Authorizing a narrow modification to indebtedness limits for select inland port districts to ensure continued eligibility for federal funding for rail, power, and other critical public infrastructure improvements.
Summary
Allows a port district that has established a tax increment financing area and which meets specified requirements to contract additional indebtedness, borrow money, and issue general obligation bonds up to 0.25 percent of the value of the taxable property in the port district without voter approval.
From the House Bill Report (SB 6132), written by the Legislature's nonpartisan staff. Read the full report ↗
AN ACT Relating to authorizing a narrow modification to indebtedness limits for select inland port districts to ensure continued eligibility for federal funding for rail, power, and other critical public infrastructure improvements;