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GovOps committee advances interest-payment and governor—s recovery funds to finance committee
Summary
House Bill 6003, which establishes an interest-payment fund to help local governments cover loan interest and a governor's response recovery fund for emergencies, received a positive committee recommendation after brief discussion of rules.
The House Government Operations Committee gave a positive recommendation to House Bill 6003, which would create an interest-payment fund to assist local governments with loan interest during recovery and a governor's response recovery fund for flexible emergency spending.
Representative Hicks, the bill's sponsor, said the interest-payment fund is intended to help local governments that take loans to cover up-front recovery costs while awaiting federal reimbursements. “Covering loan interest at 5% annually for 3 years reduces financial pressure and helps stabilize local finances,” Hicks told the committee.
Hicks described the governor's response recovery fund as a flexible resource for future emergencies, saying, “This can provide flexible financial resources to future emergencies.” The committee limited its meeting to rule-related discussion and did not debate the bill's broader substantive provisions in detail.
The committee initially used a voice vote to recommend the bill and then took a roll-call vote after a brief recess and a motion to reconsider the voice vote. The clerk recorded 21 ayes and 1 no on the roll call, and the committee sent the bill to finance, ways and means.
