Bill > HB314

This bill establishes a state-run crowdfunding website to allow the public to directly contribute funds towards specific public capital improvement projects, which are defined as projects that improve or build state property but exclude grants, subsidies, or projects solely for hiring employees, and are not managed by county entities. The website, to be managed by the department of accounting and general services, will require users to register, verify their identity, and make a deposit before pledging money, with individual pledges capped at ten percent of a project's total estimated cost. Before a project can be listed for public pledging, it must undergo a verification process by the responsible state agency, which will either fully concur, offer qualified concurrence with necessary amendments, or oppose the project, though projects appearing on the governor's, judiciary's, or legislature's draft budget bills are exempt from this verification. Once a project reaches its funding goal, pledgers will be asked for the remaining balance of their pledge, and failure to pay within sixty days will result in forfeiture of their initial deposit, with options for refunds or applying the deposit to another project. A dedicated crowdfunding trust fund will hold all collected moneys, and the department will provide annual reports to the legislature on funded projects and any development challenges, while the website will semiannually update project status, expenditures, and other relevant details.