NOTE: As provided in LFC policy, this report is intended for use by the standing finance committees of the legislature. The Legislative Finance Committee does not assume responsibility for the accuracy of the information in this report when used in any other situation.
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| SPONSOR: | Smith | DATE TYPED: | 03-10-99 | HB | |||
| SHORT TITLE: | Industrial Revenue Bond Act Definition | SB | 552a/SFC | ||||
| ANALYST: | Taylor | ||||||
| Subsequent
Years Impact |
Recurring
or Non-Rec |
Fund
Affected | ||
| FY99 | FY2000 | |||
| $ 0.0 | $ 0.0 | $ 0.0 | Recurring | Local Government |
(Parenthesis ( ) Indicate Revenue Decreases)
Duplicates/Conflicts with/Companion to/Relates to
SOURCES OF INFORMATION
Public Regulation Commission
SUMMARY
Synopsis of SFC Amendment
The SFC amendment adds businesses that supply services to an event or convention center to the definition of an IRB project.
The SFC amendment does not change the fiscal implications of the bill.
Synopsis of Bill
Senate Bill 552 proposes an amendment to the Industrial Revenue Bond Act. The amendment would add a definition for projects that can be financed by IRB's to include "any facility for the generation of electricity that is not regulated by the public regulation commission." It also strikes the language excluding facilities designed for the "distribution to the public of electricity, gas, water or telephone or other services commonly classified as public utilities," and replaces it with language that would exclude "facilities regulated by the public regulation commission.
FISCAL IMPLICATIONS
There is no fiscal impact to the state associated with the bill. Industrial Revenue Bonds are not considered a debt for the governmental entity issuing the bonds (usually a county or municipality), but because they potentially result in the loss of property tax revenue and expanded demand for government services, they usually carry a local fiscal impact.
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