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Committee approves $5 million transfer from 21st Century Fund for trade offices and rural development
Summary
HB526 would transfer $5 million in one-time funds from the 21st Century Fund to open overseas trade offices and support rural development grants and strategies; the committee gave the bill a favorable report after sponsors said the fund was established by the tobacco settlement and the transfer would not harm debt service.
The Senate Tax and Finance Committee gave HB526 a favorable report to transfer $5 million in one-time funds from the 21st Century Fund for three overseas Asian trade offices and for rural development strategies and grant assistance.
Representative Brown, sponsor of HB526, explained that the 21st Century Fund was set up using tobacco-settlement proceeds and is typically used for economic development and debt service. Brown told the committee the proposed $5 million transfer would support overseas trade offices in Asia and fund rural economic development projects.
A committee member asked whether the transfer would harm the fund's ability to meet debt-service obligations; Brown said the fund was designed for economic development and that the transfer would not be detrimental to debt-service coverage. No fiscal estimates or program-by-program breakdowns were provided on the committee floor; the sponsor said more detailed allocations would follow in implementing documents.
The committee adopted the bill by voice vote with no objections recorded during the roll call and forwarded HB526 with a favorable report.
