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2011 SESSION

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SB 1315 Governor's Development Opportunity Fund; contract between political subdivision and beneficiary.

Introduced by: A. Donald McEachin | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Governor's Development Opportunity Fund. Provides that the contract between the political subdivision and the business beneficiary regarding a grant awarded under the Governor's Development Opportunity Fund must include consideration of layoffs when determining the total net number of new jobs created over the course of the contract. In addition, the bill provides that whenever net layoffs instituted by a business beneficiary over the course of the period covered by a grant contract causes the total number of the new jobs to be fewer than the number agreed to, then the business beneficiary must return such portion of any funds received as provided by the formula established in the guidelines. The bill contains technical amendments.


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