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Committee reviews HB8, a $133 million loan authorization for regional water projects and irrigation loans
Summary
House Bill 8 would authorize loans backed by coal severance tax bonds for irrigation and regional water projects, including $36.6 million in new irrigation loans, reauthorization of $84.6 million, a 3% interest rate and a 10% bond reserve; DNRC and supporters said loans help small communities finance large projects though contractor availability has delayed implementation.
Representative John Fitzpatrick told the Senate Finance and Claims Committee that House Bill 8 would appropriate funds to DNRC for loans to fund water projects, using proceeds of coal severance tax bonds. Section 1 contains $36,600,000 in new loans for irrigation projects at a 3% interest rate for up to 30 years, and section 2 reauthorizes $84,600,000 in previously authorized loans; the bill requests a total of about $133,000,000 including a 10% bond reserve.
Autumn Coleman of…
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