House of Representatives

HB 2530

appropriation; rural venture capital

Sponsors: Representatives Laughter, Cardamone, Loredo, Clark, et al.

DPA S/E	Committee on Native American Affairs
X	Committee on Commerce and Economic Development
	Committee on Appropriations
	Caucus and COW	This bill as introduced contains an Appropriation clause.
	As Passed the House

HB 2530 makes an appropriation to the Department of Commerce for rural venture capital.

The proposed strike-everything amendment to HB 2530 provides for the following:

Provisions

· Appropriates the amount of $2.5 million in matching funds from the state general fund in fiscal year 2001-02 to the Department of Commerce with the purpose of targeting economic development and jobs in rural locations near or on Native American reservations.

· Provides that the Department of Commerce shall contract with a small business company to manage the program.

· Requires that the small investment company shall be domiciled in Arizona and its small business administration license filing shall identify its primary objective as investing in manufacturing joint ventures that are on or near Native American reservations.

· Exempts the appropriation from lapsing.

The strike-everything amendment to HB 2530 was adopted in the Native American Affairs Committee.

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45th Legislature

First Regular Session 2 February 26, 2001

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