House Bill No. [insert bill number] aims to establish the Sawmill Revitalization Special Revenue Account within the state special revenue fund, allowing the Board of Investments to provide loans to parties interested in revitalizing closed sawmills. The bill includes a provision for a fund transfer, mandating the state treasurer to transfer $6 million from the Capital Developments Long-Range Building Program Account to the sawmill revitalization account by June 30, 2025. The Board of Investments will administer the funds and offer loans at an interest rate not exceeding 4%, prioritizing applicants based on the closure date of the sawmills they wish to revitalize.

Additionally, the bill appropriates $6 million from the sawmill revitalization account to the Board of Investments for the biennium ending June 30, 2027, specifically for the purpose of providing loans for sawmill revitalization. Any unspent funds from this appropriation will revert to the Capital Developments Long-Range Building Program Account. The act is set to take effect immediately upon passage and approval, with a termination date of June 30, 2027.