[§201-111] Definitions. As used in this part:
"Applicant" means a person applying for a grant or venture capital investment from the board under this part.
"Board" means the Hawaii television and film development board.
"Eligible Hawaii project" or "project" means an entertainment project in which at least seventy-five per cent of the budget for the production costs, excluding salaries and costs for the producer, director, writer, screenplay, and actors in the project, is dedicated for the purchase or lease of goods or services from a vendor or supplier who is located and doing business in the State.
"Fund" means the Hawaii television and film development special fund.
"Venture capital investment" means any of the following investments in a project:
(1) Common or preferred stock and equity securities without a repurchase requirement for at least five years;
(2) A right to purchase stock or equity securities;
(3) Any debenture, whether or not convertible or having stock purchase rights, which is subordinated, together with security interests against the assets of the borrower, by their terms to all borrowings of the borrower from other institutional lenders, and that is for a term of not less than three years, and that has no part amortized during the first three years; and
(4) General or limited partnership interests. [L 2000, c 285, pt of §2]
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