Senate Bill No. 901 Summary

• Beginning August 28, 2012, municipalities approving revenue bond issuance by governing body vote alone (without voter approval) must secure bond insurance on the bond issue.

• Beginning August 28, 2012, governing bodies of counties and municipalities are prohibited from authorizing the formation of new industrial development corporations.

• Beginning August 28, 2012, industrial development corporations are prohibited from issuing revenue bonds.

• Before August 28, 2012, municipalities may issue revenue bonds paid solely from project revenue and not as a general obligation of the municipality.

• Industrial development corporations retain authority to promote and solicit economic development projects, acquire property, lease projects, and sell or convey property before the August 28, 2012 effective date.