The bill sSB1247 authorizes the State Bond Commission to issue bonds totaling up to $2.4 billion for various state projects, with specific allocations for fiscal years 2026, 2027, and 2028. Key provisions include funding for the Green Bond Fund, which aims to enhance environmental initiatives, and up to $80 million for early childhood education facilities. The bill also introduces a greyfield revitalization program with a $50 million allocation to repurpose economically nonviable commercial properties, alongside a strategic supply chain program to support major industries. Additionally, it mandates detailed reporting requirements for state agencies on their projects and funding utilization, ensuring accountability and transparency.

Significant changes to existing laws are included, such as the increase in bond issuance limits and the establishment of new programs aimed at housing and economic development. The bill raises the total bond authorization limit from $2.644 billion to $3.044 billion, with specific allocations for various community and infrastructure projects. It also repeals certain subsections of existing law to accommodate these changes, ensuring alignment with the state's financial management goals. Overall, sSB1247 aims to enhance state infrastructure, support community development, and promote environmental sustainability through strategic investments and comprehensive reporting mechanisms.

Statutes affected:
Governor's Bill: 4-66g, 10-265t, 10-287d, 32-4q, 32-285a, 32-763, 32-765
FIN Joint Favorable Substitute: 10-265t, 10-287d, 32-4q, 32-285a, 32-763, 32-765, 8-445
File No. 901: 10-265t, 10-287d, 32-4q, 32-285a, 32-763, 32-765, 8-445