The proposed bill aims to establish a Rural Community Endowment Fund and a corresponding committee to oversee its administration. The fund will be created within the state treasury and will consist of moneys transferred by the legislative assembly, as well as gifts, donations, or bequests received for its purposes. The principal of the fund is to remain unexpended until it reaches at least ten million dollars, with a minimum of five million dollars sourced from non-state contributions. The bill outlines that investment earnings from the fund can be utilized for grants to support rural communities in areas such as housing, workforce development, and infrastructure, while explicitly prohibiting funding for local entity operating costs.

Additionally, the bill mandates the appointment of a Rural Community Endowment Fund Committee, which will include the commissioner and nine individuals from rural communities, along with a representative from a nonprofit organization focused on housing initiatives and small businesses. The committee will prioritize capital projects that enhance the quality of life in rural areas and will be responsible for determining grant application processes and evaluation criteria. The bill also includes a one-time appropriation of $5 million from the general fund to be transferred to the Rural Community Endowment Fund during the 2025-2027 biennium, with a requirement for annual reporting to the legislative management on the fund's status and usage.