Brownback signs bill allowing sale of Bioscience Authority

(File - AP Photo/Orlin Wagner)

SALINA, Kan. (AP) — Kansas will be selling off the assets of its Bioscience Authority a dozen years after creating it to nurture emerging biotechnology companies.

Republican Gov. Sam Brownback signed a bill authorizing the sale into law Thursday during a ceremony in Salina. He and legislative leaders will oversee the sale.kansas-bioscience-authority-logo_304[1]

The measure also tightens up the rules for using bonds backed by sales tax revenues for major economic development projects.

The new law was part of efforts to keep the budget balanced because Brownback believes selling the Bioscience Authority’s assets will raise $25 million.

Lawmakers in 2004 viewed the authority’s creation as a major economic development initiative.

But Brownback and others thought the agency ultimately had only a mixed record. They also argued its activities could be better handled by private companies.

 

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 This material may not be published, broadcast, rewritten or redistributed.

 

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