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Senate Bill 0121


 

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Senate Bill 0121

ARCHIVE (2008)

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DIGEST OF SB121 (Updated January 29, 2008 4:50 pm - DI 84)

Donations by local units to community foundations. Allows a unit of local government (unit) to donate money in the unit's local major moves construction fund to a charitable nonprofit community foundation. (Current law allows the proceeds from the sale of a utility or facility or from a grant, a gift, a donation, an endowment, a bequest, a trust, or riverboat gaming revenue to be donated.) Allows a donation by a unit to be held by a charitable nonprofit community foundation as either a permanent endowed designated fund or as a nonendowed designated fund. Requires a unit to specify whether a donation shall be held by the charitable nonprofit community foundation as a permanent endowed designated fund or as a nonendowed designated fund. Provides that if a unit specifies a donation shall be held as a nonendowed designated fund, the unit has access to the donation and income at any time. Requires that the income that accrues from the investment of money from the next generation trust fund (fund) be deposited in the fund and be transferred to the major moves construction fund at certain times. (Current law requires interest that accrues from the money be deposited in the fund and be transferred to the major moves construction fund at certain times.)
    Current Status:
     In Committee - 2nd House
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