SENATE BILL 257

Sponsored By:

Senators Young, Trotter, and McFadden

Entitled:

MSBDFA - Management Group Contract and Equity Participation Investment Program

Synopsis:

Authorizing the Department of Business and Economic Development to extend the expiration date of its contract with the MSBDFA Management Group, Inc. to June 30, 2002 and to renew the contract for 1 additional 5-year term; requiring the Department to include specified performance standards in any contract extension or renewal; increasing the maximum amount of MSBDFA's participation in franchises through the Equity Participation Program; removing the $3 million annual cap on total equity participation financing; etc.

Legislative History

Senate Action

1/22

First Reading Finance

1/24

Hearing 2/5 at 1:00 p.m.

3/3

Favorable with Amendments Report by Finance

3/4

Favorable with Amendments Report Adopted

Second Reading Passed with Amendments

3/6

Third Reading Passed (44-0)

3/31

Returned Passed

5/22

Signed by the Governor Chapter 570

House Action

3/7

First Reading Economic Matters

3/17

Hearing 3/20 at 1:00 p.m.

3/28

Favorable Report by Economic Matters

3/26

Favorable Report Adopted

Second Reading Passed

3/27

Third Reading Passed (133-0)

Sponsored by:

Senator Larry Young, District 44

Senator Nathaniel J. McFadden, District 45

Senator Decatur W. Trotter, District 24

Bill indexed under the following Subjects:

BUSINESS AND ECONOMIC DEVELOPMENT, DEPARTMENT OF

COMMERCE AND BUSINESS -see also- SMALL BUSINESS

CONTRACTS -see also- LAND INSTALLMENT CONTRACTS; PROCUREMENT

FRANCHISES

INVESTMENTS

SMALL BUSINESS

Bill affects the following Statutes:

Article - 83A Department of Business and Economic Development

( 5-1009 , 5-1025 , 5-1046 )

Documents:

Bill Text:

First Reading (PDF), Third Reading (PDF), Enrolled

Fiscal Note: Available (PDF)

Amendments:

Senate

Number: 537746/1 (PDF) Offered on: MARCH 4, 1997 at: 11:09 Status: Adopted