Introduced House Bill (H)

Authored by

DIGEST

County asset sale fund. Authorizes a county that sells a county asset for more than $50,000,000 to establish a major county asset sale fund as a trust fund for the deposit of the proceeds of the sale. Provides that the principal of the fund may not be diminished. Specifies that interest earned on the fund may be used to supplement the county general fund or for projects proposed by the county executive and approved by a majority vote of the combined membership of the county fiscal body and county executive. County asset sale fund. Authorizes a county that sells a county asset for more than $50,000,000 to establish a major county asset sale fund as a trust fund for the deposit of the proceeds of the sale. Provides that the principal of the fund may not be diminished. Specifies that interest earned on the fund may be used to supplement the county general fund or for projects proposed by the county executive and approved by a majority vote of the combined membership of the county fiscal body and county executive.