Bill > HB314

This bill establishes a new "local economic development fund" within the state treasury, which will be managed by the economic development department. This fund will be used for economic development projects as outlined in the Local Economic Development Act, and will be comprised of state appropriations, investment income, and any other money designated for it. Importantly, any money remaining in the fund at the end of a fiscal year will not be returned to the general treasury, ensuring its continued availability for economic development initiatives. The bill also specifies that funds will be disbursed upon warrants signed by the secretary of finance and administration, based on vouchers approved by the secretary of economic development or their designated representative, and the provisions of this act will take effect on July 1, 2015.