Amendments for SB20-139
Senate Journal, February 28
After consideration on the merits, the Committee recommends that SB20-139 be amended
as follows, and as so amended, be referred to the Committee of the Whole with favorable
recommendation.
Amend printed bill, page 2, strike line 6.
Page 2, line 7, strike "A" and substitute:
"(ll) TO ENTER INTO LOAN AGREEMENTS WITH ANY".
Page 2, line 14, strike "COUNTY MAY AUTHORIZE THE COUNTY
TREASURER" and substitute "COUNTY, IN CONSULTATION WITH THE
COUNTY TREASURER, IS AUTHORIZED".
Page 2, line 17, strike "ANY SUCH LOAN IS" and substitute "THE BOARD
OF COUNTY COMMISSIONERS SHALL ANALYZE OR CAUSE TO BE ANALYZED
ANY SUCH LOAN USING THE UNDERWRITING STANDARDS ADOPTED
PURSUANT TO SUBSECTION (3) OF THIS SECTION BEFORE MAKING THE
LOAN, AND ANY SUCH LOAN IS ALSO".
Page 2, line 20, strike "OBLIGATED;" and substitute "OBLIGATED, AND THE
AMOUNT LOANED MUST NOT CAUSE THE TOTAL OUTSTANDING PRINCIPAL
BALANCE OF ALL LOANS MADE PURSUANT TO THIS SUBSECTION (1) TO
EXCEED EIGHT PERCENT OF THE AMOUNT OF SUCH MONEY AVAILABLE AT
THE TIME THE LOAN IS MADE;".
Page 3, line 5, strike "AND".
Page 3, line 9, strike "TRANSPORTATION, UTILITY," and substitute
"TRANSPORTATION".
Page 3, strike line 10 and substitute "INFRASTRUCTURE; AND
(d) THE BOARD OF COUNTY COMMISSIONERS SHALL MAKE THE
LOAN BY ENTERING INTO AN INTERGOVERNMENTAL AGREEMENT WITH
THE LOAN RECIPIENT THAT ESTABLISHES THE TERMS AND CONDITIONS OF
THE LOAN. BEFORE ENTERING INTO SUCH AN INTERGOVERNMENTAL
AGREEMENT:
(I) THE BOARD OF COUNTY COMMISSIONERS SHALL APPROVE THE
PUBLIC INFRASTRUCTURE PROJECT TO BE FUNDED BY THE LOAN AND THE
TERMS AND CONDITIONS OF THE LOAN AT A MEETING OF THE BOARD HELD
IN ACCORDANCE WITH THE OPEN MEETING REQUIREMENTS OF PART 4 OF
ARTICLE 6 OF TITLE 24; AND
(II) THE BOARD OF COUNTY COMMISSIONERS OR THE LOAN
RECIPIENT SHALL PURSUE PRIVATE SECTOR OPTIONS, INCLUDING BUT NOT
LIMITED TO FINANCIAL INSTITUTIONS DOING BUSINESS WITHIN THE
COUNTY, FOR FUNDING THE PUBLIC INFRASTRUCTURE PROJECT TO BE
FUNDED BY THE LOAN AND REPORT REGARDING THE OPTIONS PURSUED AT
THE BOARD MEETING HELD PURSUANT TO SUBSECTION (1)(d)(I) OF THIS
SECTION.".
Page 3, after line 14 insert:
"(3) BEFORE MAKING LOANS AS AUTHORIZED BY SUBSECTION (1)
OF THIS SECTION, THE BOARD OF COUNTY COMMISSIONERS SHALL ADOPT
UNDERWRITING STANDARDS. THE UNDERWRITING STANDARDS MUST
REQUIRE, AT A MINIMUM, THAT EACH PROPOSED LOAN BE ANALYZED WITH
RESPECT TO THE RISKS OF THE LOAN, MARKET RATES, AND LOAN TERMS.".
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