HB 2605 Summary

• Establishes the International Transportation and Trade Corridor Authority as a corporate and political body with statewide jurisdiction to construct, finance, and operate transportation and trade facilities including rail, roadway, energy, water, and multimodal systems.

• Creates a nine-member board of directors appointed by the governor (5 members), president of the senate (2 members), and speaker of the house (2 members), with five-year terms and authority to issue negotiable bonds to finance facility construction.

• Requires the authority to approve proposed transportation and trade facility sites by December 31, 2032, in consultation with jurisdictional sponsors (state agencies, counties, cities, and Indian tribes).

• Establishes three fund accounts: construction account for capital costs, facility revenue clearing account for operating revenues, and operating account for maintenance and administrative expenses, with a minimum $25,000,000 repair and replacement reserve.

• Automatically terminates the authority on July 1, 2028, with Title 41, Chapter 29 repealed January 1, 2029; appropriates $200,000 from the state general fund for fiscal year 2023-2024 startup costs.