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January 26, 2000
Mr. Speaker:
The Business, Labor, and Economic Development Committee reports a favorable recommendation on H.B. 227, COMMUNITY AND ECONOMIC DEVELOPMENT AMENDMENTS, by Representative W. Harper, with the following amendments:
1. Page 1, Line 8: After "AMENDING" delete "THE" and after "ALLOCATION" insert "PROVISIONS"
2. Page 1, Line 21: After line 21 insert:
" 9-4-505, as last amended by Chapter 24, Laws of Utah 1999"
3. Page 5, Line 140: After line 140 insert:
"Section 6. Section 9-4-505 is amended to read:
9-4-505 . Allocation of volume cap.
(1) (a) Subject to Subsection (1)(b), the volume cap for each year shall be distributed by the board of review to the various allotment accounts as set forth in Section 9-4-506 .
(b) The board of review may distribute up to 50% of each increase in the volume cap that occurs after the effective date of this Subsection (1)(b) for use in development that occurs in quality growth areas, depending upon the board's analysis of the relative need for additional volume cap between development in quality growth areas and the allotment accounts under Section 9-4-506 .
(2) To obtain an allocation of the volume cap, issuing authorities shall submit to the board of review an application containing information required by the procedures and processes of the board of review.
(3) The board of review shall establish criteria for
making allocations of volume cap that are consistent with
the purposes of the code and this part. In making an
allocation of volume cap the board of review shall
consider the following:
(a)
the principal amount of the bonds proposed to be
issued;
(b)
the nature and the location of the project or the type
of program;
(c)
the likelihood that the bonds will be sold and the
timeframe of bond issuance;
(d)
whether the project or program could obtain adequate
financing without an allocation of volume cap;
(e)
the degree to which an allocation of volume cap is
required for the project or program to proceed or
continue;
(f)
the social, health, economic, and educational effects
of the project or program on the local community and
state as a whole;
(g)
the anticipated economic development created or retained within the local community and the state as a
whole;
[
(g)
]
(h)
the anticipated number of jobs, both temporary and permanent, created or retained within the local
community and the state as a whole;
[
(h)
]
(i)
if the project is a residential rental project, the degree to which the residential rental project targets
lower income populations; and
[
(i)
]
(j)
whether the project meets the principles of quality growth recommended by the Quality Growth
Commission created under Section
11-38-201
.
(4)
The board of review shall evidence an allocation of
volume cap by issuing a certificate in accordance with
Section
9-4-507
.
(5)
(a)
From January 1 to June 30, the board shall
allocate at least 50% of the Small Issue Bond Account to
manufacturing projects.
(b)
From July 1 to September 30, the board shall allocate at least 50% of the Pool Account to manufacturing
projects.
"
4. Page 6, Line 164: Reinstate "42%" and delete "40%"
5. Page 6, Line 165: Reinstate "33%" and delete "31%"
6. Page 6, Line 167: Reinstate "24%" and delete "28%"
Renumber remaining sections accordingly.
Respectfully,
John William 'Bill' Hickman
Committee Chair
Voting: 11-0-3
3 HB0227.HC1 1/26/00 9:54 AM mcperry/MCP PO/MCP
Bill Number
*HB0227*
HB0227