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IN SB0077
Bill
AI Summary
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Reimburses taxing units in counties where the Department of Local Government Finance ordered a 2006 property reassessment that caused delayed 2007 property tax billing, forcing local governments to borrow money for current operations
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Defines eligible borrowing costs as interest on amounts borrowed plus all other expenses directly resulting from the borrowing, excluding principal repayment
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Requires taxing unit fiscal officers to file written reimbursement claims with the Department of Local Government Finance by June 15, 2010
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Appropriates funds from the state general fund for fiscal year 2009-2010 to pay approved claims, with the auditor of state transferring money to the department for distribution
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Takes effect immediately upon passage and expires July 1, 2010
Legislative Description
State payment of certain local borrowing costs.
Last Action
First reading: referred to Committee on Tax and Fiscal Policy
1/5/2010