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



"Agriculture" means the production
for marketing and exporting of plant and animal life on land and within ponds
and other bodies of water for food, fiber, and raw materials for value-added
products, and any agricultural enterprise or enterprises organized for the
production of agricultural materials or value-added products based on detailed
marketing 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 forest
products, apiary, grazing, dairying, and the production of any form of
livestock or poultry, and their appurtenant services and facilities.



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



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



"Corporation" means the agribusiness
development corporation.



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



"Direct investment" means an
investment by the corporation in qualified securities of an enterprise in which
no investment is being or has been made by a professional investor to provide
seed capital to the enterprise.



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



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



"Fund" means the Hawaii agricultural
development revolving fund.



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



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



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



"Project cost" means the total of all
costs incurred by the corporation in carrying out all undertakings that it
considers 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 and
any improvement thereon; site preparation and development; construction;
reconstruction; rehabilitation; the necessary expenses in administering this
chapter; and the cost of financing the project; and relocation costs.



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



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



"Qualified security" means any note,
stock, treasury stock bond, debenture, evidence of indebtedness, certificate of
interest or participation in any profit-sharing agreement, preorganization
certificate of subscription, transferable share, investment contract,
certificate of deposit for a security, certificate of interest or participation
in a patent or patent application, or in royalty or other payments under such a
patent or application, or, in general, any interest or instrument commonly
known 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 any
project facility.



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



"Seed capital" means financing that
is provided for the development, refinement, and commercialization of a product
or process and other working capital needs.



"Trustee" means a national or state
bank or trust company, within or outside the State, that enters into a trust
indenture.



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



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