2003 House Bill 4324 ↩

House Roll Call 90: Passed

To allow a county to grant or loan funds derived from property taxes levied specifically for economic development purposes and approved by a vote of the people, to a nonprofit corporation organized to subsidize economic development loans. Current law only allows the use of federal, state, or local grants for this purpose, not property tax revenues. The bill requires that grants or loans be awarded according to an official process, in a public county commission meeting, and requires recipients to file annual reports on the extent to which their activities have met the stated public purpose. See also Senate Bills 239 and 240, and House Bill 4300.