COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
LR No.: 0620-01
Bill No.: Truly Agreed to and Finally Passed HB 351
Subject: Boards: Industrial Development Corporation
Type: Original
Date: May 23, 2003
FISCAL SUMMARY
| FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
| Total Estimated
Net Effect on General Revenue Fund |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
| Total Estimated
Net Effect on Other State Funds |
$0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 3 pages.
| FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
| Local Government | $0 | $0 | $0 |
ASSUMPTION
Officials of the Department of Economic Development assume no fiscal impact.
Officials of the City of Hannibal, City of Marshall, City of Kirksville, and the City of Rolla assume no fiscal impact.
| FISCAL IMPACT - State Government | FY 2004
(10 Mo.) |
FY 2005 | FY 2006 |
| $0 | $0 | $0 |
| FISCAL IMPACT - Local Government | FY 2004
(10 Mo.) |
FY 2005 | FY 2006 |
| $0 | $0 | $0 |
FISCAL IMPACT - Small Business
No direct fiscal impact to small businesses would be expected as a result of this proposal.
DESCRIPTION
Current law requires that any member of the board of directors of an industrial development corporation be a registered voter and for at least five years a taxpayer in the county or city.
This bill makes these requirements optional for industrial development corporations located wholly within third or fourth classification counties. It also lowers the number of years directors must be resident taxpayers from five years to one year.
This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space.
SOURCES OF INFORMATION
Department of Economic Development
City of Hannibal
City of Marshall
City of Kirksville
City of Rolla
NOT RESPONDING
City of Ste. Genevieve
City of Maryville
City of Boonville
City of Lexington
Mickey Wilson, CPA
Director
May 23, 2003