The act requires the state treasurer to transfer $95,000 from the general fund to the natural disaster mitigation cash fund to defray expenses incurred by the natural disaster mitigation enterprise (enterprise) before the enterprise receives fee revenue or revenue bond proceeds. The transfer is a loan from the state treasurer to the enterprise that is required to be repaid and is not a grant for purposes of the state constitution or any other state law. The enterprise is required to repay the loan and accumulated interest by December 31, 2025.
APPROVED by Governor June 6, 2023
EFFECTIVE June 6, 2023
(Note: This summary applies to this bill as enacted.)