Signed by Governor Andy Beshear

Vote Smart's Synopsis:

Vote to pass a bill that establishes and appropriates funds for a Kentucky Development Finance Authority Loan for a qualifying public medical center.

Highlights:

• Appropriates $3.7 million to the Cabinet for Economic Development General Fund for the 2020-2021 fiscal year and $3.7 million for the 2021-2022 fiscal year for new debt services and the funding of a Kentucky Economic Development Finance Authority Loan (KEDFA loan) for a qualifying public medical center (Sec. 1).

• Prohibits the KEDFA loan from exceeding a 20-year term and specifies that the loan must be used by the Cabinet for Economic Development to assist the qualifying public medical center in providing needed direct health care services and research opportunities (Sec. 2).

• Requires the KEDFA loan to be finalized and distributed to by April 1, 2020, by the Cabinet for Economic Development (Sec. 2).

• Requires the public medical center that received the KEDFA loan to provide an annual report to the Interim Joint Committee on Appropriations and Revenue on October 1, of each year detailing the status of the KEDFA loan for as long as the loan is in effect (Sec. 4).

• Specifies that this act shall take effect upon approval by the governor or upon its otherwise becoming law (Sec. 5).

Full Bill Text