§206M-10  Authorization for loans; loanterms and conditions; loan procedure.  (a)  Notwithstanding any law to thecontrary, the director of finance is authorized, with the approval of thegovernor, to make loans up to the aggregate sum of $1,000,000, or so muchthereof as may be necessary, to the development corporation.  The loans shallbe made from the state general fund moneys which are in excess of the amountsnecessary for immediate state requirements, and shall be used for the purposeof paying administrative and other costs associated with the development ofindustrial parks and other projects and activities that encourage the growth ofthe high technology industry in Hawaii.

(b)  The development corporation, to the extentmoneys become available from bond proceeds or otherwise, shall repay thegeneral fund the principal amount of any loan made by the director of finance. No interest shall be required for any such loan.

(c)  Loans authorized by this section shall bedrawn upon by the development corporation from time to time upon at least fivedays notice to the director of finance and upon the filing with the director offinance of a certificate of the chairperson of the board setting forth theamount being borrowed, the names of the persons, firms, or corporations towhich moneys will be paid from the proceeds of such borrowing and the amount tobe paid to each.  In addition, the chairperson of the board shall file with thedirector of finance a copy of the resolution or resolutions of the board approvingcontracts for services which will be paid from the proceeds of the borrowing.[L 1983, c 152, pt of §2; am L 1991, c 288, §3; am L 2000, c 72, §14]