S0385B1363A04941 BIL:CDM 12/08/15 #90 A04941
AMENDMENTS TO SENATE BILL NO. 385
Sponsor: REPRESENTATIVE TAYLOR
Printer's No. 1363
Amend Bill, page 1, line 27, by inserting after "property"
and providing for additional powers of management entities and
for prohibition on management entities
Amend Bill, page 1, line 29, by striking out "capture of TRID
tax revenue" and inserting
grant of TRID revenue; and establishing the TRID Fund
Amend Bill, page 2, by inserting between lines 11 and 12
"Bond." The term includes bond, note, instrument, refunding
bond, refunding note or other evidence of indebtedness or
obligation.
* * *
"Eligible project." Development or improvement within a
TRID, including construction, infrastructure and site
preparation, reconstruction or renovation of a facility within a
TRID which will result in economic development or transit-
oriented development in accordance with the TRID and the TRID
planning study.
Amend Bill, page 2, line 13, by striking out "or transit" and
inserting
, county or public transportation
Amend Bill, page 2, line 15, by inserting after "district"
management association
Amend Bill, page 2, line 20, by striking out all of said line
Amend Bill, page 3, by inserting between lines 5 and 6
* * *
Amend Bill, page 3, lines 6 and 7, by striking out ", 502,
701 and 702" and inserting
and 502
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Amend Bill, page 4, line 23, by inserting after "ordinance."
In a city of the third class, situate within a county of the
second class A, the designation and boundaries of the TRID shall
be made exclusively by the governing body of the county.
Amend Bill, page 5, line 6, by striking out the bracket
before "A"
Amend Bill, page 5, line 6, by inserting a bracket before
"participating"
Amend Bill, page 5, line 9, by striking out "The"
Amend Bill, page 5, line 10, by striking out "and the
transit" and inserting
, which made the designation under section 302, and the
public transportation
Amend Bill, page 6, line 15, by striking out "utilized" and
inserting
provided
Amend Bill, page 6, line 21, by inserting a bracket before
"transit"
Amend Bill, page 6, line 21, by inserting after "transit"
] public transportation
Amend Bill, page 7, line 18, by striking out "AND NOTES"
Amend Bill, page 9, line 17, by striking out "OR NOTES"
Amend Bill, page 9, line 18, by striking out "FUND OF ANY
TRID DISTRICT" and inserting
account
Amend Bill, page 10, by inserting between lines 3 and 4
Section 3. The act is amended by adding sections to read:
Section 505. Additional powers of management entities.
In addition to other powers and functions of management
entities granted under this act, a management entity shall have
the power to provide or borrow money for purposes of executing a
TRID, a TRID planning study or for an eligible project. A
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management entity may also issue bonds, if permitted to do so
under Commonwealth statute, for the purposes of executing a
TRID, a TRID planning study or for an eligible project.
Section 506. Prohibition on management entities.
A member of the management entity may not receive money
directly or indirectly from the TRID.
Section 4. Sections 701 and 702 of the act are amended to
read:
Amend Bill, page 10, line 21, by inserting a bracket before
"generated"
Amend Bill, page 10, line 21, by inserting after "within"
] transferred to
Amend Bill, page 11, line 21, by inserting after "TRID."
or eligible projects
Amend Bill, page 11, line 22, by striking out "OR NOTE"
Amend Bill, page 11, line 23, by inserting after "PROJECTS"
or eligible projects
Amend Bill, page 11, line 24, by striking out "THAT WILL
CONTRIBUTE TAX REVENUE"
Amend Bill, page 11, line 29, by striking out "3" and
inserting
5
Amend Bill, page 12, lines 1 through 30; page 13, lines 1
through 22; by striking out all of said lines on said pages and
inserting
GRANT OF TRID REVENUE
Section 801. Establishment.
There is established a special fund in the State Treasury to
be known as the TRID Fund. Moneys deposited into the fund and
interest which accrues from those funds shall be used for the
purposes delineated in this chapter.
Amend Bill, page 13, lines 25 and 26, by striking out all of
line 25 and "TRID fund" in line 26 and inserting
department
Amend Bill, page 13, lines 29 and 30, by striking out
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"Department of Community and Economic Development " and inserting
department
Amend Bill, page 13, line 30; page 14, line 1; by striking
out "AND" in line 30 on page 13 and "THE DEPARTMENT OF REVENUE"
in line 1 on page 14
Amend Bill, page 14, lines 4 and 5, by striking out
"Department of Community and Economic Development " and inserting
department
Amend Bill, page 14, line 6, by inserting a period after
"applications"
Amend Bill, page 14, lines 6 through 10, by striking out
"provided that an application under this section" in line 6 and
all of lines 7 through 10
Amend Bill, page 14, line 18, by striking out "a TRID fund"
and inserting
an application
Amend Bill, page 14, line 22, by striking out "fund" and
inserting
Fund
Amend Bill, page 14, lines 23 through 30; pages 15 through
19, lines 1 through 30; page 20, lines 1 through 29; by striking
out all of said lines on said pages and inserting
Section 805. Transfers.
