This amendment changes the funding mechanism for the small business emergency bridge loan program from a direct appropriation to a loan from the legislative stabilization reserve account, with repayment provisions.
- Changes the characterization of the funding from an appropriation to a loan on page 1. (Page 1, line 7)
- Adds authorization for the director of the office of state lands and investments to borrow up to $25,000,000 from the legislative stabilization reserve account at 0% interest to fund qualifying loans. Requires reporting to the joint appropriations committee and legislative leadership upon exercise of this authority. Requires the director to include annual appropriation requests in biennial and supplemental budgets in an amount equal to the outstanding loan balance until repaid in full. (Page 10, after line 13)
- Removes the original Section 2, which contained the $50,000,000 direct appropriation from the general fund to the small business emergency bridge loan account. (Page 10, lines 15-23)
- Removes provisions regarding effective dates previously contained in the bill. (Page 11, lines 1-3)
- Renumbers Section 3 to Section 2 and Section 4 to Section 3 to reflect the deletion of the original Section 2. (Page 11, lines 5, 8, and 13)
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