LCO No. 1428 1 of 1
General Assembly Proposed Bill No. 548
January Session, 2025
LCO No. 1428
Referred to Committee on GOVERNMENT OVERSIGHT
Introduced by:
SEN. HWANG, 28th Dist.
AN ACT AMENDING A CONVEYANCE OF A PARCEL OF LAND TO
THE CATHERINE VIOLET HUBBARD FOUNDATION, INC.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:
That special act 14-13 be amended to permit the Catherine Violet 1
Hubbard Foundation, Inc. to (1) lease the conveyed parcel, (2) commit a 2
portion or all of said parcel as security for a loan for the construction of 3
an educational barn and the future construction of the main facility and 4
veterinary intake facility on the parcel, and (3) agree to subject the parcel 5
to foreclosure if the foundation should default on its loan. 6
Statement of Purpose:
To amend the prior conveyance of land to the Catherine Violet Hubbard
Foundation, Inc. to permit leasing of the parcel and permit the parcel to
be used as security for a loan and subjected to potential foreclosure, in
order to enable the foundation to secure a loan.