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2001 SESSION

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SB 1302 Creation of special fund for capital projects.

Introduced by: Stephen D. Newman | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Creation of Special Fund for Capital Projects. Allows the governing body of any locality to create by ordinance a special nonreverting fund to be used solely for construction, additions, renovations, infrastructure, and site acquisition for public buildings and facilities. The fund may be used as a mechanism to link specific capital projects with specific sources of revenue. Prior to approving an appropriation from the fund for a proposed capital project, the governing body may order a review of the proposed capital project and all expenses and cost estimates associated with the project. The review may include independent examinations of existing studies, reports and estimates, the authorization of additional studies or a request for additional proposals. The governing body may base its appropriation for a proposed capital project upon the results of such review.


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