UPDATE: The Indiana Law Blog has an interesting post on the state budget bill as passed by the Senate. You can view a PDF of the document here. Get this, it allows the City of Westfield to implement its own admissions tax to finance that stupid sports/entertainment complex their Jim Brainard wannabe mayor has proposed. The new CIB appointments to be made by the legislative leaders should prove fruitful to the billionaire sports team owners since the legislative leaders have all been bought off by them with big campaign contributions and free tickets to games. Also, note that the State Treasurer is going to dump $9 million in loans to the corrupt agency, meaning it will get at least a $29 million infusion of tax dollars. The synopsis for the CIB portions reads as follows:
Allows the state treasurer to invest in obligations of the Marion county capital improvement board (CIB). Provides that the investment may not exceed $9 million per year for 2009 through 2011. Provides terms for the capital improvement board obligations issued to the state treasurer. Permits the Marion County city-county council to increase, before September 1, 2009, the innkeeper's tax by not more than 1% (9% to 10%). Permits during January through March 2013 the supplemental auto rental excise tax to be increased by not more than 2% (4% to 6%) and the admissions tax to be increased by not more than 4% (6% to 10%). Deposits the revenue from the county tax increases in a new sports and convention facilities operating fund for the CIB. Restricts the use of the new operating fund to paying usual and customary operating expenses with respect to capital improvements operated by the CIB. Allows for an addition to the Marion County professional sports development area to include the hotels in an area bounded by Washington, Illinois, and Maryland streets. Provides for state sales taxes and state and local income taxes from the additional area to be captured for the CIB up to $8,000,000 per year. Allows the captured taxes to be deposited in the new sports and convention facilities operating fund for the CIB if: (1) the budget director determines that the innkeepers' tax is imposed at the maximum rate and in effect on January 1 of a year (September 1 for 2009); or (2) the Marion County city-county council raises at least $4 million from the innkeeper's tax and the capital improvement board issues obligations to the state treasurer. Reduces the number of appointments to the CIB by the county commissioners from two members to one members. Provides that the president pro tempore of the senate, the speaker of the house of representatives, and the governor shall each make one appointment to the CIB. Provides that the terms of the members of the capital improvement board expire January 15, 2010, and new members must be appointed to serve terms beginning January 15, 2010. Requires the CIB to submit its operating and capital budget for review, approval, or rejection to the Marion County city-county council. Requires the CIB to present a long range financial plan to the city-county council before January 1, 2010. Requires the state board of accounts (SBOA) to do a financial and compliance audit annually of the CIB. Requires the CIB to submit the SBOA reports to the Marion County city-county council. Requires the Marion County city-county council to review the SBOA reports at a public hearing. Requires the city-county council to approve the issuance of revenue and general obligation bonds by the CIB. Removes the Marion County board of commissioners from the review and approval of general obligation bonds and adds a requirement for the mayor's approval.
AS FOR THE SO-CALLED CONSERVATIVES IN THE SENATE REPUBLICAN CAUCUS WHO PLEDGED TO VOTE AGAINST THE CIB BAILOUT, THANKS FOR PROVING YOURSELVES LIARS TO US.