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Committee approves creation of two disaster-recovery funds, including $110M interest-relief proposal and $100M response fund
Summary
Senate Bill 6003 passed the committee to create two new funds—a $110 million interest-repayment fund to help local governments manage recovery loan costs and a $100 million response and recovery fund to be available for future disasters; sponsors said some seed money has already been designated by executive action.
The State and Local Government Committee voted to advance Senate Bill 6003, which would establish two funds to assist local governments with disaster recovery: an interest-repayment fund to subsidize interest on recovery loans and a response-and-recovery fund to provide a standing pool of resources for future disasters.
Leader Johnson told the committee the interest-payment fund would allow the state to assist local governments by covering interest costs on loans (up to 5% for…
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