Citations Affected: IC 4-4.
Synopsis: Economic development. Provides that appropriations to the
department of commerce for local economic development organization
grants do not expire or revert to the state general fund at the end of a
state fiscal year. Allows grants to be used by local economic
development organizations for operations related to the provision or
rehabilitation of low income housing. Provides that not more than 25%
of the total grants amounts awarded may be used for the provision or
rehabilitation of low income housing.
Effective: July 1, 2001.
January 11, 2001, read first time and referred to Committee on Energy and Economic
Development.
February 19, 2001, reported favorably _ Do Pass.
February 22, 2001, read second time, ordered engrossed.
February 23, 2001, engrossed.
February 26, 2001, read third time, passed. Yeas 50, nays 0.
A BILL FOR AN ACT to amend the Indiana Code concerning
economic development.
SECTION 1.
IC 4-4-24-5.5
IS ADDED TO THE INDIANA CODE
AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
1, 2001] Sec. 5.5. An appropriation to the program does not expire
or revert to the state general fund at the end of a state fiscal year.
SECTION 2.
IC 4-4-24-6
IS AMENDED TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2001]: Sec. 6. (a) The department may provide
a grant under the program to an organization to assist in the operation
of the organization, including any operations related to the provision
of low income housing or the rehabilitation of low income housing.
Not more than twenty-five percent (25%) of the grants amounts
awarded under this chapter may be awarded for the provision or
rehabilitation of low income housing. The grant may be used by the
organization only to pay for the following expenses:
(1) Employee salaries.
(2) Office and other facilities.
(3) Professional services provided under contract to the
organization.