§209-34  State disaster revolving loan fund. (a)  There is established the state disaster revolving loan fund into whichshall be deposited all moneys appropriated by the legislature to the fund,contributed or transferred to the fund, and received as repayment of loans andinterest payments as provided in this part, and from which the director ofbusiness, economic development, and tourism may make loans in accordance withthis part.

(b)  The director may transfer moneys from thestate disaster revolving loan fund established by this section to either theHawaii capital loan revolving fund established by section 210-3 or the Hawaiiinnovation development fund established by section 211E-2.  Moneys from theHawaii capital loan revolving fund established by section 210-3, the Hawaiiinnovation development loan revolving fund established by section 211E-2, andthe state disaster revolving loan fund shall be disbursed by the department orthe director pursuant to chapters 209, 210, and 211E, respectively.  Thedepartment or the director may transfer moneys from the Hawaii capital loanrevolving fund and the Hawaii innovation development fund to the state disasterrevolving loan fund for disbursement pursuant to this chapter.

(c)  The total amount of moneys transferred tothe state disaster revolving loan fund, the Hawaii capital loan revolving fund,or the Hawaii innovation development fund shall not exceed $1,000,000 for eachrespective fund within the calendar year.

(d)  Notwithstanding subsection (c) to thecontrary, the total amount of moneys transferred between the state disasterrevolving loan fund and the Hawaii capital loan revolving fund or the Hawaiiinnovation development fund shall not exceed $1,000,000 within the calendaryear if the governor proclaims a state disaster pursuant to section 209-2.

(e)  The director shall report any transfer offunds made under this section to the legislature within ten days of thetransfer.

(f)  All unexpended and unencumbered moneysremaining in the state disaster revolving loan fund at the close of each fiscalyear, which are deemed by the director of finance to be in excess of the moneysnecessary to carry out the purposes of this section over the next followingfiscal year, shall lapse to the credit of the general fund. [L 1976, c 205,§1(2); am L 1987, c 336, §7; am L 1990, c 293, §8; am L 1993, c 280, §22; am L1996, c 143, §2]