Bill > S368

Introduced Session

This bill, entitled the "Flood Control, Mitigation, and Prevention Bond Act," authorizes the issuance of up to $2 billion in State general obligation bonds to be used for State projects, grants, or low-interest loans to pay for flood control, mitigation, and prevention projects Statewide. The Governor would be able to decide the amount of the bonds to be issued up to a maximum of $2 billion, but would not be able to issue any bonds after December 31, 2017. The $2 billion could be used for: 1) State projects; 2) grants to local government units; and 3) low-interest loans to local government units. Any loan would have an interest rate of no more than 2% per year and a term of no more than 20 years. No more than 5% of the aggregate principal amount or of any individual grant or loan may be expended on organizational or administrative expenses, including salaries. The Commissioner of Environmental Protection would be required to establish procedures for the review and approval of, and eligibility criteria for, local and State flood control, mitigation, and prevention projects throughout the State. The commissioner also would prepare a priority list of eligible projects, and funds would be appropriated by the Legislature only in accordance with the established list. The bill provides that the bond act is to be submitted to the people for approval at the general election to be held at least 70 days after enactment and appropriates $5,000 to the Department of State for expenses in connection with the publication of the public question.

AI Summary

Committee Categories

Joe Pennacchio (R)*, 

Introduced in the Senate, Referred to Senate Environment and Energy Committee (on 01/09/2024)

Official Document