Bill No.: HB0048                  Drafter:  DKG

LSO No.:  08LSO-0211              Effective Date:

Enrolled Act No.:  HEA0028

Chapter No.:

Prime Sponsor:     Representative Berger

Catch Title:       State loan and investment board loans.

Subject:       Loans to political subdivisions and other entities by the state loan and investment board.

Summary/Major Elements:

Current law contains authorization for the state loan and investment board to make loans to political subdivisions and joint powers boards.  This act amends that law by:

· Including the University as an entity which is authorized to receive the loans.

· Increasing the total authorized loan amount from thirty million dollars to sixty million dollars.

· Changing the interest rates from a range of 6% to 12% to a floor of not less than the realized returns from permanent mineral trust fund investments over the previous five years.

Comments:

· Popular name – Joint Powers Board loan program.