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IN HB1594
Bill
Status
4/12/2019
Primary Sponsor
Todd Huston
Click for details
AI Summary
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Extensions or amendments to public-private agreements involving toll roads, highways, roads, or bridges must be submitted to the state budget committee for review if they substantially change the agreement's scope, alter revenue uses, or generate at least $1,000,000 in new positive revenue
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The Indiana Finance Authority and state agencies are prohibited from entering into such extensions or amendments until the budget committee completes its review, though the committee chairman may waive this requirement
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Lump sum payments or series of payments exceeding $1,000,000 received from public-private agreement extensions or amendments must be deposited into a special payment reserve fund administered by the Indiana Finance Authority
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Reserve fund money cannot be used until May 1 of the calendar year following receipt; funds must be invested in fiduciary accounts with financial institution trustees and do not revert to other funds at fiscal year end
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Applies to public-private agreements entered into, proposed, or amended after May 1, 2019, and requires future agreements to include a statement acknowledging compliance with budget committee review requirements
Legislative Description
Indiana finance authority matters. Provides that any proposed extension or amendment to certain public-private agreements that: (1) makes a substantial change to: (A) the scope of the public-private agreement; or (B) the uses of the revenue generated under the public-private agreement; or (2) results in a positive, new revenue impact of at least $1,000,000 under the public-private agreement being amended or extended shall be submitted to the state budget committee for review. Prohibits any extension or amendment to such a public-private agreement until after the state budget committee has reviewed the proposed extension or amendment. Allows the chairman of the state budget committee to waive these requirements. Specifies that any lump sum amounts or series of amounts totaling more than $1,000,000 received under such a public-private agreement must be held in reserve until May 1 of the calendar year following the calendar year in which the lump sum payment was received.
Last Action
House advisors appointed: Brown T, Cherry and Porter
4/16/2019