SECTION 1 (TITLE):
This act shall be known as the STATE Infrastructure Bank Act.

SECTION 2 (PURPOSE):
This bill establishes a STATE Infrastructure Bank to sustainably finance infrastructure projects and drive economic growth in STATE.

SECTION 3 (PROVISIONS):

(a) It is the goal of STATE to create a financing entity structured with broad authority to issue bonds, provide guarantees, and leverage state, federal, and other funds to facilitate sustainable infrastructure investment and generate economic growth.

(b) Establishment. There is hereby established the STATE infrastructure bank.

(c) Powers and duties. The bank shall be responsible for monitoring and overseeing infrastructure projects, and shall establish criteria for determining project eligibility for financial assistance under this article and shall have the following powers:

(d) Projects — Eligibility criteria and assistance. Financial assistance shall be available from the bank if the applicant for such assistance has demonstrated to the satisfaction of the board that the project for which such assistance is being sought meets:

(e) All notes, debentures, bonds or other such obligations issued by the bank, and the interest on or credits with respect to such bonds or other obligations, shall not be subject to taxation by any state, county, municipality or local taxing authority.

(f) The bank shall comply with all federal and state laws regulating budgetary and auditing and ethics practices of a government corporation.

(g) Bonds issued by the bank do not constitute a debt or a pledge of the full faith and credit of STATE, or any of its political subdivisions other than the bank, but are payable solely from the revenue, money, or property of the bank as provided in this chapter. The bonds issued do not constitute an indebtedness of STATE within the meaning of any constitutional or statutory limitation. No member of the bank or any person executing bonds of the bank is liable personally on the bonds by reason of their issuance or execution. Each bond issued under this article must contain on its face a statement to the effect that: “neither the State, nor any of its political subdivisions, nor the bank is obligated to pay the principal of or interest on the bond or other costs incident to the bond except from the revenue, money, or property of the bank pledged; neither the full faith and credit nor the taxing power of the State, or any of its political subdivisions, is pledged to the payment of the principal of or interest on the bond; the bank does not have taxing power.”

(h) The board shall submit to the governor and legislature, within ninety days after the last day of each fiscal year, a complete and detailed report with respect to the preceding fiscal year.

(i) Board of directors.

(j) Appropriation. Infrastructure banks can be seeded with state funds, existing or new federal or state grant funds or other funding. Please call The State Line at 1-833-STATES-1 to discuss potential approaches in your state.