The bill sSB1247 authorizes the State Bond Commission to issue bonds totaling up to $3.66 billion for various state projects, with specific allocations for fiscal years 2026 and 2027. Key provisions include funding for infrastructure improvements, environmental initiatives, and housing projects, such as $80 million for early childhood education facilities and $50 million for affordable housing aimed at creating construction jobs. The bill also establishes a greyfield revitalization program to repurpose economically nonviable commercial properties, with up to $50 million in bond funds allocated for this purpose. Additionally, it introduces a strategic supply chain program to support major industries, and mandates regular reporting from state agencies on the status of funded projects.

The bill includes several amendments to existing laws, such as increasing bond authorizations for various programs and modifying funding limits for specific initiatives. Notably, it reduces the bond authorization for school air quality improvement grants and consolidates multiple earmarks into a single allocation. The bill emphasizes accountability by requiring towns to submit annual reports on funding usage, with penalties for non-compliance. Overall, sSB1247 aims to enhance state infrastructure, promote economic development, and support community needs through targeted financial investments and strategic program adjustments.

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