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House Bill 1124

House Bill 1124

ARCHIVE (2006)

Latest Information

DIGEST OF HB1124 (Updated March 6, 2006 5:02 pm - DI 84)

Rainy day fund loans to political subdivisions. Authorizes a loan from the state rainy day fund to a taxing unit whose property tax revenue collections are affected by the bankruptcy of a taxpayer that manufactures microelectronics as part of its business. Requires the state board of finance to determine the terms of the loan subject to certain restrictions. Specifies the permitted use of the loan proceeds and the manner of repayment of the loan. Limits the total amount of the loans to $13,000,000.
Current Status:
Law Enacted
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