House Bill No. 7288, also known as Public Act No. 25-174, authorizes the issuance of state bonds totaling up to $787,405,019 for various projects across multiple state departments, including significant allocations for an information technology capital investment program, improvements for the Department of Veterans Affairs, and the construction of a new Windham Technical High School. The bill outlines specific funding for initiatives aimed at enhancing education, healthcare, environmental protection, and economic development, while ensuring that all bonds issued will be general obligations of the state, backed by its full faith and credit. The effective date for the bond issuance is set for July 1, 2025, and the bill includes provisions for the management and oversight of these funds, including the requirement for requests for bond authorization to specify the project and recommend the inclusion of any available federal or private funds.

Additionally, the bill introduces several amendments to existing laws regarding bond issuance limits, increasing the maximum amount of bonds that the State Bond Commission can authorize from $2.644 billion to $3.044 billion, with $200 million of this authorization becoming effective on July 1, 2026. It also modifies funding criteria for various programs, including a new tier for municipal employees' retirement benefits and provisions for student loan reimbursement programs. The bill emphasizes the importance of leveraging federal and private funds alongside state moneys for project financing and establishes guidelines for the issuance of bonds to finance school building projects, public infrastructure, and community development initiatives. Overall, House Bill No. 7288 aims to enhance the state's infrastructure, support economic growth, and improve public services through strategic funding and investment.

Statutes affected:
New Bill: 10-265t, 10-287d, 32-4q, 32-285a, 32-763, 32-765, 8-445, 10-285a, 10-66hh, 4-66p, 31-57e, 10-262h, 31-57s, 31-49e, 31-49h, 31-51kk, 31-51rr
Public Act No. 25-174: 10-265t, 10-287d, 32-4q, 32-285a, 32-763, 32-765, 8-445, 10-285a, 10-66hh, 4-66p, 31-57e, 10-262h, 31-57s, 31-49e, 31-49h, 31-51kk, 31-51rr