Actions:  STBTC/SJC-STBTC
Scheduled: Not Scheduled
Senate Bill 303 (SB 303) makes the following changes to the Public Improvement District Act and Tax Increment for Development Act: permits a district board authority to impose a property tax; creates an administrative committee; prohibits the imposition of a higher rate of property tax if approved by the voters; and exempts contracts from the procurement code. SB 303 provides that debt obligations of the districts are not debts of the local government and are to be audited separately.Legislation Overview:
Senate Bill 303 (SB 303) makes several changes to the Public Improvement District (PID) Act and the Tax Increment for Development District (TIDD) Act. District boards who may delegate to an administrative committee will be permitted to issue bonds and impose or change property taxes supporting PID and TIDD bonds provided the property owners approve by election. Local government may appoint an administrative committee (five-year terms) to manage the day-to-day business and oversight of districts. The committee does not have the authority to issue bonds or impose a property tax. Administrative committees or the districts’ governing boards are comprised of five members. Two of the members are nominated by the project developers and are not government employees. SB 303 exempts contracts under PID and TIDD to the state procurement code. Debt obligations of the districts are not debts of the local government and may contract for their own audits, annual or special, apart from the local government. There is no effective date for SB 303. If passed and signed into law, the assumed effective date is 90 days after the end of the session, June 16.Relates To:
SB 303 duplicates HB 310.