Bill > HB2726

This bill establishes a comprehensive funding mechanism for flood safety infrastructure improvements along the Columbia Slough and lower Columbia River in Multnomah County. The legislation authorizes the State Treasurer to issue two series of lottery bonds: $20 million in the 2025-2027 biennium and $25 million in the 2027-2029 biennium, with proceeds to be used for flood safety projects. These projects include upgrading levees, improving flood walls, pumps, pipes, drains, and conducting floodplain restoration. The Oregon Business Development Department will manage a grant program to distribute these funds to the urban flood safety and water quality district, with specific requirements for project stages, budget tracking, and financial accountability. The bill emphasizes the economic and infrastructure importance of the project, noting its potential to protect critical areas like Portland International Airport, maintain federal flood system accreditation, and support the state's largest business and industrial district. The legislation creates a dedicated Columbia Corridor Flood Safety Fund to manage the bond proceeds, establishes strict guidelines for fund disbursement, and sets a project completion deadline of July 1, 2037. Importantly, the bill includes provisions to protect the state's financial interests, such as requiring the district to return funds or provide financial assurances if project stages are not substantially completed.

Budget and Finance, Military Affairs and Security

https://olis.oregonlegislature.gov/liz/2025R1/Measures/Overview/HB2726