Bill > H618

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 coastlines and maintain harbors. The Department of Environmental Management is authorized to use money in this fund to provide financial assistance to local governments for projects approved by the department that help with coastal protection or harbor maintenance. This assistance can include zero or low-interest loans and will cover up to 50% of the approved costs of these projects, specifically to help local governments pay off debt incurred after January 1, 2015, for these types of projects. The bill defines "coastal protection and harbor maintenance project" broadly to include planning, design, construction, and post-construction maintenance that improves harbor access or strengthens coastal defenses. The department will create regulations to define eligible projects and allow municipalities to propose others, and the state treasurer will work with the department to manage the fund. The department must also report annually to legislative committees on the assistance provided and any requests that could not be funded due to lack of appropriations. The bill also directs the department to create the necessary regulations within 90 days of the act taking effect.