2009 House Bill 5554: Exempt municipal debt from certain restrictions through 2012

Legislation watch

Introduced by Rep. Barb Byrum (D) on October 27, 2009, to revise the law governing the debt and borrowing of local development tax increment finance authorities so as to include certain of their borrowings in the provisions proposed by House Bill 5550, which would allow municipalities to stretch out further into the future the repayment period on certain loans, despite a 2002 law prohibiting this when it has the effect of increasing the overall amount that must be repaid (in net "present value" terms).
- Referred to the House Banking and Financial Services Committee on October 27, 2009.
  - Reported in the House on January 21, 2010, with the recommendation that the substitute (H-1) be adopted and that the bill then pass.
- Amendment offered by Rep. Jeff Mayes (D) on March 16, 2010, to clarify details regarding the application of the proposed provisions to debt for which school tax revenue can be "captured" and used to repay. The amendment passed by voice vote in the House on March 16, 2010.
Passed 99 to 8 in the House on March 16, 2010.
Who Voted "Yes" and Who Voted "No"
Received in the Senate on March 17, 2010.
- Referred to the Senate Finance Committee on March 17, 2010.