SB3113 Summary

• Makes a technical change to Section 2705-610 of the Department of Transportation Law by correcting redundant language ("this" appears twice in subsection (a)).

• Establishes a disadvantaged business enterprise (DBE) revolving loan program providing low-interest loans to certified DBEs for working capital expenses related to Department of Transportation construction and construction-related contracts.

• Creates a loan selection committee of at least 3 members (including at least one public member from construction or financing industry) to review applications and approve eligible DBEs for loans, with loan amounts not exceeding 55% of the supporting contract value.

• Limits each DBE to a maximum of 3 non-simultaneous loans under the program and prohibits loan funds for refinancing debt, non-current taxes, owner distributions, or non-construction vehicle/equipment purchases.

• Establishes the Working Capital Revolving Loan Fund as a special fund in state treasury, with loan repayments and interest deposited back into the fund; the Department's authority to execute new loans expires June 1, 2018, with any remaining balance transferred to the Road Fund by January 1, 2019.