92nd General Assembly
Summary of HB4326
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House Sponsors:

Short description: 
TREASURER-ROAD GRADER LOANS                                                

Synopsis of Bill as introduced:
        Amends the State Treasurer Act. Provides that the Treasurer shall      
   administer a road grader revolving loan program to  provide  loans  to      
   units  local  government  for  the  purchase  of road graders that are      
   manufactured in the  United  States  of  America.  Provides  that  the      
   Treasurer  shall  determine eligibility for the loans based on need as      
   determined by the Treasurer, and  that  the  loan  funds,  subject  to      
   appropriation,  shall  be  paid  out of the Road Grader Revolving Loan      
   Fund, a special fund in the State  treasury.  Provides  that  (i)  the      
   aggregate  outstanding  principal  amount  of loans to any one unit of      
   local government for the purchase  of  road  graders  may  not  exceed      
   $350,000;  (ii)  the  repayment  period for the loan may not exceed 15      
   years; and (iii) the unit of local government must repay each year  at      
   least  5% of the principal amount borrowed or the remaining balance of      
   the loan, whichever is less. Provides that the the loan interest is 3%      
   annually. Provides that the Treasurer must adopt rules  to  administer      
   the program. Amends the State Finance Act to create the Fund.               
          FISCAL NOTE (State Treasurer)                                        
          HB 4326 will have a financial impact on the State. The               
          start-up costs of this program would depend on the number of         
          local governments to be loaned money in the first year. With         
          10 local governments, the cost for the loans would be a              
          one-time start-up increase of $1,000,000 to $3,500,000. This         
          money would be repaid over 15 years and could be used to make        
          other loans which would not increase any future years'               
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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