Amend the bill, as and if amended, Part IB, Section 50, DEPARTMENT OF COMMERCE, page 402, by striking proviso 50.21 and inserting
/ 50.21. (CMRC: Development - Funding for Rural Infrastructure) There is established within the Department of Commerce the Rural School District and Economic Development Fund. The Secretary of Commerce shall use the fund to facilitate economic development and infrastructure improvements in counties that contain a school district that has been defined by the Department of Education as having a poverty rate greater than or equal to 86%. Funds shall be used on, but not be limited to, school building infrastructure, water and sewer infrastructure, and economic development projects that directly benefit the qualifying school districts. Once a project is committed, the funds may be utilized to finish that specified project, even if the county does not remain an eligible county in subsequent years. The Department of Commerce must develop a plan on fund deployment that gives priority to counties that are classified as Tier IV, pursuant to Section 12-6-3360(B) of the 1976 Code, and that includes steps to ensure that the qualifying school districts within the eligible counties are the priority in economic development projects. This plan must be reviewed by the Joint Bond Review Committee before these funds may be expended. Funds disbursed through this proviso shall only be used on expenditures that are not eligible for the Department of Commerce's Closing Fund. No funds may be used to fund water and sewer infrastructure or economic development projects that directly assist a taxpayer under a fee in lieu of taxes agreement whereby the applicable school district does not receive its pro rata share of the fee. In addition, the department must provide an annual report on the expenditure of funds to the Chairman of the Senate Finance Committee and the Chairman of the House Ways and Means Committee. Any unexpended funds at the end of the fiscal year shall be carried forward and expended in the current fiscal year by the Department of Commerce for the same purposes. /
Renumber sections to conform.
Amend sections, totals and title to conform.