REPORT TITLE:
High Technology; HTDC


DESCRIPTION:
Transfers the high technology development corporation and the
Hawaii strategic development corporation under the newly
established high technology development corporation.  (HB2356
HD1)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                        2356
HOUSE OF REPRESENTATIVES                H.B. NO.           H.D. 1
TWENTIETH LEGISLATURE, 2000                                
STATE OF HAWAII                                            
                                                             
________________________________________________________________
________________________________________________________________


                   A  BILL  FOR  AN  ACT

RELATING TO THE HIGH TECHNOLOGY DEVELOPMENT CORPORATION.



BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 1      SECTION 1.  The legislature finds that over the years, a
 
 2 number of state agencies have been created to promote and develop
 
 3 a variety of technology industries.  While these agencies provide
 
 4 valuable services, great changes have taken place in technology,
 
 5 and there is need to consolidate these agencies functions under a
 
 6 single entity to coordinate their activities to provide a more
 
 7 focused effort in recruiting, retaining, and expanding technology
 
 8 industries in Hawaii.
 
 9      The purpose of this Act is to consolidate the State's
 
10 technology activities under the coordination and direction of the
 
11 governor's special advisor for technology development. The new
 
12 technology development corporation will subsume the functions
 
13 presently administered by the high technology development
 
14 corporation and the Hawaii strategic development corporation.
 
15 The new technology development corporation shall be headed by a
 
16 decision-making board.  The corporation shall also contain
 
17 various administrative and support functions to carry out the
 
18 common administrative duties of the four transferred entities.
 

 
Page 2                                                     2356
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 1      SECTION 2.  The Hawaii Revised Statutes is amended by adding
 
 2 a new chapter to be appropriately designated and to read as
 
 3 follows:
 
 4                             "CHAPTER
 
 5              HIGH TECHNOLOGY DEVELOPMENT CORPORATION
 
 6                    PART I. GENERAL PROVISIONS
 
 7      §  -1  Definitions.  The following terms, wherever used or
 
 8 referred to in this chapter, shall have the following meanings
 
 9 unless the context clearly requires otherwise:
 
10      "Board" means the board of directors of the high technology
 
11 development corporation.
 
12      "Bonds" means any bonds, interim certificates, notes,
 
13 debentures, participation certificates, pass-through
 
14 certificates, mortgage-backed obligations, or other evidence of
 
15 indebtedness of the corporation issued pursuant to this chapter.
 
16      "Contract" means any agreement of the corporation with an
 
17 obligee or a trustee for an obligee, whether contained in a
 
18 resolution, trust indenture, mortgage, lease, bond, or other
 
19 instrument.
 
20      "Corporation" means the high technology development
 
21 corporation.
 
22      "Executive director" means the executive director of the
 
23 high technology development corporation.
 

 
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 1      "Seed capital" means financing provided for the earliest
 
 2 stage of business investment including but not limited to
 
 3 developing a working prototype, preparing a business plan,
 
 4 performing an initial market analysis, and organizing a
 
 5 management team.
 
 6      "Venture capital investment" means any of the following
 
 7 investments in a business:
 
 8      (1)  Common or preferred stock and equity securities without
 
 9           a repurchase requirement for at least five years;
 
10      (2)  A right to purchase stock or equity securities;
 
11      (3)  Any debenture or loan, whether or not convertible or
 
12           having stock purchase rights, that are subordinated,
 
13           together with security interests against the assets of
 
14           the borrower, by their terms to all borrowings of the
 
15           borrower from other institutional lenders, and that is
 
16           for the term of not less than three years, and that has
 
17           no part amortized during the first three years; and
 
18      (4)  General or limited partnership interests.
 
19      §  -2  High technology development corporation;
 
20 establishment; staff.  (a)  There is established the high
 
21 technology development corporation to be placed within the
 
22 department of business, economic development, and tourism for
 
23 administrative purposes only.  The corporation shall be a public
 
24 body, a body corporate, and politic.
 

 
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 1      (b)  The corporation shall employ an executive director,
 
 2 exempt from chapters 76 and 77 and section 26-35(4).  The salary
 
 3 of the executive director shall be set by the board.  The
 
 4 corporation may employ, subject to chapters 76 and 77, permanent
 
 5 and temporary employees, technical experts, officers, and agents.
 
