§206M-3  Powers, generally.  (a)  Thedevelopment corporation shall have all the powers necessary to carry out itspurposes, including the powers to:

(1)  Sue and be sued;

(2)  Have a seal and alter the same at its pleasure;

(3)  Make and execute, enter into, amend, supplement,and carry out contracts and all other instruments necessary or convenient forthe exercise of its powers and functions under this chapter, including, withthe approval of the governor, a project agreement, or an amendment or supplementto an existing project agreement, with a qualified person, and to enter intoand carry out any agreement whereby the obligations of a qualified person undera project agreement shall be unconditionally guaranteed or insured by, or theperformance thereof assigned to, or guaranteed or insured by, a person orpersons other than the qualified person; and extend or renew any projectagreement or any other agreement related thereto; provided that any suchrenewal or extension shall be subject to the approval of the governor unlessmade in accordance with provisions for the extension or renewal contained in aproject agreement or related agreement theretofore approved by the governor;

(4)  Make and alter bylaws for its organization andinternal management;

(5)  Adopt rules under chapter 91 necessary toeffectuate this chapter in connection with industrial parks, projects,multi-project programs, and the operations, properties, and facilities of thedevelopment corporation;

(6)  Through its chief executive officer, appointofficers, agents, and employees, prescribe their duties and qualifications, andfix their salaries, without regard to chapter 76;

(7)  Prepare or cause to be prepared development plansfor industrial parks;

(8)  Acquire, own, lease, hold, clear, improve, andrehabilitate real, personal, or mixed property and assign, exchange, transfer,convey, lease, sublease, or encumber any project, including by way ofeasements;

(9)  Acquire, construct, improve, install, equip, ordevelop or provide for the acquisition, construction, improvement,installation, equipping, or development of any project and designate aqualified person as its agent for such purpose;

(10)  Own, hold, assign, transfer, convey, exchange,lease, sublease, or encumber any project;

(11)  Arrange or initiate appropriate action for theplanning, replanning, opening, grading, or closing of streets, roads, roadways,alleys, easements, or other places, the furnishing of improvements, theacquisition of property or property rights, or the furnishing of property orservices in connection with an industrial park or project;

(12)  Prepare, or cause to be prepared, plans,specifications, designs, and estimates of cost for the acquisition,construction, reconstruction, improvement, installation, equipping,development, or maintenance of any project or industrial park, and from time totime modify the plans, specifications, designs, or estimates;

(13)  Engage the services of consultants on acontractual basis for rendering professional and technical assistance andadvice;

(14)  Procure insurance against any loss in connectionwith its property and other assets and operations in amounts and from insurersas it deems desirable;

(15)  Accept and expend gifts or grants in any formfrom any public agency or from any other source;

(16)  Issue special purpose revenue bonds and refundingspecial purpose revenue bonds pursuant to and in accordance with this chapterin principal amounts as may be authorized from time to time by law to financeor refinance the cost of a project, singly or as part of a multi-projectprogram, or an industrial park as authorized by law and provide for thesecurity thereof as permitted by this chapter;

(17)  Lend or otherwise apply the proceeds of the bondsissued for a project or an industrial park either directly or through a trusteeto a qualified person for use and application by the qualified person in theacquisition, construction, improvement, installation, equipping, or developmentof a project or industrial park, or agree with the qualified person whereby anyof these activities shall be undertaken or supervised by that qualified personor by a person designated by the qualified person;

(18)  As security for the payment of the principal of,premium, if any, and interest of the special purpose revenue bonds issued for aproject to:

(A)  Pledge, assign, hypothecate, or otherwiseencumber all or any part of the revenues and receipts derived or to be derivedby the development corporation under the project agreement for the project forwhich the bonds are issued;

(B)  Pledge and assign the interest and rightsof the development corporation under the project agreement or other agreementwith respect to the project or the special purpose revenue bonds;

(C)  Pledge and assign any bond, debenture,note, or other evidence of indebtedness received by the development corporationwith respect to the project; or

(D)  Any combination of the foregoing;

(19)  With or without terminating a project agreement,exercise any and all rights provided by law for entry and reentry upon or takepossession of a project at any time or from time to time upon breach or defaultby a qualified person under a project agreement, including any action at law orin equity for the purpose of effecting its rights of entry or reentry orobtaining possession of the project or for the payments of rentals, user taxes,or charges, or any other sum due and payable by the qualified person to thedevelopment corporation pursuant to the project agreement;

(20)  Enter into arrangements with qualified countydevelopment entities whereby the board would provide financial support toqualified projects proposed;

(21)  Create an environment in which to support hightechnology economic development, including but not limited to:

(A)  Supporting all aspects of technology-basedeconomic development;

(B)  Developing instructive programs,identifying issues and impediments to the growth of high technology industry inHawaii; and

(C)  Providing policy analysis and informationimportant to the development of high technology industries in Hawaii;

(22)  Develop programs that support start-up andexisting high technology companies in Hawaii and attract new companies torelocate to or establish operations in Hawaii by assessing the needs of thesecompanies and providing the physical and technical infrastructure to supporttheir operations;

(23)  Coordinate its efforts with other public andprivate agencies involved in stimulating technology-based economic developmentin Hawaii, including but not limited to:

(A)  The department of business, economicdevelopment, and tourism;

(B)  The Pacific international center for hightechnology research; and

(C)  The office of technology transfer andeconomic development of the University of Hawaii;

(24)  Promote and market Hawaii as a site forcommercial high technology activity, including the expenditure of funds forprotocol purposes at the discretion of the board;

(25)  Provide advice on policy and planning fortechnology-based economic development;

(26)  Finance, conduct, or cooperate in financing orconducting technological, business, financial, or other investigations that arerelated to or likely to lead to business, technology, and economic developmentby making and entering into contracts and other appropriate arrangements,including the provision of loans, start-up and expansion capital, loanguaranty, loans convertible to equity, equity charged and received by thecorporation, and other forms of assistance;

(27)  Solicit, study, and assist in the preparation ofbusiness plans and proposals of new or established businesses;

(28)  Provide advice, technical and marketingassistance, support, and promotion to enterprises in which investments havebeen made;

(29)  Acquire, hold, and sell qualified securities;

(30)  Consent, subject to the provisions of anycontract with noteholders or bondholders, whenever the corporation deems itnecessary or desirable in the fulfillment of the purposes of this chapter, tothe modification, with respect to rate of interest, time of payment of anyinstallment of principal or interest, or any other terms, of any contract oragreement of any kind to which the corporation is a party;

(31)  Invest any funds held in reserves or sinkingfunds, or any funds not required for immediate disbursement, in suchinvestments as may be lawful for fiduciaries in the State; and

(32)  Do any and all things necessary or convenient tocarry out its purposes and exercise the powers given and granted in thischapter.

(b)  The corporation shall be exempt fromchapter 102. [L 1983, c 152, pt of §2; am L 1989, c 274, §3; am L 1991, c 288,§2; am L 2000, c 72, §7, c 253, §150, and c 297, §27; am L 2004, c 216, §27]

 

Revision Note

 

  Paragraphs (12) and (16) to (32) redesignated pursuant to§23G‑15(1).