is a directinvestment, may later be classified as a coventure upon an investment by aprofessional investor.

"Direct investment" means aninvestment by the corporation in qualified securities of an enterprise in whichno investment is being or has been made by a professional investor to provideseed capital to the enterprise.

"Enterprise" means a business withits principal place of business in Hawaii, which is, or proposes to be, engagedin agricultural crop development, development of new value-added products,enhancement of existing agricultural commodities, and the application ofexisting agricultural appurtenant facilities to productive uses; provided thatthe majority of whatever the corporation produces shall be produced for export.

"Export crops" means crops whosemajority of production shall be for export outside the State or whose majorityof the value-added products shall be exported.

"Fund" means the Hawaii agriculturaldevelopment revolving fund.

"Private lender" includes banks,savings and loan associations, mortgage companies, and other qualifiedcompanies whose business includes the making of loans in the State.

"Professional investor" means anybank, bank holding company, savings institution, farm credit institution, trustcompany, insurance company, investment company registered under the federalInvestment Company Act of 1940, financial services loan company, pension orprofit-sharing trust or other financial institution or institutional buyer,licensee under the federal Small Business Investment Act of 1958, or anyperson, partnership, or other entity of whose resources, a substantial amountis dedicated to investing in securities or debt instruments, and whose networth exceeds $250,000.

"Project" means a specificundertaking, improvement, or system consisting of work or improvement,including personal property or any interest therein, acquired, constructed,reconstructed, rehabilitated, improved, altered, or repaired by thecorporation.

"Project cost" means the total of allcosts incurred by the corporation in carrying out all undertakings that itconsiders reasonable and necessary for the development of a project, including,but not limited to:  studies; plans; specifications; architectural,engineering, or any other development related services; acquisition of land andany improvement thereon; site preparation and development; construction;reconstruction; rehabilitation; the necessary expenses in administering thischapter; and the cost of financing the project; and relocation costs.

"Project facilities" includes roadsand streets, utility and service corridors, utility lines where applicable,water and irrigation systems, lighting systems, security systems, sanitarysewerage systems, and other community facilities where applicable.

"Qualified person" includes anyindividual, partnership, corporation, or public agency possessing thecompetence, expertise, experience, and resources, including financial,personnel, and tangible qualifications, as may be deemed desirable by thecorporation in administering this chapter.

"Qualified security" means any note,stock, treasury stock bond, debenture, evidence of indebtedness, certificate ofinterest or participation in any profit-sharing agreement, preorganizationcertificate of subscription, transferable share, investment contract,certificate of deposit for a security, certificate of interest or participationin a patent or patent application, or in royalty or other payments under such apatent or application, or, in general, any interest or instrument commonlyknown as a "security" or any certificate for, receipt for, or option,warrant, or right to subscribe to or purchase any of the foregoing.

"Revenue bonds" means bonds, notes,or other evidence of indebtedness of the corporation issued to finance anyproject facility.

"Right-to-till agreement" means acontract with a farmer assigning the farmer to a particular parcel or parcelswith conditions set to specify the crop or crops that are to be grown, when thecrops are to be grown, and how the crops are to be grown.

"Seed capital" means financing thatis provided for the development, refinement, and commercialization of a productor process and other working capital needs.

"Trustee" means a national or statebank or trust company, within or outside the State, that enters into a trustindenture.

"Trust indenture" means an agreementby and between the corporation and a trustee that sets forth the duties of thetrustee with respect to the revenue bonds, the security thereof, and otherprovisions as may be deemed necessary or convenient by the corporation to securethe revenue bonds.

"Value-added" means any activity thatincreases, by means of processing or any other means, the value of rawagricultural materials. [L 1994, c 264, pt of §1]