Gulf Coast Restoration Revolving Loan Program; establish.
What changed between versions
Created a new Gulf Coast Restoration Revolving Loan Program to provide financial assistance through loans rather than grants.
Removed all sections related to bringing forward existing budget codes (Sections 27-103-125, 27-103-139, 27-103-203, 27-103-211, 27-103-213, 27-103-303) and the Gulf Coast Restoration Fund (Sections 57-119-9, 57-119-13).
Established a new special fund in the State Treasury designated as the Gulf Coast Restoration Revolving Loan Program Fund to hold loan monies.
Removed the directive for the State Fiscal Officer to transfer $1.00 from the General Fund and Abandoned Property Fund to the Capital Expense Fund for Fiscal Year 2027.
Defined key terms including 'Department', 'District', 'Eligible applicant', 'Eligible project', 'GCRF', 'Program', and 'Revolving fund'.
Mandated that the Legislature determine specific projects for funding through separate line items in an appropriation bill.
Clarified that applicants can receive loans under this new program regardless of whether they also receive assistance from the Gulf Coast Restoration Fund.
Required the Department to file an annual report with legislative leaders and the Legislative Budget Office detailing receipts, expenditures, and project progress.
