Bill No.: SF0034                  Drafter:  MRW

 

LSO No.:  09LSO-0029              Effective Date:  N/A

 

Enrolled Act No.:  SEA0062

 

Chapter No.:       N/A

 

Prime Sponsor:     Joint Agriculture, State and Public Lands and Water Resources Interim Committee

 

Catch Title:       Beginning agricultural producer finance authority.

 

Subject:  Beginning agricultural producer finance authority and bonding.

 

Summary/Major Elements:

 

Comments:  

· Creates the beginning agricultural producer finance authority.

· Requires an annual report within 90 days of the close of the authority's fiscal year.  The report is to be provided to the Governor and to the Management Council.

 

Note:  This bill was vetoed by the Governor on March 11, 2009.  While the Governor's veto message was lengthy, he stated in part that the bill was confusing, incomplete, contrary to the IRS code and conflicting with a Revenue Ruling relating to an entity's ability to be treated as a constituted authority empowered to issue bonds on behalf of a political subdivision.  The Governor's action was taken after the initial bill summary was prepared and this summary should replace that found in the bound material.