The bill establishes a new section within the Severance Tax Bonding Act that codifies the practice of allocating severance tax bonding capacity equally among the House of Representatives, the Senate, and the Governor. This allocation will occur after the state board of finance determines the estimated bonding capacity for the year, ensuring that each legislative body and its members receive an equal share.

Additionally, the bill limits the Governor's projects to those that pertain specifically to state assets or are of statewide or regional significance. This change aims to clarify the scope of gubernatorial projects and ensure that the bonding capacity is utilized for projects that benefit a broader community rather than individual or localized interests.