SB 1407
An Act amending the act of February 9, 1999 (P.L.1, No.1), known as the Capital Facilities Debt Enabling Act, in capital facilities, further providing for definitions.
Take action
Record your position on this measure.
Sign in to record your position, submit testimony, or contact your legislator.
Sign in to take action- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Bill overview
This bill amends the Capital Facilities Debt Enabling Act to clarify the definition of ‘redevelopment assistance capital project.’ Specifically, it expands the types of projects eligible for funding, including hospital facilities, stormwater infrastructure associated with economic development projects, and housing projects that support economic activity. It also adds a provision allowing for funding of fire trucks and firefighting equipment up to $150,000, provided the total purchase cost is at least $300,000.
Key provisions
- Expands eligible projects to include hospital facilities and capital improvements for hospitals.
- Includes stormwater, water, and sewer infrastructure associated with economic development projects.
- Adds housing projects that support economic activity as eligible projects.
- Allows for tax-exempt bond funding for projects meeting specific criteria.
- Requires at least 50% non-State financial participation for projects.
- Sets a minimum project cost of $1,000,000.
- Specifically allows for funding of fire trucks and firefighting equipment up to $150,000.
- Establishes a minimum purchase cost of $300,000 for fire trucks and equipment.
Who is affected
- Local governments
- Healthcare providers
- Economic development organizations
- Housing developers
- Fire departments
Notable changes
- Expands the definition of ‘redevelopment assistance capital project’ to include hospital facilities and related improvements.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Cosponsors
Arguments in favor
Reasons to support this legislation.
No arguments in favor have been submitted.
Submit yoursArguments opposed
Reasons to oppose this legislation.
No arguments opposed have been submitted.
Submit yours