§219-1 Findings and purpose. The legislature finds that: (1) Aquaculture is a potentially viable industry for the State. (2) Conventional financial institutions traditionally do not provide loans in the initiating stages for the establishment of new industries. (3) No present state agency or program has the authority to financially assist an enterprise engaged in aquaculture. […]
§219-2 Definitions. As used in this chapter: “Aquaculture” means the propagation, cultivation, or farming of aquatic plants and animals in controlled or selected environments for commercial purposes or authorized stock enhancement purposes. “Aquaculture sustainable projects” means projects that improve the operation’s viability but are not directly tied to aquaculture production. Projects may include but are […]
§219-3 Hawaii aquaculture loan program. There is established the Hawaii aquaculture loan program to be administered by the board of agriculture. [L 1971, c 181, pt of §1; ree L 1977, c 212, pt of §2]
§219-4 Funds; application of payments. (a) There is established a special fund to be known as the aquaculture loan revolving fund from which moneys shall be loaned by the department of agriculture under this chapter. The department, by its board of agriculture, may transfer moneys from the aquaculture loan revolving fund to the agricultural loan […]
§219-5 Powers; rules. (a) The department shall have the necessary powers to carry out the purposes of this chapter, including the following: (1) Prescribe the qualifications for eligibility of applicants for loans; (2) Establish preferences and priorities in determining eligibility for loans and loan repayment requirements; (3) Establish the conditions, consistent with the purpose of […]
§219-6 Loan; limitation and terms. Loans made under this chapter shall be for the purposes and in accordance with the terms specified in classes “A”, “B”, “C”, “D”, and “H” in paragraphs (1), (2), (3), (4), and (5) following and shall be made only to applicants who meet the eligibility requirements specified therein: (1) Class […]
§219-7 Loans insured by the department. (1) The department of agriculture may insure up to ninety per cent of the principal balance of a loan, plus interest due thereon, made to a qualified aquaculturist by a private lender who is unable otherwise to lend the applicant sufficient funds at reasonable rates; (2) Loans insured under […]
§219-8 Participation in loans by the department. (1) The department of agriculture may provide funds for a share, not to exceed ninety per cent, of the principal amount of a loan made to a qualified aquaculturist by a private lender who is unable otherwise to lend the applicant sufficient funds at reasonable rates where the […]
§219-9 Direct loans. (a) The department of agriculture may make loans directly to qualified aquaculturists who are unable to obtain sufficient funds at reasonable rates from private lenders either independently or under section 219-7 or 219-8. Loans made under this section shall be authorized only if loans cannot be obtained from the relevant farm credit […]
