[PARTIX.]  HAWAII TELEVISION AND FILM DEVELOPMENT

 

[§201-111]  Definitions.  As used inthis part:

"Applicant" means a person applyingfor a grant or venture capital investment from the board under this part.

"Board" means the Hawaii televisionand film development board.

"Eligible Hawaii project" or"project" means an entertainment project in which at leastseventy-five per cent of the budget for the production costs, excludingsalaries and costs for the producer, director, writer, screenplay, and actorsin the project, is dedicated for the purchase or lease of goods or servicesfrom a vendor or supplier who is located and doing business in the State.

"Fund" means the Hawaii televisionand film development special fund.

"Venture capital investment" meansany of the following investments in a project:

(1)  Common or preferred stock and equity securitieswithout a repurchase requirement for at least five years;

(2)  A right to purchase stock or equity securities;

(3)  Any debenture, whether or not convertible orhaving stock purchase rights, which is subordinated, together with securityinterests against the assets of the borrower, by their terms to all borrowingsof the borrower from other institutional lenders, and that is for a term of notless than three years, and that has no part amortized during the first threeyears; and

(4)  General or limited partnership interests. [L2000, c 285, pt of §2]