commerce and economic
development commission
HB 2274 increases the number of members on the Commerce and Economic Development Commission.
The Commerce and Economic Development Commission (CEDC) is appointed by the governor to advise and coordinate economic development policy for the state of Arizona. The Commission administers the CEDC fund; the State’s economic development revolving loan fund which provides financial assistance and support for economic development. It is funded by proceeds from two Arizona Lottery scratch games and is used for small business, rural business, and other programs approved by the CEDC. The appropriated funds are used for various programs while the non-appropriated finds are used for loans and grants. According to the Executive Budget for fiscal year 2000-2001 the fund contained $1,832,400. The CEDC is also the approval body for the Economic Strength Program (ESP) which offers grants for road construction to towns, cities, and counties.
Currently the CEDC consists of five members. A quorum, consisting of four members, is necessary to conduct business. Actions are taken on the basis of a majority vote, though powers and duties may be delegated to a commission member or any of its agents or employees by unanimous vote. CEDC members serve staggered three year terms and are not eligible to receive compensation but can be reimbursed for expenses.
HB 2274 increases the CEDC membership to eight, five of whom constitute a quorum.
· Increases CEDC membership from five to eight.
· Requires five members to be present to constitute a quorum.
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45th Legislature
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Second Regular Session 2 February
15, 2002
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