Transcript Highlights:

• So are all of these parks, are they all protected by a bond?
• I mean, are the monies protected by the bond? Is that what that's referring to?
• It's up at the top of page four: certified to bond board, refer to prosecuting attorney, AG.
• What is the bond board?
• At this point, no, we're just now referring it to the bond board. Okay, thank you. Mr.

Committee: All LEGISLATIVE JOINT AUDITING-STATE AGENCIES

Summary: The committee first approved the prior meeting minutes and then heard audit reports from Mr. Bullington. Four reports without findings were filed without objection. The Department of Human Services FY24 report contained three findings: suspected fraud involving disaster food assistance and Medicaid benefits by employees, a delayed notification of a forged and cashed state warrant for nearly $610,000, and several fixed-asset and sales-tax errors. DHS officials said they had referred the benefit fraud cases to prosecutors, recovered some restitution, and would change internal procedures so accounts payable staff report such incidents directly to the chief fiscal officer. Committee members questioned the missing assets, the warrant delay, and the tax issue, and the report was deferred to the next meeting so DHS could return with written policy changes. The Department of Parks, Heritage, and Tourism FY24 report had two findings: the loss of nearly $3,500 in museum receipts, believed to be theft at the Mosaic Templars Cultural Center, and issues with change funds at Daisy State Park and War Memorial Stadium. Agency officials said they had implemented new controls, including a point-of-sale and reservation system for museum rentals and more frequent reconciliation of change funds. Members asked about the criminal case, the statute of limitations, bond board reimbursement, and whether the employee’s final paycheck could be withheld. Mr. Bullington later reported that the prosecutor’s office said the Parks and Tourism investigation remained open and that additional information had been requested from the agency. The committee then deferred that report as well, and adjourned after setting the next meeting for February 12, 2026.

Transcript Highlights:

• The benefits of a bond is is minute.
• There may come a point issue bonds.
• </c> future and we need bonds, we can do it. future and we need bonds, we can do it.
• </c> they're favorable, we may not need bonds they're favorable, we may not need bonds at<00:30:20.240
• We may not need as much of a bond. bond. bond.

Committee: House Education Funding

Transcript Highlights:

• House Bill 311 is the bail bonds bill that simply takes oversight of the bail bonds industry and places
• I agree with opening it up for longer maturities on the bonds.
• I agree with opening it up for longer maturities on the bonds.
• Corporate notes and bonds. Thirty-four allow mutual funds or money market.
• It does as to the bond.

Transcript Highlights:

• </c><00:17:54.320><c> This</c> asset preservation bond funds. This asset preservation bond funds.
• </c><00:41:05.119><c> of</c><00:41:06.160><c> 165</c> and refunding bonds of 165 and refunding bonds
• The callable bonds outstanding. basis. The callable bonds outstanding. Correct. Correct. Correct.
• 03:38.559><c> oversight</c> capital projects and bonds oversight capital projects and bonds oversight
• Starkweather talked about, typical with bonds, but it also had a portion of the bonds, the $30.9 million