 6 The corporation may also employ officers, agents, and employees;
 
 7 prescribe their duties and qualifications; and fix their
 
 8 salaries, not subject to chapters 76 and 77, when in the
 
 9 determination of the corporation, the services to be performed
 
10 are unique and essential to the execution of the functions of the
 
11 corporation.  The corporation may call upon the attorney general
 
12 for legal services as it may require.  The corporation may
 
13 delegate to one or more of its agents or employees the powers and
 
14 duties as it deems proper.
 
15      §  -3  Board; establishment, functions, duties.  (a)  There
 
16 is created a board consisting of nine voting members.  The
 
17 members of the board shall be selected as follows:
 
18      (1)  Four ex-officio voting members: the governor's special
 
19           assistant for technology development, the director of
 
20           business, economic development, and tourism, the
 
21           director of finance, and the comptroller;
 

 
 
 
 
 
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 1      (2)  Five members of the public to be appointed by the
 
 2           governor for staggered terms pursuant to section 26-34,
 
 3           with at least three of the initial members selected
 
 4           from the last membership of the boards of the high
 
 5           technology development corporation and the Hawaii
 
 6           strategic development corporation.  Thereafter, the
 
 7           public members shall represent the industries of
 
 8           information technology, biotechnology, healthcare
 
 9           technology, and ocean, earth, and space technology.
 
10      (b)  The governor's special advisor for technology
 
11 development shall serve as the chair of the board.
 
12      (c)  The members appointed under subsection (a)(2) shall
 
13 serve without compensation, but may be reimbursed for reasonable
 
14 expenses, including travel expenses, incurred in the performance
 
15 of their duties.
 
16      (d)  The board shall appoint an executive director, who
 
17 shall serve at the pleasure of the board and shall be exempt from
 
18 chapters 76 and 77.
 
19      (e)  A board member shall not participate in any corporation
 
20 decision to invest in, purchase from, sell to borrow from, loan
 
21 to, contract with, or otherwise deal with any person with whom or
 
22 entity in which the board member has a substantial financial
 
23 interest.
 

 
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 1      (f)  The board may delegate to its executive director,
 
 2 staff, or others those functions and powers that the board deems
 
 3 necessary or appropriate, including but not limited to the
 
 4 oversight and supervision of employees or the corporation.
 
 5      §  -4  Powers.  (a)  The corporation shall have all the
 
 6 powers necessary to carry out its purposes, including the
 
 7 following powers:
 
 8      (1)  To sue and be sued;
 
 9      (2)  To have a seal and alter the same at its pleasure;
 
10      (3)  To make and execute, enter into, amend, supplement, and
 
11           carry out contracts and all other instruments necessary
 
12           or convenient for the exercise of its powers and
 
13           functions under this chapter, including a project
 
14           agreement with a qualified person, and any other
 
15           agreement whereby the obligations of a qualified person
 
16           under a project agreement shall be unconditionally
 
17           guaranteed or insured by, or the performance thereof
 
18           assigned to, or guaranteed or insured by, a person or
 
19           persons other than the qualified person; and to grant
 
20           options or renew any project agreement entered into by
 
21           it in connection with any project or industrial park,
 
22           on terms and conditions as it deems advisable;
 

 
 
 
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 1      (4)  To make and alter bylaws for its organization and
 
 2           internal management;
 
 3      (5)  To adopt rules under chapter 91 necessary to effectuate
 
 4           this chapter in connection with industrial parks,
 
 5           projects, and the operations, properties, and
 
 6           facilities of the development corporation;
 
 7      (6)  Through its chief executive officer, to appoint
 
 8           officers, agents, and employees, prescribe their duties
 
 9           and qualifications, and fix their salaries, without
 
10           regard to chapters 76 and 77;
 
11      (7)  To prepare or cause to be prepared development plans
 
12           for industrial parks;
 
13      (8)  To acquire, own, lease, hold, clear, improve, and
 
14           rehabilitate real, personal, or mixed property and to
 
15           assign, exchange, transfer, convey, lease, sublease, or
 
16           encumber any project including by way of easements;
 
