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HB 553 (BR 1649) - R. Palumbo, T. Thompson

     AN ACT relating to economic development and making an appropriation.
     Create a new section of subchapter 20 of KRS Chapter 154 to establish the construction loan guarantee program; apply to commercial building construction projects; allow agency to issue loan guarantees of up to 25% of loan principal; require consideration of impact on economic development, credit-worthiness of borrower, and other factors; require application and approval process and set other standards; allow sales tax on purchases related to the project to be used to fund loan program; sunset program in 2015; create a new section of subchapter 20 of KRS 154 to establish the construction loan guarantee account to fund the loan guarantee program; provide for reporting and disposition of funds; make appropriation; provide definitions.

     Mar 1-introduced in House
     Mar 2-to Economic Development (H)
     Mar 9-posted in committee
     Mar 11-reported favorably, 1st reading, to Calendar
     Mar 12-2nd reading, to Rules
     Mar 15-recommitted to Appropriations & Revenue (H)

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