[PART
IX.]  HAWAII TELEVISION AND FILM DEVELOPMENT



 



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



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



"Board" means the Hawaii television
and film development board.



"Eligible Hawaii project" or
"project" means an entertainment project in which at least
seventy-five per cent of the budget for the production costs, excluding
salaries and costs for the producer, director, writer, screenplay, and actors
in the project, is dedicated for the purchase or lease of goods or services
from a vendor or supplier who is located and doing business in the State.



"Fund" means the Hawaii television
and film development special fund.



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



(1)  Common or preferred stock and equity securities
without a repurchase requirement for at least five years;



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



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



(4)  General or limited partnership interests. [L
2000, c 285, pt of §2]