(a) Matching funds.--The amount of money transferred from
the TRID Fund utilized for the construction, including related
site preparation and infrastructure, reconstruction or
renovation of facilities, shall be matched by other sources of
funding at a ratio of two fund dollars to one private dollar.
(b) Report.--By April 1, following year one, and for each
year thereafter, the management entity shall file an annual
report with the department and the Office of the Budget that
contains a detailed account of the TRID Fund money expenditures
and the expenditures of funds from other sources and a
calculation of the ratio in subsection (a) for the prior
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calendar year. The agencies shall determine whether sufficient
funding from other sources was utilized.
(c) Credit of matching funds.--For the purposes of meeting
the matching funding requirement, the agencies shall allow a
management entity to demonstrate that a multiyear eligible
matching funding investment was made in a particular year. In
subsequent years, the management entity shall refer to the gross
matching fund investment in the year it was established and
carry forward a credit in an amount of the original investment
minus the funds already applied as a matching fund requirement,
up to the remaining matching funds.
(d) Deduction.--If it is determined that insufficient
funding from other sources was utilized under subsection (a),
the amount of TRID Fund money utilized under subsection (a) in
the prior calendar year shall be deducted from the next transfer
of the fund.
(e) Financial approval.--Upon being satisfied that all
requirements have been met including private dollar match, the
department shall notify the State Treasurer to issue a grant in
an amount not to exceed $350,000 annually, as established by the
Secretary of the Budget per TRID.
(f) Sales tax transfer.--On June 1, 2016, and on each June 1
for the next 20 calendar years, $700,000 from the tax imposed by
Article II of the act of March 4, 1971 (P.L.6, No.2), known as
the Tax Reform Code of 1971, shall be transferred to the TRID
Fund for payment to the first two TRIDs approved under section
802(b).
(g) Remaining TRID Fund money.--Each year after the
transfers from the TRID Fund to the TRIDs under subsection (f),
any money remaining in the TRID Fund shall be returned to the
General Fund.
(h) Grants to other TRIDs.--For any TRID other than the
first two TRIDs approved under section 802(b), the department
may provide grants of up to $350,000 each year for the purposes
delineated in this chapter.
Amend Bill, page 20, line 30, by striking out "811" and
inserting
806
Amend Bill, page 21, line 2, by striking out "810" and
inserting
805
Amend Bill, page 21, line 4, by striking out "OR NOTES"
Amend Bill, page 21, line 12, by striking out "OR NOTES"
Amend Bill, page 21, line 18, by striking out "810" and
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inserting
805
Amend Bill, page 21, lines 27 through 30; page 22, lines 1
through 28; by striking out all of said lines on said pages and
inserting
Section 807. Expiration.
The TRID Fund shall expire on December 31, 2035. Upon
expiration, money in the fund not encumbered shall lapse to the
General Fund.
Amend Bill, page 22, line 29, by striking out "813" and
inserting
808
Amend Bill, page 23, line 1, by striking out "its TRID fund"
and inserting
the TRID Fund
Amend Bill, page 23, line 2, by striking out "810" and
inserting
805
Amend Bill, page 23, line 2, by striking out "OR NOTES"
Amend Bill, page 23, line 3, by striking out "DEBT" and
inserting
bonds
Amend Bill, page 23, line 4, by striking out "DEBT" and
inserting
bonds
Amend Bill, page 23, lines 8 and 9, by striking out "OR NOTES
of the contracting authority" and inserting
of the management entity
Amend Bill, page 23, lines 13 and 14, by striking out all of
line 13 and "(3)" in line 14 and inserting
(2)
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Amend Bill, page 23, line 16, by striking out "DEBT" and
inserting
bonds
Amend Bill, page 23, line 18, by striking out "(4)" and
inserting
(3)
Amend Bill, page 23, lines 19 and 20, by striking out "OR
NOTES"
Amend Bill, page 23, lines 24 through 30; page 24, lines 1
through 4; by striking out all of said lines on said pages
Amend Bill, page 24, line 5, by striking out "815" and
inserting
809
Amend Bill, page 24, line 6, by striking out "Department of
Community and Economic Development," and inserting
department and
Amend Bill, page 24, line 7, by striking out "and the
department"
Amend Bill, page 24, line 9, by striking out "4" and
inserting
6
Amend Bill, page 24, line 23, by striking out "entity" and
inserting
agency
Amend Bill, page 25, line 2, by striking out "5" and
inserting
7
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See A04941 in
the context
of SB0385