SB 901 – Modifies the requirements for a county, city, town, or village to issue revenue bonds and the ability of industrial development corporations to issue bonds

• Sponsor: Lembke
• LR Number: 6073S.01I
• Committee: Jobs, Economic Development and Local Government
• Last Action: 3/8/2012 - Second Read and Referred S Jobs, Economic Development and Local Government Committee
• Journal Page: S434
• Effective Date: August 28, 2012

Current Bill Summary

SB 901 - This act requires a county, city, town, or village that issues revenue bonds for industrial development without approval of the voters to secure bond insurance for the bond issue.

This act also prohibits a county, city, town, or village from authorizing the formation of an industrial development corporation beginning on August 28, 2012. Industrial development corporations already formed are not authorized to issue revenue bonds beginning on August 28, 2012.

EMILY KALMER