|HB 0413||Granting Public Money-Lending of Public Credit by Gen. Asmb.|
|Sponsor:||TATE||Handling House Bill:|
|Last Action:||03/07/95 - Reported Do Pass H Commerce Committee|
HB0413 Tate, Phil Rizzo, Henry C
P R E F I L E D
HB 413 -- Public Moneys for Private Purposes
Co-Sponsors: Tate and Rizzo
This bill allows the General Assembly to enact laws authorizing the granting or lending of public money to private persons, associations or businesses, but only if economic development, community development, capital investment, and private sector job creation and retention result.
The total of public money so granted or lended in a given year may not exceed, in a cumulative principal amount, 3% of the net general revenues for the preceding fiscal year. "Cumulative principal amount" is defined as all outstanding public money expenditures or loans less the refinancing of prior grants or lending of public money. "Net general revenues" is defined as gross general revenue collections less refunds.
The provisions of this bill become effective only if a constitutional amendment submitted by a joint resolution of the General Assembly is adopted by the voters on or before November 5, 1996.