17      (9)  To construct, reconstruct, rehabilitate, improve,
 
18           alter, repair, or provide for the construction,
 
19           reconstruction, rehabilitation, improvement,
 
20           alteration, or repair of any project and to designate a
 
21           qualified person as its agent for such purpose, and to
 
22           own, hold, assign, transfer, convey, exchange, lease
 
23           sublease, or encumber any project;
 

 
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 1     (10)  To arrange or initiate appropriate action for the
 
 2           planning, replanning, opening, grading, or closing of
 
 3           streets, roads, roadways, alleys, easements, or other
 
 4           places, the furnishing of improvements, the acquisition
 
 5           of property or property rights, or the furnishing of
 
 6           property or services in connection with an industrial
 
 7           park;
 
 8     (11)  To prepare or cause to be prepared plans,
 
 9           specifications, designs, and estimates of cost for the
 
10           construction, reconstruction, rehabilitation,
 
11           improvement, alteration, or repair of any project or
 
12           industrial park, and from time to time to modify such
 
13           plans, specifications, designs, or estimates;
 
14     (12)  To engage the services of consultants on a contractual
 
15           basis for rendering professional and technical
 
16           assistance and advice;
 
17     (13)  To procure insurance against any loss in connection
 
18           with its property and other assets and operations in
 
19           amounts and from insurers as it deems desirable;
 
20     (14)  To accept and expend gifts or grants in any form from
 
21           any public agency or any other source;
 
22     (15)  To issue bonds pursuant to this chapter in such
 
23           principal amounts as may be authorized from time to
 

 
Page 9                                                     2356
                                     H.B. NO.           H.D. 1
                                                        
                                                        

 
 1           time by law to finance the cost of a project or an
 
 2           industrial park as authorized by law and to provide for
 
 3           the security thereof as permitted by this chapter;
 
 4     (16)  To lend or otherwise apply the proceeds of the bonds
 
 5           issued for a project or an industrial park either
 
 6           directly or through a trustee or a qualified person for
 
 7           use and application in the acquisition, construction,
 
 8           installation, or modification of a project or
 
 9           industrial park, or agree with the qualified person
 
10           whereby any of these activities shall be undertaken or
 
11           supervised by that qualified person or by a person
 
12           designated by the qualified person;
 
13     (17)  With or without terminating a project agreement, to
 
14           exercise any and all rights provided by law for entry
 
15           and reentry upon or to take possession of a project at
 
16           any time or from time to time upon breach or default by
 
17           qualified person under a project agreement, including
 
18           any action at law or in equity for the purpose of
 
19           effecting its rights of entry or reentry or obtaining
 
20           possession of the project or for the payments of
 
21           rentals, user taxes, or charges, or any other sum due
 
22           and payable by the qualified person to the corporation
 
23           pursuant to the project agreement;
 

 
Page 10                                                    2356
                                     H.B. NO.           H.D. 1
                                                        
                                                        

 
 1     (18)  To enter into arrangements with qualified county
 
 2           development entities whereby the board shall provide
 
 3           financial support to qualified projects proposed;
 
 4     (19)  To finance, conduct, or cooperate in financing or
 
 5           conducting technological, business, financial, or other
 
 6           investigations that are related to or likely to lead to
 
 7           business and economic development by making and
 
 8           entering into contracts and other appropriate
 
 9           arrangements, including the provision of loans, start-
 
10           up and expansion capital, and other forms of
 
11           assistance;
 
12     (20)  To provide advice and technical and marketing
 
13           assistance, support, and promotion to enterprises in
 
14           which investments have been made;
 
15     (21)  To carry out programs designed to encourage the
 
16           development of new products, businesses, and markets;
 
17     (22)  To acquire, hold, and sell qualified securities;
 
18     (23)  To consent, subject to the provisions of any contract
 
19           with noteholders or bondholders, whenever the
 
20           corporation deems it necessary or desirable in the
 
21           fulfillment of the purposes of this chapter, to the
 
22           modification, with respect to rate of interest, time of
 

 
 
 
Page 11                                                    2356
                                     H.B. NO.           H.D. 1
                                                        
