SB 394 (BR 2551) - D. Williams
AN ACT relating to economic development.
Amend KRS 154.22-100 to eliminate the provision that a financing agreement in effect prior to July 15, 1996, at a 6% rate can not be reduced to 4%, unless it was done by June 30, 1997.
SB 394 - AMENDMENTS
HFA (1, P. Worthington) - Retain original provisions; amend KRS 152.22-040 to expand KREDA benefits to counties in which the income from the sale of tobacco produced in that county is greater than 5% of the total personal income for the calendar year 1997, with eligibility terminating 5 years from the date the county was made eligible.
HFA (2, P. Worthington) - Create a new section of KRS 154 to establish the tobacco warehouse economic revitalization project and make counties participating in project eligible for benefits under KRS 42.455, 4.4588, 45.350 to 45.539, 103.200 to 103.285, 154.12-050 to 154.12-100, 154.22-010 to 154.22-080, and any other programs administered by the Kentucky Economic Development Finance Authority under KRS 154; create a new section of subchapter 20 of KRS 154 to allow tobacco warehouse owners to sell the warehouse and property to the county or city and reinvest the capital in new economic development projects; amend KRS 42.455 to allow grants from the Local Government Economic Assistance Program for promotion of the tobacco warehouse economic revitalization project; amend KRS 42.4588 to allow grants from the Local Government Economic Development Program for promotion of the tobacco warehouse economic revitalization project; amend KRS 45.3535 to set aside 10% of the CDBG program to fund tobacco warehouse economic revitalization project; amend KRS 154.12-100 to allow promotion of the tobacco warehouse economic revitalization project in the economic development bond program; amend KRS 154.20-170 to include business enterprises benefiting from a tobacco warehouse economic revitalization project as a priority for the programs administered by KEDFA; amend KRS 154.22-040 to include counties with income from the sale of tobacco produced in that county that constitutes greater than 5% of the total personal income in that county for the calendar year 1997 to be eligible for KREDA benefits under KRS 154.22-010 to 154.22-070 and that a company shall be eligible for incentives offered under KREDA if the company sells a warehouse to the county or city and reinvest that capital in new economic development projects; amend KRS 154.22-050 to conform.
Mar 3-introduced in Senate
Mar 6-to Economic Development, Tourism & Labor (S)
Mar 10-reported favorably, 1st reading, to Calendar
Mar 13-2nd reading, to Rules
Mar 15-posted for passage in the Regular Orders of the Day for Thursday, March 16, 2000
Mar 16-3rd reading, passed 35-0
Mar 17-received in House
Mar 20-to Economic Development (H)
Mar 21-posted in committee
Mar 23-reported favorably, 1st reading, to Calendar
Mar 24-2nd reading, to Rules
Mar 27-floor amendments (1) and (2) filed
Apr 14-posted for passage; placed in the Orders of the Day; 3rd reading, passed 94-0; received in Senate; enrolled, signed by each presiding officer, delivered to Governor
Apr 26-signed by Governor (Acts ch. 539)