§206M-3 - Powers, generally.

§206M-3 Powers, generally. (a) The
development corporation shall have all the powers necessary to carry out its
purposes, 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 for
the exercise of its powers and functions under this chapter, including, with
the approval of the governor, a project agreement, or an amendment or supplement
to an existing project agreement, with a qualified person, and to enter into
and carry out any agreement whereby the obligations of a qualified person under
a project agreement shall be unconditionally guaranteed or insured by, or the
performance thereof assigned to, or guaranteed or insured by, a person or
persons other than the qualified person; and extend or renew any project
agreement or any other agreement related thereto; provided that any such
renewal or extension shall be subject to the approval of the governor unless
made in accordance with provisions for the extension or renewal contained in a
project agreement or related agreement theretofore approved by the governor;

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

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

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

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

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

(9) Acquire, construct, improve, install, equip, or
develop or provide for the acquisition, construction, improvement,
installation, equipping, or development of any project and designate a
qualified 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 the
planning, replanning, opening, grading, or closing of streets, roads, roadways,
alleys, easements, or other places, the furnishing of improvements, the
acquisition of property or property rights, or the furnishing of property or
services 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 to
time modify the plans, specifications, designs, or estimates;

(13) Engage the services of consultants on a
contractual basis for rendering professional and technical assistance and
advice;

(14) Procure insurance against any loss in connection
with its property and other assets and operations in amounts and from insurers
as it deems desirable;

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

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

(17) Lend or otherwise apply the proceeds of the bonds
issued for a project or an industrial park either directly or through a trustee
to a qualified person for use and application by the qualified person in the
acquisition, construction, improvement, installation, equipping, or development
of a project or industrial park, or agree with the qualified person whereby any
of these activities shall be undertaken or supervised by that qualified person
or 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 a
project to:

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

(B) Pledge and assign the interest and rights
of the development corporation under the project agreement or other agreement
with 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 corporation
with 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 take
possession of a project at any time or from time to time upon breach or default
by a qualified person under a project agreement, including any action at law or
in equity for the purpose of effecting its rights of entry or reentry or
obtaining 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 the
development corporation pursuant to the project agreement;

(20) Enter into arrangements with qualified county
development entities whereby the board would provide financial support to
qualified projects proposed;

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

(A) Supporting all aspects of technology-based
economic development;

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

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

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

(A) The department of business, economic
development, and tourism;

(B) The Pacific international center for high
technology research; and

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

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

(26) Finance, conduct, or cooperate in financing or
conducting technological, business, financial, or other investigations that are
related to or likely to lead to business, technology, and economic development
by making and entering into contracts and other appropriate arrangements,
including the provision of loans, start-up and expansion capital, loan
guaranty, loans convertible to equity, equity charged and received by the
corporation, and other forms of assistance;

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

(28) Provide advice, technical and marketing
assistance, support, and promotion to enterprises in which investments have
been made;

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

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

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

(32) Do any and all things necessary or convenient to
carry out its purposes and exercise the powers given and granted in this
chapter.

(b) The corporation shall be exempt from
chapter 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).