This bill aims to codify the existing practice of allocating severance tax bonding capacity equally among the House of Representatives, the Senate, and the Governor. It establishes a new section in the Severance Tax Bonding Act that mandates the state board of finance to determine the estimated bonding capacity for the year. Once this capacity is established, it will be divided equally among the legislative bodies and their members, ensuring a fair distribution of resources.

Additionally, the bill limits the Governor's allocation to projects that pertain specifically to state assets or those of statewide or regional significance. This provision is intended to ensure that gubernatorial projects align with broader state interests and priorities, thereby enhancing the focus on significant capital projects that benefit the state as a whole.