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H.B. 972
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VETOES
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(iii) for the previous 3 fiscal years, the status of job creation, capital
investment, and other measures of economic development for each economic
development project approved by the Legislative Policy Committee under this section.
(2) If the job creation, capital investment, and other measures of
economic development described in paragraph (1) of this subsection are lower than
negotiated according to subsection (h)(1) of this section, the report shall contain an
explanation.
(3) Upon receipt of the report, the Legislative Policy Committee shall
have 60 days to review and comment on the report, during which time the
Department of Business and Economic Development shall provide any additional
information regarding this Fund as requested by the Legislative Policy Committee.
(h) (1) Except as provided in PARAGRAPH (2) OF THIS SUBSECTION AND IN
subsection (i) of this section, any funds transferred from the Economic Development
Opportunities Program Fund shall be used only for extraordinary economic
development opportunities that:
[(1)] (I) meet the criteria provided in this section;
[(2)] (II) include performance requirements; and
[(3)] (III) in addition to the performance requirements under [paragraph
(2)] ITEM (II) of this subsection, include a performance requirement that utilizes a
claw-back provision.
(2) THE FUND MAY PAY AN EXECUTIVE AGENCY FOR ADMINISTRATIVE,
LEGAL, OR ACTUARIAL EXPENSES INCURRED BY THE AGENCY IN CONNECTION WITH
TRANSACTIONS FUNDED BY TRANSFERS OF MONEYS TO THE AGENCY FROM THE
FUND.
(i) The Legislative Policy Committee may approve an economic development
opportunity that is not an extraordinary economic development opportunity if the
executive agency requesting the transfer of funds offers a detailed justification for the
exception. THE LEGISLATIVE POLICY COMMITTEE SHALL GIVE PARTICULAR
CONSIDERATION TO AN EXCEPTION THAT WOULD PROVIDE A SIGNIFICANT
ECONOMIC DEVELOPMENT OPPORTUNITY FOR AN AREA OF THE STATE THAT HAS A
RELATIVELY HIGH UNEMPLOYMENT RATE OR RELATIVELY LOW PER CAPITA
INCOME.
(j) (1) The Department of Business and Economic Development shall
submit to the Legislative Policy Committee by [July] JANUARY 1 of each year a list of
guidelines for the kinds of performance requirements that may be negotiated with a
loan or grant applicant.
(2) The Department of Business and Economic Development may modify
these guidelines as needed, upon approval of the Legislative Policy Committee.
(3) An executive agency may depart from these guidelines as needed,
upon approval of the Legislative Policy Committee.
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- 4698 -
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