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House Bill 1530

House Bill 1530

ARCHIVE (2009)

Latest Information

DIGEST OF HB1530 (Updated February 25, 2009 5:42 pm - DI 84)

Funding of local government projects. Amends the provisions authorizing political subdivisions to borrow the money necessary to finance a public work project from a financial institution to allow political subdivisions to also borrow to finance an eligible efficiency project that costs not more than $3,000,000. Defines "eligible efficiency project" as a project that is necessary or useful to: (1) carrying out an interlocal cooperation agreement entered into by two or more political subdivisions or governmental entities; or (2) the consolidation of local government services. Authorizes a municipality to borrow money from a municipally owned utility to carry out an eligible efficiency project within the municipality. Provides that property tax proceeds allocated under tax increment financing (TIF) may be used to carry out an eligible efficiency project only if those property tax proceeds are in excess of the amount necessary to make certain other payments (including payments of principal and interest on bonds and other obligations, payments of premiums on the redemption before maturity of bonds, and payments on leases).
Current Status:
In Committee - 2nd House
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