TO CREATE THE INDUSTRIAL DEVELOPMENT AUTHORITIES EXPANSION ACT; AND TO PROVIDE FOR THE CREATION OF INDUSTRIAL DEVELOPMENT AUTHORITIES TO SECURE AND DEVELOP INDUSTRY AND FOSTER ECONOMIC DEVELOPMENT.

Fiscal Impact Statement Bill: SB361 Bill Subtitle: TO CREATE THE INDUSTRIAL DEVELOPMENT AUTHORITIES EXPANSION ACT; AND TO PROVIDE FOR THE CREATION OF INDUSTRIAL DEVELOPMENT AUTHORITIES TO SECURE AND DEVELOP INDUSTRY AND FOSTER ECONOMIC DEVELOPMENT. --------------------------------------------------------------------------------------------------------------------------------------- Sponsors: Sen. Dees and Rep. Beaty Basic Change: SB361 creates the "Industrial Development Authorities Expansion Act" to encourage the creation and expansion of economic development facilities by cities and counties. The bill allows local governments to organize and establish an industrial development authority (authority) to secure and develop industry in the area served by the authority. The authority is created as a separate legal entity with a separate Board of Directors. The authority is authorized to issue bonds and use the bond proceeds to acquire, develop, and improve various economic development facilities including industrial parks, research and technology facilities, job training facilities, air cargo operations, and railroad lines. The bonds are secured by a pledge of revenues from the lands,