Kansas Statutes 74-50,224. Job creation program fund; expenditures; purposes; annual report
Terms Used In Kansas Statutes 74-50,224
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- committee: means the community strategic planning grant committee established by Kan. See Kansas Statutes 74-5093
- department: means the department of commerce;
(4) "entrepreneur" means an individual creating a new business, service or product;
(5) "region" means multi-county areas as defined by the secretary of commerce;
(6) "regional business development fund" means an authorized and audited fund that is created by taxpayer contributions, interest income and investment income and is managed by the regional foundation board of directors for the purposes of economic and leadership development in the region;
(7) "regional foundation" means any organization in Kansas that demonstrates capacity to provide economic development services to regions as defined by this act, and: (A) Has obtained a ruling from the internal revenue service of the United States department of treasury that such organization is exempt from income taxation under the provisions of section 501(c)(3) or 501(c)(6) of the federal internal revenue code;
(B) has been designated as a certified development company by the United States small business administration;
(C) has been designated as an economic development district by the United States department of commerce's economic development administration;
(D) has been organized as a regional planning commission under Kan. See Kansas Statutes 74-50,154
- Minority leader: See Floor Leaders
- Program: means the Kansas individual development account program established in Kan. See Kansas Statutes 74-50,202
- Retraining: means retraining of employees of a restructuring industry who are likely to be displaced because of obsolete or inadequate job skills and knowledge. See Kansas Statutes 74-5065
- Secretary: means the secretary of commerce. See Kansas Statutes 74-5059
- State: means the state of Kansas. See Kansas Statutes 74-5059
- Training: means training of employees or preemployment training of prospective employees for jobs newly created by a new or expanding industry. See Kansas Statutes 74-5065
(a) There is hereby created in the state treasury the job creation program fund. The secretary of commerce, in consultation with the secretary of revenue and the governor, shall administer the fund. All expenditures from the fund shall be for the purpose of promoting job creation and economic development by funding projects related to: (1) Major expansion of an existing Kansas commercial enterprise;
(2) potential location in Kansas of the operations of a major employer;
(3) award of a significant federal or private sector grant which has a financial matching requirement;
(4) potential departure from Kansas or the substantial reduction of the operations of a major Kansas employer;
(5) training or retraining activities for employees in Kansas companies;
(6) potential closure or substantial reduction of the operations of a major state or federal institution;
(7) projects in counties with at least a 10% population decline during the period from 2000 to 2010; or
(8) other unique economic development opportunities.
(b) All expenditures from the fund shall be for the purposes described in subsection (a) and shall be made in accordance with appropriation acts upon warrants of the director of accounts and reports issued pursuant to vouchers approved by the secretary of commerce or the secretary’s designee.
(c) The secretary shall annually make a report on activities of the department related to administration of the job creation program fund and the funding of projects therefor. Such report shall contain specific and aggregate information regarding all expenditures from the fund, projects receiving funds, the amount of funds expended for each project, the reason and purpose described in subsections (a)(1) through (a)(8) for which funding was approved for each project, the number and characteristics of jobs created or retained in Kansas, the number of such jobs created or retained which do not continue to exist and the circumstances and effect of such discontinuance, and any other accomplishments related thereto. The secretary shall present such report to the president of the senate, the speaker of the house, the senate minority leader, the house minority leader, the house committee on taxation, the senate committee on assessment and taxation, the senate committee on commerce and the house committee on commerce and economic development during January of each year.