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)