Bill > H2747

This bill establishes a new fund called the Coastal Protection and Harbor Maintenance Revolving Fund, which will be used to supplement funding for projects that protect the coastline and maintain harbors. The fund will receive money through appropriations, and the Department of Environmental Management (DEM) is authorized to use these funds to provide financial assistance to local governments. This assistance can help municipalities pay off debts or bonds they incurred after January 1, 1999, to finance approved coastal protection and harbor maintenance projects. These projects are broadly defined to include planning, design, construction, and post-construction maintenance activities that improve or maintain harbor access and protect the coastline and nearby development. The DEM will create regulations to define eligible projects and allow municipalities to propose others that meet the criteria. The bill specifies that the DEM can provide financial assistance, such as zero or low-interest loans, covering up to 50% of the approved project costs, and this assistance is intended to supplement, not replace, other available grants. The State Treasurer will work with the DEM on contract assistance, and the DEM must report annually to the House and Senate committees on ways and means about the assistance provided and any requests that could not be funded due to insufficient appropriations. The bill also directs the DEM to create the necessary regulations within ninety days of its passage.