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 fund's investment will be supervised by the state investment board, and the income generated can be used for grants to support various community needs, such as housing and infrastructure, but not for operating funds of local entities.

Additionally, the bill outlines the composition and responsibilities of the 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 establish processes for grant applications and evaluations. The bill also includes a one-time appropriation of $5 million from the general fund to support the establishment of the Rural Community Endowment Fund during the 2025-2027 biennium, with a requirement for annual reporting on the fund's status and usage.