                                                        

 
 1           payment of any installment of principal or interest, or
 
 2           any other terms, of any contract or agreement of any
 
 3           kind to which the corporation is attached;
 
 4     (24)  To invest any funds held in reserves or sinking funds,
 
 5           or any funds not required for immediate disbursement,
 
 6           in investments as may be lawful for fiduciaries in the
 
 7           State;
 
 8     (25)  To acquire real property, or an interest therein, by
 
 9           purchase or foreclosure, where that acquisition is
 
10           necessary or appropriate to protect or secure any
 
11           investment or loan in which the corporation has an
 
12           interest; sell, transfer, and convey the property to a
 
13           buyer, and if the sale, transfer, or conveyance cannot
 
14           be effected with reasonable promptness or at a
 
15           reasonable price, to lease the property to a tenant;
 
16     (26)  To promote and market Hawaii as a site for commercial
 
17           technology activity;
 
18     (27)  To provide advice on policy and planning for
 
19           technology-based economic development; and
 
20     (28)  To do all things necessary or proper to carry out the
 
21           purposes of this chapter.
 
22      (b)  The corporation shall not promise to answer for the
 
23 debts of any other person.
 

 
Page 12                                                    2356
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 1      §  -5  Hawaii venture capital special fund.  There is
 
 2 established in the state treasury the Hawaii venture capital
 
 3 special fund to be administered by the corporation.  The
 
 4 following moneys shall be deposited into the Hawaii venture
 
 5 capital special fund:  all moneys appropriated for deposit into
 
 6 this fund by the legislature, received as repayments of loans,
 
 7 earned on investments, received pursuant to a venture agreement,
 
 8 received as royalties, received as premiums or fees charged by
 
 9 the corporation, or otherwise received by the corporation.  The
 
10 corporation shall use all funds in the Hawaii venture capital
 
11 special fund for the purpose of seed capital and venture capital
 
12 investment in technology development in Hawaii by coinvesting
 
13 public funds with private financial organizations with provision
 
14 for the recovery of its expenditures, as far as possible.
 
15      §  -6  Hawaii technology special fund.  There is
 
16 established in the state treasury the Hawaii technology special
 
17 fund to be administered by the corporation, into which shall be
 
18 deposited all moneys appropriated for deposit into this fund by
 
19 the legislature, all federal grants and appropriations, all
 
20 grants, gifts, and donations, all moneys and fees from tenants or
 
21 other users of the development corporations industrial parks,
 
22 projects, other leased facilities, and other services and
 

 
 
 
Page 13                                                    2356
                                     H.B. NO.           H.D. 1
                                                        
                                                        

 
 1 publications.  All moneys shall appropriated for the purposes of
 
 2 and shall be expended by the corporation for the operations of
 
 3 the corporation."
 
 4      SECTION 3.  All references to "high technology development
 
 5 corporation", "Hawaii strategic development corporation", or like
 
 6 terms, as the case may be, in the Hawaii Revised Statutes, shall
 
 7 be amended to "high technology development corporation" or
 
 8 "corporation" or like terms, as the case may be, as the context
 
 9 requires.
 
10      SECTION 4.  The revisor of statutes shall substitute all
 
11 references made to "chapter 206M" or any specific section or part
 
12 of chapter 206M, as the case may be, in the Hawaii Revised
 
13 Statutes, with the corresponding chapter, part, or section number
 
14 of the new chapter added to the Hawaii Revised Statutes by
 
15 section 2 of this Act, as appropriate.
 
16      SECTION 5.  The revisor of statutes shall substitute all
 
17 references made to "chapter 211F" or any specific section or part
 
18 of chapter 211F, as the case may be, in the Hawaii Revised
 
19 Statutes, with the corresponding chapter, part, or section number
 
20 of the new chapter added to the Hawaii Revised Statutes by
 
21 section 2 of this Act, as appropriate.
 
22      SECTION 6.  Chapter 206M, Hawaii Revised Statutes, is
 
23 repealed.
 

 
Page 14                                                    2356
                                     H.B. NO.           H.D. 1
                                                        
                                                        

 
 1      SECTION 7.  Chapter 211F, Hawaii Revised Statutes, is
 
 2 repealed.
 
