§ 15-4-1801. Title

This subchapter shall be known as the “Major Industry Facilities Incentive Act”.

§ 15-4-1802. Definitions

As used in this subchapter: (1) “Bonds” means revenue bonds or general obligation bonds; (2) “Eligible facility” means any facility owned by any state agency or political subdivision and any facility financed through the issuance of bonds by any state agency or political subdivision at which at least one hundred (100) people are employed and […]

§ 15-4-1803. Application for assistance generally

Any state agency or political subdivision that has acquired or constructed or which desires to acquire or construct or which has financed or which desires to finance through the issuance of its bonds an eligible facility may apply to the State Board of Finance for state assistance in paying the debt service requirements, including principal, […]

§ 15-4-1804. Application — Contents

(a) All applications for state assistance under this subchapter shall be in writing and shall describe: (1) The eligible facility; (2) The financing thereof; (3) The estimated number of people to be employed at the eligible facility; (4) The estimated additional state income tax revenues to be derived as a result of the expenditures; (5) […]

§ 15-4-1805. Application — Hearings

(a) After reviewing the application and upon reasonable notice to the applicant, the State Board of Finance shall hold a public hearing on the application. (b) (1) The board shall give notice of the time, place, and purpose of the public hearing by publication one (1) time in a newspaper of general circulation within the […]

§ 15-4-1806. Application — Determination of eligibility

(a) After consideration of the application and conclusion of the hearing, the State Board of Finance shall determine whether the facility described in the application is an eligible facility. (b) If the board determines that the facility described in the application is an eligible facility and that the financing of or repayment for such eligible […]

§ 15-4-1807. State assistance

(a) If the application is approved, the State Board of Finance shall fix the amount of state assistance to the state agency or political subdivision to repay its investment or for paying debt service on the bonds issued to finance, in whole or in part, the eligible facility, if requested by the state agency or […]

§ 15-4-1808. Major Industry Facilities Incentive Fund — Creation

(a) There is created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the “Major Industry Facilities Incentive Fund”. (b) The Treasurer of State shall monthly, before making the percentage distributions of general revenues as provided by law, […]

§ 15-4-1809. Payments

(a) Payments of state assistance to state agencies and political subdivisions under this subchapter shall be made by remitting them directly to the trustee for the holders of the bonds issued to finance the eligible facility. (b) The trustee shall apply the state assistance money to the payment or redemption of the bonds and to […]

§ 15-4-1810. Suspension of local tax

Any state agency or political subdivision entering into an agreement pursuant to this subchapter may provide for suspension, in whole or in part, of the collection of any tax voted for payment of its general obligation bonds issued in accordance with an agreement under this subchapter in any year when money derived from state assistance […]

§ 15-4-1811. Pledge of state revenues prohibited

(a) Nothing in this subchapter shall be construed as authorizing the pledging of the faith and credit of the state or any of its revenues, either for the performance of the obligations of the state under the agreements authorized by this subchapter or for the payment of bonds issued pursuant to such agreements. (b) All […]