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House Bill 1355


House Bill 1355

ARCHIVE (2008)

Latest Information

 

DIGEST OF INTRODUCED BILL


Donations by local units to community foundations. Allows a unit of local government (unit) to donate money in the unit's local major moves construction fund to a charitable nonprofit community foundation. (Current law allows the proceeds from the sale of a utility or facility or from a grant, a gift, a donation, an endowment, a bequest, a trust, or riverboat gaming revenue to be donated.) Allows a donation by a unit to be held by a charitable nonprofit community foundation as either a permanent endowed designated fund or as a nonendowed designated fund. Requires a unit to specify whether a donation shall be held by the charitable nonprofit community foundation as a permanent endowed designated fund or as a nonendowed designated fund. Provides that if a unit specifies that a donation shall be held as a nonendowed designated fund, the unit has access to the donation and income at any time.
Current Status:
 In Committee - first House
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