 3      SECTION 8.  The governor shall select a management team and
 
 4 appoint a representative from the governor's office to spearhead
 
 5 the management team and may hire necessary staff without regard
 
 6 to chapters 76 and 77, Hawaii Revised Statutes, to:
 
 7      (1)  Develop appropriate transition plans;
 
 8      (2)  Rework position descriptions;
 
 9      (3)  Revise personnel classifications;
 
10      (4)  Develop an organizational structure including proposals
 
11           to consolidate the administrative functions of the
 
12           technology agencies repealed by this Act;
 
13      (5)  Prepare a proposed budget for the new HTDC established
 
14           by this Act; and
 
15      (6)  Attend to other administrative details;
 
16 so the high technology development corporation established by
 
17 this Act can be initially operational by July 1, 2001.
 
18      SECTION 8.  The jurisdiction, functions, powers, duties, and
 
19 authority heretofore exercised by the high technology development
 
20 corporation and the Hawaii strategic development corporation
 
21 shall be transferred to and conferred upon the high technology
 
22 development corporation by this Act and shall be performed and
 

 
 
 
Page 15                                                    2356
                                     H.B. NO.           H.D. 1
                                                        
                                                        

 
 1 enforced in the same manner as previously authorized, entitled,
 
 2 or obligated except as otherwise authorized, directed, or
 
 3 instructed by this Act.
 
 4      The high technology development corporation shall succeed to
 
 5 all of the rights and powers previously exercised and all of the
 
 6 duties and obligations incurred by the high technology
 
 7 development corporation and the Hawaii strategic development
 
 8 corporation in the exercise of the functions, powers, duties, and
 
 9 authority transferred, whether the functions, powers, duties, and
 
10 authority are mentioned in or granted by any law, contract, or
 
11 other document.
 
12      All rules, policies, procedures, guidelines, and other
 
13 material adopted or developed by the high technology development
 
14 corporation and the Hawaii strategic development corporation to
 
15 implement provisions of the Hawaii Revised Statutes, the
 
16 substance of which are reenacted or made applicable to the high
 
17 technology development corporation by this Act, shall remain in
 
18 full force and effect until amended or repealed by the high
 
19 technology development corporation pursuant to chapter 91, Hawaii
 
20 Revised Statutes.
 
21      All deeds, leases, contracts, loans, agreements, permits, or
 
22 other documents executed or entered into by or on behalf of the
 
23 high technology development corporation and the Hawaii strategic
 

 
Page 16                                                    2356
                                     H.B. NO.           H.D. 1
                                                        
                                                        

 
 1 development corporation pursuant to the provisions of Hawaii
 
 2 Revised Statutes, the substance of which are reenacted or made
 
 3 applicable to the high technology development corporation by this
 
 4 Act, shall remain in full force and effect.
 
 5      All moneys in the Hawaii strategic development corporation
 
 6 revolving fund established under section 211F-5, Hawaii Revised
 
 7 Statutes, as of June 30, 2001, shall be transferred to the Hawaii
 
 8 venture capital special fund established by the new chapter added
 
 9 to the Hawaii Revised Statutes by section 2 of this Act.
 
10      SECTION 9.  All officers and employees whose functions are
 
11 transferred to the high technology development corporation by
 
12 this Act shall be transferred with their current functions and
 
13 shall continue to perform their regular duties upon their
 
14 transfer, subject to the state personnel laws and this Act.  No
 
15 officer or employee of the State shall suffer any loss of salary,
 
16 seniority, or prior service credit, vacation, sick leave, or
 
17 other employee benefit or privilege as a consequence of this Act.
 
18      In the event that an office or position held by an officer
 
19 or employee having tenure is abolished, the officer or employee
 
20 shall not thereby be separated from public employment, but shall
 
21 remain in the employment of the State with the same pay and
 
22 classification and shall be transferred to some other office or
 

 
 
 
Page 17                                                    2356
                                     H.B. NO.           H.D. 1
                                                        
                                                        

 
 1 position for which the officer or employee is eligible under the
 
 2 personnel laws of the State as determined by the director of
 
 3 human resources development or the governor.
 
