2003 House Bill 4324

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• Introduced by Rep. Alexander Lipsey on March 11, 2003, to allow a county to grant or loan funds not derived from property taxes to a nonprofit corporation organized to subsidize economic development loans.
  • Referred to the House Local Government and Urban Policy Committee on March 11, 2003.
    • Reported in the House on April 9, 2003, with the recommendation that the substitute (H-1) be adopted and that the bill then pass.
    • Substitute offered in the House on May 1, 2003, to replace the previous version of the bill with one which allows the source of the funds used for the grants or loans to be property taxes levied specifically for economic development purposes. It also requires that grants or loans be awarded according to an official process, in a public county commission meeting, and requires recipients to file annual reports on the extent to which their activities have met the stated public purpose. The substitute passed in the House by voice vote on May 1, 2003.
    • Amendment offered by Rep. RuthAnn Jamnick on May 1, 2003, to clarify that if the source of the funds used for the grants or loans is property taxes levied specifically for economic development purposes, the tax must have been approved by a vote of the people. Property taxes explicitly levied for economic development purposes are an exception to a prohibition in this statute on using ad valorem taxes for these loans or grants. The amendment passed in the House by voice vote on May 1, 2003.
• Passed in the House (95 to 10) on May 1, 2003, to allow a county to grant or loan funds derived from property taxes levied specifically for economic development purposes and approved by a vote of the people, to a nonprofit corporation organized to subsidize economic development loans. Current law only allows the use of federal, state, or local grants for this purpose, not property tax revenues. The bill requires that grants or loans be awarded according to an official process, in a public county commission meeting, and requires recipients to file annual reports on the extent to which their activities have met the stated public purpose. See also Senate Bills 239 and 240, and House Bill 4300. [Vote Details and Comments]
• Received in the Senate on May 6, 2003.
  • Referred to the Senate Local, Urban, & State Affairs Committee on May 6, 2003.

Comments

Introduced by Rep. Alexander Lipsey on March 11, 2003. Passed in the House (95 to 10) on May 1, 2003. New Comment