| Summary |
Section 1 of the bill amends the state public financing cash fund
(fund) statute in 2 ways. First, the bill removes the limit on the amounts
included in the issuance or incurrence of certain financial obligations by
the state that the state treasurer credits to the fund. Second, the bill
modifies the fund so that bond counsel approval is no longer needed
before money in the fund is used to reimburse the state treasurer for
certain verifiable costs.
Section 2 allows the state treasurer to use a security token offering
for state capital financing and adopt rules as necessary to do so.
Section 3 creates a new special purpose authority: The building
urgent infrastructure and leveraging dollars authority (authority). The
authority's primary purpose is to finance certain infrastructure projects
that are ready for construction or commencement. As used in this context,
an infrastructure project is a project that includes, but is not limited to, the
development, construction, repair, improvement, operation, maintenance,
decommissioning, or ownership of: A transportation facility; utility
infrastructure; renewable energy infrastructure; recycling infrastructure;
energy efficiency infrastructure; an education facility; water
infrastructure; affordable and accessible housing stock; or digital, social,
or other infrastructure related to economic development.
The powers of the authority are vested in a 9-member board with
the following membership:
•
The state treasurer or the state treasurer's designee;
•
The state architect or the state architect's designee;
•
The chair of the capital development committee of the
general assembly or any successor committee;
•
A member of the capital development committee of the
general assembly or any successor committee who is the
longest serving member on the committee and who is a
member of the major political party other than the party of
the chair of the committee;
•
A representative of a statewide organization of general and
specialty commercial construction contractors, appointed
by the governor;
•
A representative of a statewide employee organization
representing building and construction trade workers,
appointed by the president of the senate;
•
An individual representing service employees;
•
An individual with a background in finance who has
experience with pension fund management, appointed by
the state treasurer; and
•
An individual with a background in finance who has
experience with bonds, appointed by the state treasurer.
The state treasurer or the state treasurer's designee shall serve as the chair
and shall call the first meeting of the board no later than January 1, 2026.
Among other powers, the authority may:
•
Make and execute agreements, contracts, and other
instruments as necessary to achieve the authority's
purposes, including contracting with the officers,
personnel, and consultants of the state treasurer to achieve
its purposes;
•
Charge to and collect from state agencies and persons fees
and charges in connection with the authority's loans or
other services;
•
Issue and sell building urgent infrastructure and leveraging
dollars bonds, payable solely from the building urgent
infrastructure and leveraging dollars bonding fund created
within the authority;
•
Invest and deposit money; and
•
Finance or participate in the financing of eligible projects
or any interest in such a project.
The infrastructure and long-term development assistance program
(program) is created in the authority to allow for the authority to provide
financing for eligible projects. The bill requires the authority to develop
policies and procedures necessary to implement the program. At a
minimum, the policies and procedures must specify application criteria,
an application process, and a selection process for the authority to
determine which eligible projects it will finance or assist in financing
through the program. The authority shall pay for such financing out of the
eligible project revolving fund created in the authority.
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