SB23-263 Summary

• State Treasurer transfers $95,000 from the General Fund to the Natural Disaster Mitigation Enterprise on June 30, 2023, to cover expenses before the enterprise receives fee revenue or revenue bond proceeds.

• The $95,000 transfer is classified as a loan (not a grant) that must be repaid with accumulated interest by December 31, 2025.

• Interest accrues at the rate of the most recently issued ten-year U.S. Treasury note (rounded to nearest one-tenth of one percent) as reported by the Wall Street Journal on the transfer date.

• Loan repayment becomes an authorized use of enterprise fund money alongside technical assistance for local governments and administrative expenses.

• Subsection (5)(e) establishing the loan program is repealed effective July 1, 2026.