IN HB1317

Permits money in a city or town's cumulative capital improvement fund to be used for any governmental purpose for which money is appropriated by the fiscal body, in addition to the previously limited uses.

Allows municipalities to reclassify loans as permanent transfers between funds through ordinance following a public hearing, with restrictions on transfers of revenues from special taxing districts, bond-backed taxes, cumulative funds, and utility operations.

Expands cumulative capital improvement fund purposes to include the existing specific uses (land, buildings, technology, computer services, and general obligation bond retirement) plus any other governmental purpose appropriated by the fiscal body.

Prohibits permanent transfers of revenues derived from special taxing districts, debt service taxes, cumulative fund taxes (except as specified), and utility operations.

Takes effect upon passage.