Bill > SB160

This bill appropriates fifty million dollars ($50,000,000) from the state's general fund to the economic development department, which is the state agency responsible for fostering business growth and job creation. This funding is designated for projects that align with the Local Economic Development Act, a law that provides a framework for local governments to support economic development initiatives within their communities. The appropriation is for use in fiscal year 2016 and any years following, and importantly, any money not spent or committed by the end of a fiscal year will not be returned to the general fund, allowing it to be carried over for future use.