Summary: The committee first approved the November minutes and received information items on University of Kentucky medical and research equipment purchases, five school districts reporting upcoming bond issues with no additional tax levies needed, and a School Facilities Construction Commission list of prior debt issues for fiscal year 2026. It then considered an appropriation increase for a University of Kentucky project at the Central Kentucky Regional Airport in Richmond. University officials said the project is 100% federally funded and will construct a terminal building tied to EKU’s airport operations and planned flight school. Members asked about the relationship to aviation expansion and whether the flight school would be publicly operated; the witnesses said EKU would operate it, public appropriations had already been applied, and student revenue would help offset costs. The committee approved the item by roll call vote. Next, the committee approved a University of Kentucky lease purchase for property at 415 West Sun Street in Morehead, Rowan County, for $6.4 million. UK said the property, which includes an 85,000-square-foot facility on 9.6 acres, is directly across from UK St. Clair and was offered by the Rowan County Board of Education after it moved to a new location. Members questioned why the payment schedule was structured as quarterly installments and why the price was below two appraisals; UK said the board requested the arrangement and did not want the full amount upfront, and there was no interest on the purchase price. The committee also approved this item. The deputy state budget director then reported three appropriation increases in the Tourism, Arts and Heritage Cabinet: a Ballard Wildlife Management Area pump station project, Lake Barkley State Resort Park emergency repairs, and Lake Barkley lodge wing exterior repairs. After questions, staff explained the Lake Barkley increases were mainly to cover construction contingencies because bids came in close to available funding. The committee approved the action items, then heard four no-action pool projects: HVAC upgrades at the FFA leadership training center in Hardinsburg, Kentucky School for the Blind’s McDaniel Scoggin building, KSD’s Brett Brady Hall, and a Kentucky State University Shanty Hall renovation for the School of Engineering Technology. Finally, the committee heard two real property items: a new CHFS lease in Wayne County and a Transportation Cabinet lease modification in Christian County. The Wayne County lease drew the most discussion, with members questioning the high per-square-foot cost and whether another county location could be used; CHFS said it maintains offices in every county seat, this lease would replace an existing 1977 office, and the new construction was negotiated down from a higher initial bid. The Christian County item was described as a replacement site for driver licensing space, with renovation costs partly absorbed by the lessor and the remainder amortized over the lease term.

Transcript Highlights:

• This is bond authorization, so it's capital.
• But these are going to be bonds that are financed with the CTF.
• treat it like a traditional bond bill.
• Finance Commission was created in a bond bill.
• We know that bonding alone is not enough in this moment.

Committee: Joint Joint Committee on Transportation

Summary: The Transportation Committee heard testimony on House Bill 4987, the Healey-Driscoll administration’s transportation bond bill financing long-term improvements to municipal roads and bridges. Administration officials said the bill would authorize more than $5 billion overall, including $1.2 billion for Chapter 90 over four years, $500 million for accelerated road and bridge repairs, $200 million for MBTA rail modernization and reliability, $200 million for transportation projects supporting housing development, $200 million for a new DCR parkway resilience and safety program, and reauthorizations for federal-aid highway projects, non-federal highway projects, municipal pavement, and Shared Streets and Spaces. They emphasized that the proposal is backed by Commonwealth Transportation Fund revenues, including registry fees, gas tax, and Fair Share surtax revenue, and said it would improve safety, reliability, housing production, and regional equity. Committee members asked about the four-year Chapter 90 authorization, the housing-related transportation funding, federal funding uncertainty, and how the MBTA money would support commuter rail electrification and regional rail. Administration witnesses said the multi-year structure would help municipalities plan and avoid more expensive deferred maintenance, that the housing funds would be flexible for infrastructure needs tied to development, and that the state is pursuing federal grants while relying on state-backed capital financing. They also described process improvements at MassDOT that have reduced project bid-to-notice timelines by 60% and said the rail modernization funds would support locomotive procurement, including battery-electric and Tier 4 diesel locomotives. The Massachusetts Municipal Association and local officials from Sherborn, Conway, and Yarmouth strongly supported the bill, saying the increased Chapter 90 funding and road-mile formula have made a major difference for small and rural communities and that four-year funding would improve predictability, project bundling, and cost savings. They cited local road, bridge, culvert, and gravel-road needs and urged favorable action. A Better City and MAPC also supported the bill but urged the committee to use it for broader transportation policy changes and new revenue tools, including possible reforms to TNC fees, regional pricing, and other funding mechanisms. The committee took no vote during the hearing and adjourned after testimony.

Transcript Highlights:

• Assigning bond money to particular projects is a difficult thing for them.
• It only means that, you know, they're bonded to a certain capacity and they meet those other kind of
• But we've had a series of failed bond issues.
• We’re proud of our maximum bonding capacity right now.
• General Fund; we are completely out of our bond sales, so the supplemental Sandford's tax bonds.

Committee: House Public School Capital Outlay Oversight Task Force

Transcript Highlights:

• are capital maintenance programs in place capital maintenance programs in place for, uh, when, uh, bonding
• requires to have a maintenance uh capital maintenance plan for projects that are uh come through bonding
• And so this uh plan what it will do is it will, on the information provided from uh cities on bonding
• </c><00:10:13.680><c> And</c> bringing forward a bonding request.
• And bringing forward a bonding request.

