HB1039: HB1039 Georgia Equitable Economic Development Act; enact

26 LC 59 0205 House Bill 1039 By: Representatives Davis of the 87th, Scott of the 76th, and Schofield of the 63rd A BILL TO BE ENTITLED AN ACT To amend Chapter 34 of Title 50 of the Official Code of Georgia Annotated, relating to the1 OneGeorgia Authority, so as to create the Georgia Corrective In vestment and Pilot2 Expansion Fund and the Joint Legislative Oversight Commission o n Georgia United3 Investment; to provide for state investment in impoverished communities across this state;4 to provide for criteria and limitations for disbursements from such fund; to create the Small5 Business Access and Resiliency Program; to provide for annual accounting; to provide for6 annual reporting; to provide for members and purpose of the com mission; to provide for7 meetings and hearings; to provide for definitions; to provide for a short title; to provide for8 legislative findings; to provide for related matters; to repeal conflicting laws; and for other9 purposes.10 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:11 SECTION 1.12 This Act shall be known and may be cited as the "Georgia Equitable Economic Development13 Act."14 H. B. 1039 - 1 - 26 LC 59 0205 SECTION 2.15 The General Assembly finds that:16 (1) The OneGeorgia Authority was originally created to support economic development17 in areas of need, but it has disproportionately excluded densel y populated urban and18 suburban counties;19 (2) Over the past 20 years, an estimated 26 billion dollars in economic support has been20 withheld from counties, impacting over 30 percent of Georgia's population;21 (3) Many of these counties suffer from systemic underinvestmen t, resulting in medical,22 food, and banking deserts;23 (4) Small businesses are the backbone of Georgia's economy but have often been24 overlooked in OneGeorgia funding allocations;25 (5) A corrective funding strategy is essential to eliminate structural inequities; and26 (6) A comprehensive, data-driven eligibility formula that serv es to alleviate rural and27 urban distress is essential to such a strategy.28 SECTION 3.29 Chapter 34 of Title 50 of the Official Code of Georgia annotate d, relating to OneGeorgia30 Authority, is amended by adding new Code sections to read as follows:31 "50-34-21.32 (a) As used in this Code section, the term 'fund' means the Georgia Corrective Investment33 and Pilot Expansion Fund.34 (b)(1) The state treasurer shall establish a separate trust fu nd in the state treasury that35 shall be known as the Georgia Corrective Investment and Pilot Expansion Fund. Such36 fund shall consist of annual appropriations by the General Assembly to the fund; public37 or private grants, gifts, donations, or contributions dedicated to the fund for the economic38 development of impoverished communities; and moneys acquired from any other source,39 H. B. 1039 - 2 - 26 LC 59 0205 including local, state, or federal program funds dedicated to the fund for such economic40 development.41 (2) The state treasurer shall invest the money held in the fun d in the same manner in42 which state funds are invested as authorized by the State Depository Board pursuant to43 Article 3 of Chapter 17 of this title. Interest earned by the money held in the fund shall44 be accounted for separately and shall be credited to the fund t o be disbursed as other45 moneys in the fund.46 (c)(1) The authority shall establish an eligibility framework for disbursements to counties47 from the fund based upon the following criteria:48 (A) Median household income below the state average;49 (B) Unemployment rate above the state average;50 (C) Poverty rate exceeding 20 percent;51 (D) Infrastructure or service gaps certified by local or state agencies;52 (E) Documented history of economic dislocation or underinvestment; and53 (F) High concentration of minority owned or women owned businesses.54 (2) Any county meeting four or more of the criteria as provided in paragraph (1) of this55 subsection shall be deemed eligible to receive money from the fund, regardless of such56 county's designation as rural or nonrural.57 (d) The authority shall create a Small Business Access and Resiliency Program to provide58 loans, grants, and technical assistance to small businesses, as such term is defined in Code59 Section 50-5-121, located in counties eligible to receive money from the fund.60 (e) The authority shall prepare an accounting of the funds expended pursuant to this Code61 section during the most recently completed fiscal year to be pr ovided to the Office of62 Planning and Budget, the House Budget and Research Office, and the Senate Budget and63 Evaluation Office by January 1 of each year.64 H. B. 1039 - 3 - 26 LC 59 0205 (f) The authority shall publish an annual report documenting t he number of county65 applications, awards, and disbursements; project categories and demographic service areas;66 and job creation and housing development metrics.67 50-34-22.68 (a) As used in this Code section, the term 'commission' means the Joint Legislative69 Oversight Commission on Georgia United Investment.70 (b) There is established the Joint Legislative Oversight Commi ssion on Georgia United71 Investment, which is created to monitor the administration of t he Georgia Corrective72 Investment and Pilot Expansion Fund. The commission shall cons ist of 14 members as73 follows:74 (1) The chairperson of the Clayton County Board of Commissione rs or his or her75 representative;76 (2) The chairperson of the Cobb County Board of Commissioners or his or her77 representative;78 (3) The chief executive officer of DeKalb County or his or her representative;79 (4) The chairperson of the Douglas County Board of Commissione rs or his or her80 representative;81 (5) The president of the Fayette County Development Authority or his or her82 representative;83 (6) The chairperson of the Fu lton County Development Authority or his or her84 representative;85 (7) The chairperson of the Gwinnett County Board of Commission ers or his or her86 representative;87 (8) The chairperson of the Rockdale County Board of Commission ers or his or her88 representative;89 H. B. 1039 - 4 - 26 LC 59 0205 (9) Two members to be appointed by the minority leader of the House of90 Representatives;91 (10) Two members to be appointed by the President of the Senate;92 (11) Two members to be appointed by the minority leader of the Senate.93 (c) The chairperson of the commission shall be elected by majority vote of a quorum of94 the commission.95 (d) As to members of the commission appointed under paragraphs (9), (10), and (11) of96 subsection (b) of this Code section, such members shall be appo inted for terms of four97 years and until their successors are appointed and qualified. All such appointments shall98 be made no later than 90 days following the effective date of this Code section. A vacancy99 in the membership of the commission shall be filled in the same manner as the original100 position was filled.101 (e) Members of the commission shall serve without compensation but may be reimbursed102 for expenses actually incurred in the performance of their duties, within the limit of money103 appropriated to the fund or otherwise made available to the commission for its purposes.104 (f) The commission shall conduct meetings and hold hearings at such places and at such105 times as it may deem necessary or convenient to enable it to exercise fully and effectively106 its powers, perform its duties, and accomplish the objectives a nd purposes of this Code107 section. The commission shall meet upon the call of the chairp erson. A majority of the108 members of the commission shall constitute a quorum for the transaction of the business109 of the commission."110 SECTION 4.111 All laws and parts of laws in conflict with this Act are repealed.112 H. B. 1039 - 5 -