The bill establishes the "relocation reimbursement assistance fund" within the state treasury, which will be administered by the state treasurer. The fund is designed to provide financial assistance to communications service providers that are required to relocate their facilities in the public right-of-way due to requests or directives from municipalities. Each fiscal year, the state treasurer will accept applications from eligible providers and make direct payments from the fund based on the costs incurred for such relocations. The bill mandates an annual transfer of $2,000,000 from the state general fund to the relocation reimbursement assistance fund, starting July 1, 2027, and outlines the process for providers to apply for reimbursement.

Additionally, the bill specifies that the state treasurer will review and verify applications, ensuring that payments are made to approved providers based on the available funds in the relocation reimbursement assistance fund. If the total amount requested exceeds the available funds, payments will be prorated among the eligible providers. The bill also includes provisions for monthly transfers of interest earnings from the state general fund to the assistance fund, based on the fund's average daily balance and net earnings rate. The definitions of "communications service provider" and "municipality" are also clarified within the bill.