Public finance; County Economic Development Closing Fund; procedures; expenditures; agreements; emergency.

Summary

The bill lets counties that have an excise board or a budget board establish a County Economic Development Closing Fund that can receive appropriations, interest earnings, gifts, grants and other lawful deposits. County commissioners or a designated economic development authority may spend the money on projects that create or retain jobs, attract investment or increase tax revenues, but only after a defined evaluation and public‑meeting approval process. It also requires written agreements, performance reporting, public disclosure of recipients, and repayment provisions if the promised benefits are not met.

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