FORTY-NINTH LEGISLATURE

FIRST SESSION, 2009

March 19, 2009

Mr. Speaker:

    Your BUSINESS AND INDUSTRY COMMITTEE, to whom has been referred

SENATE BILL 467, as amended

has had it under consideration and reports same with recommendation that it DO PASS, amended as follows:

    1. On page 3, line 13, strike "unlimited" and insert in lieu thereof "fifty years".

     2. On page 3, between lines 14 and 15, insert:

     "Section 4. CERTAIN CAPITAL PROJECTS PROHIBITED.--

          A. The legislature shall not approve or authorize

any capital outlay projects within a Winrock/Quorum Town Center redevelopment tax increment district during the period that any bonds issued pursuant to Section 1 of this act are outstanding for that specific district, except for those buildings or facilities that are owned by the state or one of its agencies, institutions or political subdivisions and that are:

                (1) public school buildings or facilities;

                (2) higher education buildings or

facilities;

                (3) cultural buildings or facilities;

                (4) buildings or facilities, exclusive of roads, used for public safety; or

                (5) buildings used for other public

purposes.

          B. Nothing in this section prohibits the legislature from authorizing expenditures, pursuant to law, for economic development projects within a specific Winrock/Quorum Town Center redevelopment tax increment district for which any tax increment development bonds are outstanding.".

     3. Renumber the succeeding section accordingly.,

and thence referred to the TAXATION AND REVENUE COMMITTEE.