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2004 Special Session I

Budget Amendments - HB5001 (Conference Report)

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Restore Litter Grants (language only)

Item 388 #3c

Item 388 #3c

Natural Resources
Environmental Quality, Department of

Language
Page 305, after line 14, insert:  
"F.  The Department of Accounts shall provide a treasury loan of $1,272,705 to the Department of Environmental Quality in order to support the continued payment of formula-based Litter Prevention and Recycling Grants to local governments during fiscal year 2005.  Such loan shall bear interest at a rate equal to the general fund composite investment rate and shall be repaid over a period of five years beginning in fiscal year 2006 from the proceeds of the Department of Environmental Quality’s Litter Control and Recycling Program (Fund 0925).  Repayment is to be made from that portion of the proceeds that is in excess of the annual amounts needed to continue the payment of these formula-based grant awards in subsequent fiscal years.  During the period required to repay this treasury loan, the total annual value of Litter Prevention and Recycling Grants awarded to local governments shall not exceed the total amounts issued during fiscal year 2004."


Explanation
(This amendment provides for the issuance of a one-time treasury loan to the Department of Environmental Quality to support the payment of Litter Control and Recycling Grants to localities in fiscal year 2005. The payment of these local grants was jeopardized by the transfer of the fiscal year 2003 and fiscal year 2004 proceeds from the agency's Litter Control and Recycling Program to the general fund. The treasury loan to be issued to the agency by the Department of Accounts shall be repaid from the revenue collected in the Litter Control and Recycling Program in excess of the amounts needed to provide future formula-based Litter Control and Recycling Grants to localities. The amendment also restricts these grant awards to no more than the total amount awarded to localities in fiscal year 2004 until the treasury loan has been repaid.)