Committee releases charter amendment allowing Laurel to exclude certain project loans from borrowing calculations
The committee released House Bill 336, which amends the town charter of Laurel to exclude forgiven project loans from counted 'borrowed money' for the purpose of the town's borrowing limits; sponsors said the change reflects common practice used by small towns for water and treatment projects.
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The House Administration Committee voted to release House Bill 336, a charter amendment for the town of Laurel that clarifies how certain project loans — structured as loans that will be repaid or forgiven upon completion — are treated for municipal borrowing calculations.
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