2007 Senate Bill 467

Allow local tax receipts pledge for certain authority debt

Introduced in the Senate

May 1, 2007

Introduced by Sen. Jason Allen (R-37)

To establish that a local government may choose to back the loans of a historic neighborhood tax increment finance authority with a limited tax pledge, or if it gets a vote of the people, agree to back the authority’s debt with a full faith and credit pledge, which means that the municipality is promising to raise taxes if necessary to repay money borrowed by the authority.

Referred to the Committee on Commerce and Tourism