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IN SB0043
Bill
AI Summary
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Allows the Indiana recycling market development board to make loans or grants from the recycling promotion and assistance fund without governor and budget agency approval if written notice is provided and no written disapproval is received within 60 days.
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Permits the board to make loans and grants up to 10% of the fund balance at the beginning of each fiscal year without approval, provided the same notice and disapproval procedures are followed.
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Loans or grants approved under the 60-day notice procedure are not counted toward the 10% annual limit established under the separate approval pathway.
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Adds a definition of "fiscal year" (July 1 through June 30) to the Indiana Code section governing the recycling board.
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Effective July 1, 2015.
Legislative Description
Availability of funds to recycling board. Provides that the Indiana recycling market development board (board) may make a loan or a grant from the recycling promotion and assistance fund (fund) without the approval of the governor and the budget agency if: (1) the board provides notice in writing to the governor and the budget agency of the board's intention to make the loan or grant; and (2) the governor and the budget agency do not inform the board in writing of their disapproval of the proposed loan or grant within 60 days after being provided notice of the proposed loan
Last Action
First Reading: referred to Committee on Appropriations
1/6/2015