Kansas Senate approves tighter rules for bonding program

(KSNT File photo)

TOPEKA, Kan. (AP) — The Kansas Senate has approved a bill tightening the rules for a program using bonds to help finance economic development projects.

The 34-4 vote Thursday sends the measure to the House. It also allows the state to sell the Kansas Bioscience Authority’s assets.

The bill imposes new requirements for so-called STAR bonds authorized by the state and paid off with sales tax revenues. Each project would be required to have an independent consulting report and a commitment from private developers to provide more than half of the financing.

The measure is a response to state efforts to lure the American Royal horse and livestock exhibition to Kansas from Kansas City, Missouri.

Brownback wants to sell off the bioscience agency’s assets to raise $25 million to help balance the state budget.

 

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 

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