|Posted:||June 26, 2019 10:27 AM|
|From:||Representative Mark K. Keller|
|To:||All House members|
|Subject:||Local Government Capital Project Loan Program (LGCPLP)|
|In the near future, I plan on introducing legislation to update the Local Government Capital Project Loan Program (LGCPLP) which helps our local communities have greater purchasing power.
Currently, the program is being under-utilized because our local municipalities are able to go to a bank and get a better loan rate than the program provides. In addition, the maximum amounts for equipment and facility upgrades are well below the current cost of these items.
My legislation ties the interest rate to a variable interest rate, making it competitive with bank loans. It also increases the maximum from $50,000 to $150,000 for purchasing equipment and increases from $100,000 to $250,000 for facility updates.
Finally, the current program is for municipalities with a population of 12,000. My legislation expands this to more municipalities by increasing the population cap to 15,000.
I believe these are necessary changes to make this program more viable for our local governments.
Please join me in co-sponsoring this legislation.
Introduced as HB1822