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IN SB0065
Bill
AI Summary
Senate Bill No. 65 Summary
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Authorizes 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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Allows the board to make loans and grants up to 10% of the fund balance on the first day of each fiscal year without approval, provided the 60-day notice procedure is followed.
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Adds "fiscal year" definition to Indiana Code 4-23-5.5-1, establishing it as July 1 through June 30 of the succeeding calendar year.
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Loans or grants made under the 60-day notice procedure are excluded from the 10% annual spending limit, allowing additional flexibility for noticed transactions.
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Effective date: July 1, 2017.
Legislative Description
Availability of funds to recycling board. Authorizes the Indiana recycling market development board (board) to 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 or
Last Action
First reading: referred to Committee on Environmental Affairs
1/3/2017