Kentucky House Bill 407 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 2-0)
Status: Engrossed on February 18 2011 - 50% progression, died in committee
Action: 2011-02-23 - to Appropriations & Revenue (S)
Pending: Senate Appropriations and Revenue Committee
Text: Latest bill text (Draft #2) [MS Word]

Create new sections of KRS 154.20 to create definitions and 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 2016; create a new section of KRS 154.20 to establish the construction loan guarantee account to fund the loan guarantee program; provide for reporting and disposition of funds.

AN ACT relating to economic development.

Rep. Ruth Palumbo [D]

Rep. Thomas Thompson [D]

Date	Chamber	Action
2011-02-23		to Appropriations & Revenue (S)
2011-02-18		received in Senate
2011-02-18		3rd reading, passed 77-18 with floor amendment (1)
2011-02-17		floor amendment (1) filed
2011-02-17		placed in the Orders of the Day for Friday, February 18, 2011
2011-02-17		taken from Rules (H)
2011-02-16		2nd reading, to Rules
2011-02-15		reported favorably, 1st reading, to Consent Calendar
2011-02-10		posting waived
2011-02-10		to Economic Development (H)
2011-02-09		introduced in House

Type	Source
Summary	http://www.lrc.ky.gov/record/11RS/HB407.htm
Text	http://www.lrc.ky.gov/record/11RS/HB407/bill.doc