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Senate Bill 0452

Senate Bill 0452

ARCHIVE (2005)

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DIGEST OF SB 452 (Updated April 29, 2005 2:01 pm - DI 84)

Self-liquidating projects at port commission bonds; bonds for research funding. Expands the definition of self-liquidating project for purposes of the port commission statute to include projects: (1) for which payments under leases from sources other than rentals are available for debt service and maintenance expenses; or (2) that are structured in such a manner that there is no recourse against the state or the port commission. (Under current law, self-liquidating projects are exempt from certain provisions concerning interest rates on bonds, bond sale procedures, and contracting procedures.) Specifies that revenue bonds issued by the port commission are not a debt of the commission and are payable solely from funds pledged for their payment. Makes conforming changes. Indicates that money from the twenty-first century research and technology fund may be used to provide grants and loans for research and technology transfer facilities. Authorizes the development finance authority to issue $1,000,000,000 in bonds to provide funding for the twenty-first century research and technology fund.
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