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



(b)  The purpose of this corporation shall be
to encourage economic development and diversification in Hawaii through innovative
actions in cooperation with private enterprises.  The corporation shall
establish programs to stimulate private capital investment in Hawaii toward
investments that promote the welfare of citizens in this State, economic
growth, employment, and economic diversification.  The corporation may use
public funds to provide incentives to private investment activity, by co-
investing public funds in private financial organizations to increase the
impact of the public investment while utilizing the investment acumen of the
private sector, and by using public funds to reduce the risks of private
investments.  The corporation shall have the flexibility to provide various
types of financial assistance.  When providing financial assistance, the
corporation shall make provision for the recovery of its expenditures, as far
as possible. [L 1990, c 110, pt of §3]