HB2530 - 451R - House Bill Summary

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
DPA S/E	Committee on Commerce and Economic Development
X	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.

The Committee on Commerce and Economic Development adopted the strike-everything amendment to HB 2530 with the following changes:

· Requires the department to verify that the tribal or private sector organization has committed matching monies in possession and available for expenditure before approving the state match.

· Removes small business investment company in formation from contracting with the Department of Commerce to manage the program.

· Specifies that the small business administration license must be obtained pursuant to the federal small business investment act of 1958.

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· 45th Legislature