The proposed bill, HB2040, amends existing legislation regarding industrial development bonds by reducing the population threshold required for counties or municipalities to approve corporations for issuing certain bonds from 7% to 3% of the state's population. This change aims to facilitate the issuance of bonds for financing multifamily residential rental projects and other related facilities by allowing a broader range of local governments to participate in the approval process.

Additionally, the bill maintains the existing fee structure for reviewing general plans and project approval requests, with a maximum fee of $10,000 for general plans and $5,000 for project approvals. The bill also includes technical changes to the language of the law, ensuring clarity and consistency in the approval process for these bonds. Overall, the key difference from current law is the significant reduction in the population percentage required for bond approval, which is intended to enhance access to financing for various development projects.

Statutes affected:
Introduced Version: 35-726, 41-3953, 41-3957, 35-706, 36-1471, 20-1801, 35-728, 41-4010, 36-1404
House Engrossed Version: 35-726