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IN HB1266

Bill

Official Source

Status

Introduced

1/13/2015

Primary Sponsor

Milo Smith

Click for details

Origin

House of Representatives

2015 Regular Session

AI Summary

HB 1266 Summary

  • Changes interest rate on drainage board assessments first certified after June 30, 2015, from a fixed 10% per year to the prime rate plus one percentage point
  • Prime rate is determined by the Wall Street Journal rate for the last business day of the calendar quarter preceding assessment certification
  • Applies to deferred payments on construction, reconstruction, and periodic maintenance assessments beyond one year from certification
  • Assessments financed through bond issues under section 94 remain exempt from interest charges
  • Effective July 1, 2015

Legislative Description

Drainage board assessments. Specifies that for periodic payments of drainage assessments first certified after June 30, 2015, the interest rate is equal to the prime rate plus one percentage point (rather than 10%, under current law).

Last Action

First Reading: referred to Committee on Local Government

1/13/2015

Committee Referrals

Local Government1/13/2015

Full Bill Text

No bill text available