This bill establishes a Natural Disaster Loan Program that provides zero-interest loans to political subdivisions of the state and electric cooperatives that have been approved for federal public assistance funding due to federally declared natural disasters. The Department of Finance and Administration, in consultation with the Homeland Security and Emergency Management Department, will oversee the program, requiring reimbursement contracts that specify repayment terms and conditions. The bill also creates a Natural Disaster Revolving Fund, which will be funded through annual transfers from the Appropriation Contingency Fund, and outlines the management and enforcement of loan contracts.

Additionally, the bill creates a Federal Reimbursement Revolving Fund to manage reimbursements from the federal government for claims related to the state's response to emergencies. This fund will ensure recovery for local communities affected by such emergencies and will be administered by the Department of Finance and Administration. The bill includes provisions for the appropriation of funds for disaster relief and mandates reporting requirements to keep the legislative finance committee and the governor informed about the loans and their compliance. The bill declares an emergency, necessitating immediate effect upon passage.

Statutes affected:
introduced version: 6-4-2.3
Final Version: 6-4-2.3