|Date Requested:March 06, 2009
Time Requested:03:25 PM
| FUND(S) |
STATE ROAD FUND
Sources of Revenue
Legislation creates:A New Program,A New Fund
Effect this measure will have on costs and revenues of state government.
| This legislation would create the State Transportation Infrastructure Bank which would be funded by:
1. Legislative appropriations from the General Revenue Fund;
2. A maximum of $10,000,000 by the Division of Highways from the State Road Fund;
3. Any federal funds specifically made available to the bank;
4. Contributions or donations from other pubic agencies or private entities;
5. Payments from loans made by the bank; and
6. Other lawful donations determined by the board.
|Effect of Proposal||Fiscal Year|
|1. Estmated Total Cost||10,000,000||10,000,000||10,000,000|
|Repairs and Alterations||0||0||0|
|2. Estimated Total Revenues||0||0||0|
3. Explanation of above estimates (including long-range effect):
Any monies allocated by the Legislature are unknown; therefore, a figure cannot be included in the estimate.
The MAXIMUM amount of donations from the State Road Fund to the new Infrastructure Bank is capped at a maximum of $10 million.
1. The name State Infrastructure Bank needs to be changed as the banking industry has codified strict requirements for the word "Bank."
2. The bill currently has a maximum loan period of 40 years. By federal law, the maximum is 30 years.