TOPEKA, Kan. (AP) – Kansas would tighten the rules for a program using bonds to help finance economic development projects under a bill advancing in the Legislature.
The Senate gave the measure first-round approval Wednesday on a voice vote. Senators expected to take a final vote Thursday.
The bill imposes new requirements for using so-called STAR bonds to help finance projects. Such bonds are authorized by the state and paid off with sales tax revenues generated with a development district.
The measure is a response to efforts by Republican Gov. Sam Brownback’s administration to lure the American Royal horse and livestock exhibition to Kansas from Kansas City, Missouri.
The bill would require an independent consulting report on a new project and require private developers to finance more than half of each project.