Bill > SB91

This bill allows counties and municipalities to withdraw from a "multijurisdiction authority," which is defined as an entity created by the Legislature to address economic development in more than one county or municipality, with a governing body appointed by multiple local governments, including those bordering other states to the north and west. If such an authority has no outstanding debt, a county or municipality can unilaterally withdraw by passing a resolution. After withdrawing, the county or municipality can establish its own local entity to perform similar economic development functions, with the power to borrow money and issue bonds. They can also decide how to use or distribute any tax money previously collected within their territory and given to the multijurisdiction authority. Furthermore, the multijurisdiction authority must return a proportional share of its unencumbered funds to the withdrawing entity, based on the percentage of funding that originated from that withdrawing county or municipality. The multijurisdiction authority itself will also gain the power to borrow money and issue revenue bonds after a withdrawal.