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State Infrastructure Bank asks for $1.3 million to cover Act 37 shortfall
Summary
Charles Cannon, COO of the State Infrastructure Bank, told the subcommittee the bank needs $1.3 million nonrecurring to make up a deficit created by Act 37’s change to vehicle registration fee frequency. He described the bank’s mission, recent activity, and a request for staff and lease funding.
Charles Cannon, chief operating officer of the State Infrastructure Bank, told the Senate Finance Committee’s Transportation Regulatory Subcommittee that the bank is asking for $1.3 million in nonrecurring funds to “make us whole” after a revenue shortfall caused by Act 37 (2021) and related registration-fee changes.
Cannon said the Infrastructure Bank serves as a financing catalyst for local transportation projects and reported…
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