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2007 SESSION

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SB 957 Portsmouth Port and Industrial Commission.

Introduced by: Frederick M. Quayle | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED SENATE:

Portsmouth Port and Industrial Commission. Authorizes the Portsmouth Port and Industrial Commission to provide financing for facilities for an organization, other than a religious organization, that is exempt from federal income taxation pursuant to § 501(a) of the Internal Revenue Code. This bill is identical to HB 2989.

SUMMARY AS INTRODUCED:

Portsmouth Port and Industrial Commission.  Grants authority to the Commission to (i) provide financing by leasing, selling or making loans for facilities for an organization granted tax-exempt status under § 501(c)(3) of the Internal Revenue Code; and (ii) charge conduit borrowers an administrative fee upon the issuance of the Commission's bonds and notes.