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Senate delays SB 57, seeks clarifications on $5 million rural development loan fund
Summary
Lawmakers circled (postponed) Senate Bill 57 after sponsor explanations and questions about whether a one-time $5 million set-up appropriation would be replenished automatically; senators sought clarity on whether repayments would grow the fund or whether the balance should be held at $5 million.
Senate Bill 57, a proposal to establish a state fund using sales-and-use-tax revenues to provide loans and grants for business development in disadvantaged rural communities, was debated on the floor Feb. 14 before senators voted to "circle" the bill for further consideration.
Sponsor Senator Knudson explained that the bill is intended to create a $5,000,000 fund that would be maintained at…
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