Summary: The committee heard House File 2418 from Representative Tabke, a policy bill focused on requiring local governments seeking state bonding support to show whether they have a capital maintenance or preservation plan for the project. The bill was described as a continuation of work with Chair Lee and others to ensure that when the state invests in local capital projects, the local jurisdiction has a plan to maintain the asset over time rather than returning later for additional state funding. Representative Tabke emphasized that the proposal is not intended to block projects, but to provide information to the capital investment process and encourage responsible long-term planning. Members asked several questions about how the requirement would work in practice, including whether a “no” answer on the maintenance-plan checkbox would disqualify projects, how the rule would apply to small communities, and whether major infrastructure such as wastewater or sewer projects would be exempt. Tabke clarified that the intent is informational and that projects without a maintenance plan should raise concerns, but that the proposal would not apply to major utility projects with separate funding mechanisms. He also explained that the earlier draft had been simplified after input from MMB, and that the adopted DE4 amendment adds the requirement through section 16A.86 for political subdivisions submitting bonding requests. Chair Lee and other members supported the concept as a way to ensure state-funded assets are maintained locally and not repeatedly returned to the state for repairs decades later. One member requested clarifying language to make sure the bill does not apply to water treatment or sewer projects, and Tabke agreed that such language could be added. Tabke said the language had been developed with stakeholders including the League of Minnesota Cities, Coalition of Greater Minnesota Cities, and small cities, and that they had agreed on the approach. The committee adopted the DE4 amendment and then laid House File 2418 over for possible future consideration.

Transcript Highlights:

• Um, but what would generally happen is because the bond amendment or the change in the bond is part of
• um amendment or the change in the bond um amendment or the change in the<00:26:45.760><c> bond</c><00
• amendment or the request to change bond amendment or the request to change the<00:27:06.640><c> bond
• </c> and say there will be a bond and say there will be a bond modification<00:31:51.120><c> setting.
• </c> been far less likely to modify bond been far less likely to modify bond conditions.<00:32:24.320

Bills: HB0008 , HB0009

Committee: House Judiciary

Transcript Highlights:

• As you likely recall, there was just over $355 million in available bond capacity that the Legislature
• So that brought the total available in bonds to just over $400 million.
• In addition to bonds, the supplemental includes $68 million from the Common School Construction account
• So this graph focuses on bonds and shows how the supplemental budget builds off of the larger biennial
• In fact, our bonding capacity on a 20-year payoff is less than one modernization grant.

Bills: SB6003

Committee: Senate Ways & Means

Keywords: capital budget, funding, infrastructure, state projects, budget allocation

Transcript Highlights:

• Um, and there will be a bonding bill.
• And so since some of those bonding bill.
• The bonding bill is $700 million.
• That The bonding bill is $700 million.
• </c> very good basic uh bipartisan bonding very good basic uh bipartisan bonding bill<00:10:36.480><c

Transcript Highlights:

• Uh, bonded program.
• Um, we have a, actually a whole bond website that you can go to and see what our bond, who owns our bonds
• We buy a lot of school bonds, water system loans.
• Um, has the downgrading of New Mexico's bond rating affected NMFA's bond rating in any way?
• rating on state bonding rating.

Committee: House New Mexico Finance Authority Oversight Committee

Transcript Highlights:

• Uh, we, when we were created, we were given the authority to issue tax-exempt bonds.
• The investors in those bonds are willing to accept a lower yield on those bonds as they don't have to
• , 163 different bond issues that we've made, um.
• Uh, I mentioned earlier that the state is not liable for the debt or the bonds that we would issue.
• portion of the mortgage revenue bonds for the single family.

Committee: House Mortgage Finance Authority Act Oversight Committee

Transcript Highlights:

• And of those state funds, $1 million would be bonds and $500,000 would be restricted funds.
• </c> was federal and 1 million was in bond was federal and 1 million was in bond funds.
• We have one new bond issue report to present for the committee's approval.
• The bonds are a liability transaction.
• Uh they were sold 27 Corporation bonds.

