10RS HB553

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Includes opposite chamber sponsors where requested by primary sponsors of substantially similar bills in both chambers and jointly approved by the Committee on Committees of both chambers. Opposite chamber sponsors are represented in italics.

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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