Legislation, sponsored and authored by Rep. Tom Saunders (R-Lewisville), was signed into law today.
Senate Bill 485 establishes the Indiana Library and Historical Board in order to accept private funding to help local libraries fund expansion and other projects.
The bill also establishes a board of directors, consisting of eight members appointed in the first year by the governor, to oversee and run the foundation.
"Libraries and other places of learning have always been important to me" said Rep. Saunders. "I am happy to know that these facilities will now be able to access more funding opportunities thanks to this bill being enacted."
If enacted, this bill will go into effect on July 1, 2011.
House Bill 1275 will authorize a county, city or town to transfer money from its economic development income tax fun or rainy day fund, to its general fund. The transfer is made possible by adopting an ordinance or resolution.
"I was happy to see this bill pass for a few reasons." Said Rep. Saunders, "First, it makes it easier for counties, cities and towns to use their rainy day funds. Second, it eliminates an unnecessary cost of operation from local governments."
Under previous law, money in a rainy day fund had to be appropriated twice; first to the general fund and then again to the specific fund for the actual good or service being purchased. This bill eliminates the second step, and allows this money to be spent directly from the entities' general fund.
If enacted, this legislation will go into effect on July 1, 2011.