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Relating to the creation of the disaster response loan fund and the
permissible uses of that fund; making an appropriation; authorizing
a fee.
HB 1917 would make an appropriation of $1 billion out of the Economic Stabilization Fund for
transfer to the Disaster Response Loan Fund created by the bill if the bill is approved by a vote of
two-thirds of the members present in each house of the Legislature.
HB 1917 would establish a Disaster Response Loan Fund (DRLF) in order to make short term loans to political subdivisions that were affected by a disaster. In order for a political subdivision to be eligible, the area would have to have been declared a disaster area by the Governor and the Federal Emergency Management Agency (FEMA) and would have had to be determined eligible to receive funds. If the bill were to be approved, $1 billion would be appropriated from the Economic Stabilization Fund (ESF).
Although this bill includes a large fiscal note, we believe that disaster response and recovery within the legitimate role of the state to address. At this time we remain neutral on HB 1917.