 4      Employees who, prior to this Act, were exempt from civil
 
 5 service and who are transferred to the high technology
 
 6 development corporation pursuant to this Act shall continue to
 
 7 retain their exempt status after the transfer and shall not
 
 8 suffer any loss of seniority, prior service credit, vacation,
 
 9 sick leave, or other employee benefits as a consequence of this
 
10 Act; provided that subsequent changes in status may be pursuant
 
11 to applicable civil service and compensation laws.  To facilitate
 
12 a smooth transition of activities, temporary positions that are
 
13 currently exempt from civil service may be temporarily continued
 
14 as exempt from civil service.  Any exemption under this provision
 
15 may cease at such time as the current employee terminates, or the
 
16 position is converted to permanent status, or expires.
 
17      SECTION 10.  All records, equipment, files, supplies,
 
18 contracts, books, papers, documents, maps, appropriations, and
 
19 other property heretofore made, used, acquired, or held by the
 
20 the high technology development corporation and the Hawaii
 
21 strategic development corporation in the exercise of the
 
22 functions to be transferred by this Act shall be transferred with
 
23 the functions to which they relate to the high technology
 
24 development corporation.
 

 
Page 18                                                    2356
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 1      SECTION 11.  The governor shall submit a progress report on
 
 2 the transition plans for consolidation to the legislature no
 
 3 later than twenty days prior to the convening of the regular
 
 4 session of 2001.
 
 5      SECTION 12.  It is the intent of this Act not to jeopardize
 
 6 the receipt of any federal aid nor to impair the obligation of
 
 7 the State or any state agency, and to the extent, and only to the
 
 8 extent, necessary to effectuate this intent, the governor is
 
 9 authorized and empowered to modify the strict provisions of this
 
10 Act, but shall promptly report any modifications with the reasons
 
11 therefore to the legislature at its next session thereafter for
 
12 review by the legislature.  Nothing contained in this chapter
 
13 shall affect the validity or the terms and provisions of any bond
 
14 heretofore issued by the State or the high technology development
 
15 corporation under prior law.
 
16      SECTION 13.  All laws and parts of laws heretofore enacted
 
17 that are in conflict with the provisions of this Act are hereby
 
18 amended to conform herewith.  All Acts passed during the regular
 
19 and, if applicable, special sessions of 2000, whether enacted
 
20 before or after the passage of this Act, shall be amended to
 
21 conform to this Act, unless the acts specifically provide that
 
22 the act relating to the high technology development corporation
 
23 is being amended. Amendments made to sections of Hawaii Revised
 

 
Page 19                                                    2356
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 1 Statutes that are amended by this Act as of a future effective
 
 2 date shall include amendments made after the approval of this Act
 
 3 and before the effective date of the amendments made by this Act,
 
 4 to the extent that the intervening amendments may be harmonized
 
 5 with the amendments made by this Act.
 
 6      SECTION 14.  If any provision of this Act, or the
 
 7 application thereof to any person or circumstances is held
 
 8 invalid, the invalidity does not affect other provisions or
 
 9 applications of the Act which can be given effect without the
 
10 invalid provision or application, and to this end the provisions
 
11 of this Act are severable.
 
12      SECTION 15.  Notwithstanding any provision to the contrary,
 
13 the terms of the members appointed as of the effective date of
 
14 this Act to the boards of the high technology development
 
15 corporation and the Hawaii strategic development corporation
 
16 shall terminate no later than June 30, 2001.
 
17      SECTION 16.  All unexpended balances of appropriations,
 
18 allocations, allotments, special or revolving funds, or other
 
19 funds created and made available for the purposes of the
 
20 functions transferred to the high technology development
 
21 corporation shall be transferred to the Hawaii venture capital
 
22 special fund or Hawaii technology special fund for the purposes
 
23 of this Act.
 

 
Page 20                                                    2356
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 1      SECTION 17.  Statutory material to be repealed is bracketed.
 
 2 New statutory material is underscored.
 
 3      SECTION 18.  This Act shall take effect on July 1, 2000,
 
 4 provided that sections 2, 3, 4, 5, 6, 8, and 15 shall take effect
 
 5 on July 1, 2001.