This bill establishes a Natural Disaster Loan Program that provides zero-interest loans to political subdivisions of the state and electric cooperatives 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 administer these loans, which require reimbursement contracts specifying repayment terms and conditions. The bill also creates a Natural Disaster Revolving Fund to manage these loans and outlines the enforcement of loan contracts, including penalties for non-compliance.

Additionally, the bill creates a Federal Reimbursement Revolving Fund to utilize reimbursements from the federal government for claims related to the state's emergency responses. It appropriates $150 million from the general fund to the Natural Disaster Revolving Fund for fiscal year 2025 and subsequent years, ensuring that any unexpended balance does not revert to the general fund. The bill emphasizes the importance of these funds for disaster recovery and management, declaring an emergency for immediate implementation.

Statutes affected:
introduced version: 6-4-2.3