[§211F-2]  Establishment of Hawaii strategicdevelopment corporation; purpose.  (a)  There is established the Hawaiistrategic development corporation, which shall be a public body corporate andpolitic and an instrumentality and agency of the State.  The corporation shallbe placed within the department of business, economic development, and tourismfor administrative purposes only.

(b)  The purpose of this corporation shall beto encourage economic development and diversification in Hawaii through innovativeactions in cooperation with private enterprises.  The corporation shallestablish programs to stimulate private capital investment in Hawaii towardinvestments that promote the welfare of citizens in this State, economicgrowth, employment, and economic diversification.  The corporation may usepublic funds to provide incentives to private investment activity, by co-investing public funds in private financial organizations to increase theimpact of the public investment while utilizing the investment acumen of theprivate sector, and by using public funds to reduce the risks of privateinvestments.  The corporation shall have the flexibility to provide varioustypes of financial assistance.  When providing financial assistance, thecorporation shall make provision for the recovery of its expenditures, as faras possible. [L 1990, c 110, pt of §3]