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IN HB1118
Bill
Status
1/5/2017
Primary Sponsor
Doug Miller
Click for details
AI Summary
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Requires city redevelopment commissions to obtain prior approval from the city legislative body for all expenditures not approved for advance payment under section 8 of the chapter.
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Exempts county and town redevelopment commissions from the universal approval requirement, instead requiring approval only for obligations exceeding three (3) years in term or $5,000,000 in cost for property acquisitions.
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Mandates that city fiscal bodies approve disbursements of redevelopment commission funds, though may authorize certain routine disbursements by ordinance before approval at the next regular meeting.
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Requires that approving ordinances or resolutions include the maximum obligation amount, maximum interest rate, redemption provisions, and maximum term of any obligation.
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Effective July 1, 2017.
Legislative Description
Oversight of redevelopment commission spending. Requires a city council to approve all expenditures of a city redevelopment commission.
Last Action
First reading: referred to Committee on Government and Regulatory Reform
1/5/2017