Summary: The committee first handled routine business, including approval of the June meeting minutes and receipt of several correspondence and information reports. Those reports covered quarterly capital project status updates from state agencies and postsecondary institutions, lease modifications, asset preservation projects, school district debt issuances, and Kentucky Communications Network Authority budget history materials. Members also raised questions about a long-open stream mitigation account and were told the funds are fee-in-lieu stream mitigation monies administered through Fish and Wildlife, with staff promising to follow up on the specific project. The committee then reviewed and approved several capital project actions. These included a new Camp Oralis dining hall project for the Department of Fish and Wildlife Resources, explained as a reauthorization because the funding split changed to 64% federal and 36% agency funds; an appropriation increase for the Shelbyville armory addition due to higher construction costs and security requirements; and emergency repair projects for Fort Boonesboro flood remediation and the Kentucky State Police Supply Branch fire damage. Members also approved a tenant improvement fund request for parking garage safety improvements at the Mayo Underwood Building. The Office of Financial Management presented three Kentucky Infrastructure Authority items and one Cleaner Water Program reallocation. The loans included a Shepherdsville sewer/drainage project and two Auburn water and lead service line projects; the grant reallocation involved unused Cleaner Water Program funds, with staff emphasizing that all ARPA-funded cleaner water dollars must be spent by December 31, 2026 or returned. After discussion, the committee approved the package. The committee also approved six Economic Development Fund grants, and the Cabinet for Economic Development began presenting the first six KPDI projects, though the transcript cuts off before those project details were completed.

Transcript Highlights:

• We take out what's called lease revenue bonds, which are bonds that are repaid with the student rental
• Which are bonds that are repaid with the student rental rates.
• The last time we got a GEO bond was 2006.
• And then when it comes time for us to issue a bond, we projects.
• The last time we got a geo bond was 2006.

Summary: The Assembly Budget Subcommittee on Education Finance held an extended hearing focused primarily on University of California budget issues, enrollment, housing, and Title IX. Chair David Alvarez opened by noting the governor’s proposed 8% ongoing General Fund reduction to UC, the deferral of compact funding, and the College of the Law budget item, while emphasizing that no votes would be taken that day. Public commenters, including UC Davis employees and lecturers, urged restoration of UC funding and opposed the hiring freeze, saying cuts would worsen staffing shortages, reduce research capacity, and harm students and patients. On UC core operations, the Department of Finance said the governor’s budget maintains the compact but defers $240.8 million in ongoing support and continues a planned 7.95% reduction, while the LAO recommended rejecting the deferrals and instead making any changes in the budget year. UC San Diego’s chancellor and UC Office of the President argued the cuts and deferrals would create major campus shortfalls, force hiring freezes, larger class sizes, fewer course offerings, delayed projects, and possible layoffs. Committee members questioned whether cuts could be shifted away from students and toward administration, discussed UCOP reserves and bond debt, and noted that UC’s budget structure makes the campus-level impact larger than the headline reduction. The committee also reviewed enrollment trends and nonresident replacement. The LAO said UC resident enrollment has grown and recommended revisiting 2026-27 targets and pausing the nonresident replacement plan if state funding does not improve. UC said it has exceeded California undergraduate enrollment and nonresident replacement goals, but warned that continued growth without funding would force enrollment reductions and harm quality. Members discussed the role of nonresident and international students, tuition rates, and the value of UC as a pathway for California students and a source of talent for the state. A separate housing item covered the state’s Higher Education Student Housing Grant Program. UC reported that recent bond savings could support additional affordable beds at UC Davis and UC Santa Barbara, but the LAO and Finance noted the Legislature would need to decide how to use the $6.2 million in savings from the original projects. The committee also heard a Title IX update from UC’s systemwide civil rights office, which described campus Title IX structures, training, and policy enforcement, and said the system has been working to improve confidentiality guidance and streamline complaint processes after survey feedback showed confusion and lengthy procedures.

