The proposed legislation, General Assembly Raised Bill No. 7111, aims to establish a task force to study the feasibility and potential benefits of allowing the State Bond Commission to authorize the issuance of surety bonds for housing construction projects contracted by private developers, with the state's full faith and credit pledged. Additionally, the task force will explore the possibility of creating an alternative process for issuing bonds for these housing projects that does not require allocation by the State Bond Commission.

The task force will consist of various appointed members, including representatives from both houses of the General Assembly, the Commissioner of Housing, the Treasurer, and the Secretary of the Office of Policy and Management. Initial appointments must be made within thirty days of the bill's passage, and the task force is required to submit a report on its findings and recommendations by February 1, 2026. The task force will be dissolved upon submission of the report or on that date, whichever comes later. The bill introduces new legal language to establish this task force and its functions, while no deletions from current law are specified.