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HB 274 would have a negative impact of $6,007,649 through the biennium ending
August 31, 2021.
Additionally, the bill would have a negative impact to the Economic Stabilization Fund of $1,093,705,000 through the biennium ending August 31, 2021.
HB 274 is enabling legislation to implement in statute the provisions of HJR 145 which proposes a constitutional amendment to authorize the disaster reinvestment and infrastructure planning board to issue general obligation bonds to help fund recovery efforts for political subdivisions located in a disaster area. The amount of the bonds would be capped at $500 million dollars.
HB 274 would create a disaster reinvestment and infrastructure planning revolving fund and a corresponding board to manage it as authorized by HJR 145. Terms of management and investment of the fund are specified.
Uses of money from the fund are specified; permissible uses would be limited to financial assistance for a public infrastructure project to rebuild infrastructure damaged or destroyed by a disaster and to construct infrastructure to mitigate damage from a disaster. The terms of loans and grants from the fund for these purposes are specified.
An appropriation of $1 billion from the Economic Stabilization Fund would be made to the credit of the disaster reinvestment of and infrastructure planning revolving fund as initial seed money to start the fund.