SB 1586 Summary

• Establishes the International Transportation and Trade Corridor Authority as a statewide corporate and political body with powers to construct, finance, operate, and lease transportation and trade facilities including rail, roadway, fuel, energy, water, and wastewater infrastructure.

• 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 members serving five-year terms and eligible for one reappointment.

• Authorizes the authority to issue negotiable bonds, establish separate accounts for construction and operations, and enter into contracts with private sector partners and jurisdictional sponsors (state agencies, counties, cities, and Indian tribes).

• Requires the authority to establish disadvantaged business enterprise participation goals, mandate health insurance for contractors, and submit monthly reports to the legislature and joint legislative budget committee on activities and financial performance.

• Terminates the authority on July 1, 2028, with full repeal on January 1, 2029, and appropriates $200,000 from the state general fund for fiscal year 2023-2024.