Transcript Highlights:

• , they are appropriation bonds.
• I think they have their own bonding authority.
• I think they have their own bonding authority.
• They don't have the ability to do revenue bonds.
• E, issue revenue bonds.

Summary: The meeting focused on finalizing recommendations from the Delaware Nuclear Energy Task Force, with most of the discussion centered on how the state should organize itself to evaluate and potentially pursue nuclear power. Public commenters strongly supported nuclear energy, emphasizing energy reliability, economic competitiveness, data center demand, and the need for Delaware to act quickly. Several speakers argued that Delaware is falling behind neighboring states and should not delay if it wants to attract developers and preserve access to federal tax incentives. Members then worked through revisions to the recommendations, especially the section on state actions moving forward. There was broad agreement that Delaware needs a clearly empowered leadership structure, but disagreement over the best form: a cabinet-level energy agency, an expanded existing agency such as DENREC, a dedicated coordinator, an expanded Sustainable Energy Utility, or a separate quasi-independent authority. Some members favored a nimble, one-off entity with bonding and financing authority; others cautioned against creating a new body outside state government and stressed the need for coordination with existing agencies, public oversight, and cost discipline. The group also discussed adding responsibilities such as site identification, public engagement, coordination with PJM and federal agencies, and financing tools, while removing or folding in items that seemed duplicative or too broad. The committee also revised earlier modules to broaden the focus from small modular reactors to nuclear power more generally, while keeping the task force’s original SMR work in view. Members agreed to keep recommendations on state and local regulatory readiness, financial mechanisms, permitting coordination, and public engagement, and to add a recommendation for Delaware to participate as an observer in the Advanced Nuclear First Mover Initiative through NASEO and NARUC. The committee approved the revised Module Four recommendations by vote, with one abstention from Tom Noyes. Minutes from the prior meeting were also approved with minor corrections.

Transcript Highlights:

• And that's what this bond will do.
• And so, colleagues, I know that bonds are always hard. It's always a negotiation.
• We urgently need this science and health research bond to protect our future and save lives.
• We urgently need science and health research bond to protect our future and save lives.
• And as I mentioned earlier, the bonds, similar to the budget, require...

Summary: The Assembly Appropriations Committee met on June 24, 2026, but initially lacked a quorum and began by hearing presentations only. SB 308 was presented as a bill to streamline fiscal reporting for California community colleges by combining two overlapping annual audit reports into one. SB 895, the California Science and Health Research Bond, drew extensive testimony from the authors and many supporters, who argued it would help offset federal research cuts, protect California’s science infrastructure, support jobs, and preserve life-saving research in areas such as cancer, HIV, Parkinson’s, ALS, climate resilience, and quantum computing. The bill was described as a bond measure that would require a three-party agreement and was sent to suspense. After quorum was established, the committee took up the consent and suspense calendars. Several bills were approved on consent, including SB 308 and a large group of other measures, while the suspense calendar was deemed approved, including SB 895 and other bills listed by the chair. Public comment on SB 895 continued for a long period, with many researchers, students, labor representatives, university officials, and patient advocates speaking in strong support and urging the bill be moved to the floor. The committee also heard SB 1350, which would expand green hydrogen by allowing renewable portfolio standard credits for certain hydrogen use in power generation; the author and supporters said it would help clean energy development, create jobs, and support projects like ARCHES and Element. Later, SB 1306 was presented to align California law with federal exemptions for certain chemical mixtures containing GBL used in semiconductor manufacturing research. The author and SEMI’s representative said the bill would reduce unnecessary regulatory burdens, avoid disrupting semiconductor supply chains, and not change rules for pure GBL. The bill passed out of committee on a roll call vote, with one no vote and one not voting. The hearing then adjourned.

Transcript Highlights:

• Very worried about the vagaries of the bond market, especially if you would have to issue multiple bonds
• Bonds carry high interest rates and are repaid by policyholders.
• The bill does away with bond debt as a tool in TWIA's toolbox.
• of those bonds is over a 10-year period.
• use the proceeds from the bonds to pay off the line of credit.

