| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | ||
| 2 | 2 | ||
| 3 | 3 | LCO No. 2585 1 of 2 | |
| 4 | 4 | ||
| 5 | 5 | General Assembly Proposed Bill No. 6805 | |
| 6 | 6 | January Session, 2025 | |
| 7 | 7 | LCO No. 2585 | |
| 8 | 8 | ||
| 9 | 9 | ||
| 10 | 10 | Referred to Committee on FINANCE, REVENUE AND | |
| 11 | 11 | BONDING | |
| 12 | 12 | ||
| 13 | 13 | ||
| 14 | 14 | Introduced by: | |
| 15 | 15 | REP. DEFRONZO, 26th Dist. | |
| 16 | 16 | SEN. LOPES, 6th Dist. | |
| 17 | 17 | REP. SANCHEZ R., 25th Dist. | |
| 18 | 18 | ||
| 19 | 19 | ||
| 20 | 20 | ||
| 21 | 21 | ||
| 22 | 22 | AN ACT ADJUSTING THE BUDGET RESERVE FUND CAP AND | |
| 23 | 23 | DEPOSITING CERTAIN AMOUNTS IN A MUNICIPAL | |
| 24 | 24 | INFRASTRUCTURE RENOVATION FUND DEDICATED TO CERTAIN | |
| 25 | 25 | PURPOSES. | |
| 26 | 26 | Be it enacted by the Senate and House of Representatives in General | |
| 27 | 27 | Assembly convened: | |
| 28 | 28 | ||
| 29 | 29 | That (1) the cap on the amount in the Budget Reserve Fund be 1 | |
| 30 | 30 | adjusted to fifteen per cent, and (2) the amount between fifteen per cent 2 | |
| 31 | 31 | and eighteen per cent that would otherwise be deposited in said fund 3 | |
| 32 | 32 | be deposited in a Municipal Infrastructure Renovation Fund, which 4 | |
| 33 | 33 | amounts shall be dedicated to municipal capital expenditures requiring 5 | |
| 34 | 34 | municipal contributions and for one-time non-reoccurring expenditures 6 | |
| 35 | 35 | such as additional pension payments, early retirement incentives, 7 | |
| 36 | 36 | professional development opportunities and technology 8 | |
| 37 | 37 | improvements. 9 Proposed Bill No. 6805 | |
| 38 | 38 | ||
| 39 | 39 | ||
| 40 | 40 | LCO No. 2585 2 of 2 | |
| 41 | 41 | ||
| 42 | 42 | Statement of Purpose: | |
| 43 | 43 | That the cap on the amount in the Budget Reserve Fund be adjusted to | |
| 44 | 44 | fifteen per cent and the amount between fifteen per cent and eighteen | |
| 45 | 45 | per cent that would otherwise be deposited in said fund be deposited in | |
| 46 | 46 | a Municipal Infrastructure Renovation Fund, to be used for municipal | |
| 47 | 47 | capital expenditures and for certain one-time non-reoccurring | |
| 48 | 48 | expenditures. |