Bills: HB778 , HB 1266 , HB1576 , HB2213 , HB2517 , HB2518 , HB2841 , HB3306 , HB3320 , HB3388 , HB3508 , HB3520 , HB3689

Committee: House Insurance

Transcript Highlights:

• During fiscal year 2024, it issued nine series of bonds and notes totaling nearly $153 million.
• and outstanding obligations, would be moved under the BFA, which would be given authority to issue bonds
• During fiscal year 2024, it issued nine series of bonds and notes totaling nearly $153 million.
• and outstanding obligations, would be moved under the BFA, which would be given authority to issue bonds
• for hea uh authority to issue bonds for hea uh currently<00:05:25.639><c> providing</c><00:05:26.600

Committee: Senate Executive Departments and Administration

Transcript Highlights:

• a CID would have to wrap up after 40 years, but it would also have to wrap up five years after the bonds
• If there are existing bonds after the five-year period, then these CIDs would dissolve one year after
• the last bond is paid.
• The main issue in the litigation is the interpretation of calculating outstanding bonds, contractual
• That being said, it's bonded indebtedness, contractual obligations, and other indebtedness—that's the

Committee: House Revenue and Taxation

Transcript Highlights:

• Steps in the review process are only applicable to bonds secured through property taxes.
• that eliminates the requirements that are applicable to tax bonds.
• We're basically trying to allow these SUDs to actually use a revenue bond capability.
• And so the TCEQ process is geared more for taxing revenue bonds like property taxes.
• Instead, it would have the ability to issue bonds secured by district revenue.

Bills: HB1532 , HB2731 , HB3483 , HB4308 , HB4580 , HB4582 , HB5509 , HB5663

Committee: Senate Local Government

Summary: The committee heard and discussed several local-government-related bills, mostly with committee substitutes. House Bill 2731 would let certain border counties regulate roadside vendors selling live animals in unincorporated areas and along public rights-of-way; the substitute narrowed the bill to live animal sales only and excluded livestock and other roadside commerce. House Bill 3483 would streamline TCEQ review of special utility district revenue bonds by removing tax-bond requirements that do not apply to SUDs. House Bill 4308 would create a county industrial development district framework, limited in the substitute to certain counties including Fort Bend County, to help finance industrial sites and related infrastructure. House Bill 5663 would create a Wood County Hospital District memory-care-focused district with no taxing power, intended to help pursue grants and other funding for a new facility. House Bill 4582 addressed attainable housing in Dallas and Tarrant counties, allowing local reimbursement tools for developers under a uniform, optional framework. House Bill 5509 would let municipalities suspend or revoke a hotel’s certificate of occupancy if law enforcement and a criminal court both find probable cause of human trafficking, with the substitute adding due-process protections. House Bill 1532 created a Lake Houston dredging and maintenance district funded by revenue from dredged material sales and revenue bonds, with no taxing authority or eminent domain. House Bill 23, heard as pending business, would revise the process for local governments to rescind development documents and adjust third-party reviewer liability and eligibility rules. House Bill 4580, concerning property tax exemptions for charitable organizations such as the Houston Rodeo, was amended to remove language about exempting revenue from property use and instead focus on land used for agricultural, youth, and educational support. Public testimony was generally supportive on the bills heard, with witnesses including county officials, utility and water association representatives, hotel industry representatives, and housing developers. Several speakers emphasized the need for faster financing or permitting tools, flood mitigation, housing affordability, anti-trafficking enforcement, or local economic development. Some members raised concerns about scope, precedent, consultation with affected senators, and due process, particularly on House Bill 4582 and House Bill 5509, but the committee largely accepted the committee substitutes as improvements. No public testimony was offered on several bills, and most measures were left pending before later being voted out. The committee took recorded votes on multiple pending bills and reported them favorably, often with committee substitutes adopted in lieu of the filed versions. House Bills 1532, 2731, 3483, 5509, 5663, and 4580 were reported out, with 1532 and 5663 passing unanimously and 3483, 2731, and 5509 also receiving favorable votes despite one present-not-voting on 3483. House Bill 23 and House Bill 4582 were left pending subject to call of the chair. The committee then recessed until adjournment or later.