Transcript Highlights:

• There is clear risk allocation and clear, enforceable operating standards.
• There is clear risk allocation and clear, enforceable operating standards.
• Cardwell, please continue with the two pool allocations. >> Will do, thank you.
• funded from the county allocation pool. funded from the county allocation pool.
• bonds on June 8th and 9th. bonds on June 8th and 9th.

Keywords: 0:00:01 Call to Order and Roll Call 0:00:54 Approval of Minutes 0:01:08 Information Items 0:03:18 Postsecondary Institutions - UK 0:18:10 Finance and Administration Cabinet 0:30:13 KY Infrastructure Authority 0:37:30 Cabinet for Economic Development 0:52:11 Office of Financial Management 0:59:20 Remaining 2026 Mtg Dates 1:00:49 Adjournment, 958, all

Summary: The committee first approved the April 27 minutes and then received several informational reports, including University of Kentucky medical equipment purchases, UK’s use of $200 million in Ever funds for a public-private partnership, school district debt issuances, UK’s planned use of construction manager-at-risk delivery on five projects, Kentucky Communications Network Authority capital projects under House Bill 6, and 14 UK lease improvements. Members were told the House Bill 6 item was also being discussed in the Information Technology Oversight Committee and could return later if needed. The main action item was University of Kentucky’s request to approve a $600 million public-private partnership for central plants and utility infrastructure tied to the Chandler expansion. UK said it would shift $200 million from previously authorized restricted funds into the P3, leaving the project financed through private equity and nonprofit debt with no UK or Commonwealth debt. UK representatives said the project is necessary to support 24/7 hospital operations, expand and modernize utility systems, improve redundancy and efficiency, and reduce long-term operating risk. Members asked about the source of the availability payments, which UK said would come from UK Healthcare revenues, and the committee approved the P3 agreement unanimously. The committee also approved a UK lease renewal for a 20,000-square-foot College of Medicine annex near the Bowling Green Medical Center. UK said the lease costs $38 per square foot, or $912,000 annually, and supports medical education expansion in the region, including growth from 120 to 160 students over four years. Members voiced support for the local impact, and the lease passed unanimously. Later, the committee approved a Transportation Cabinet aviation project for two medium box hangars at Capital City Airport, funded by $1,153,000 in federal money and $950,000 from the Aviation Economic Development Fund, which is supported by a 6% jet fuel tax with a $1 million annual cap per company. Members asked about the fund balance, the cap, and airport revenue sources, and staff said the airport also receives entitlement and federal infrastructure funds and earns revenue from hangar rent and fuel sales. The committee then approved two Finance and Administration Cabinet pool projects: a roof and skylight replacement at the Libraries and Archives building and exterior repairs at several state buildings. Finally, the committee approved six Kentucky Infrastructure Authority action items after hearing about one loan increase for the Springfield Wastewater Treatment Plant and five grant reallocations tied to Cleaner Water Program and county allocation pool funds. Members asked why one project approved in 2024 was only now increasing, and KIA explained that design, water division review, environmental review, and bidding can take one to two years. KIA also reported additional no-action items, including a Brandenburg water grant split among two projects and 17 Kentucky Waters projects provided for information. The meeting ended with approval of the action items and no further action on the informational grants.

Transcript Highlights:

• exempt, so we get a lower rate on those bonds.
• It's just, you know, the timing of selling those bonds.
• So we get a lower rate on those bonds.
• It's just, you know, the timing of selling those bonds.
• So it wasn't that the money was allocated just to allocate it, but the projects were definitely—the strength

Summary: The committee met as the Regulatory Division budget section and first reviewed the North Dakota Housing Finance Agency’s budget and program update. Legislative Council outlined the agency’s base budget and historical funding, and Housing Finance staff reported on homeownership lending, housing incentive fund (HIF) awards, and homeless grant spending. Agency officials said the five new FTEs approved last session are mostly filled, with one homeless program manager still open. They described strong demand for HIF, noting that September 2025 multifamily requests exceeded $73 million while only $25 million was available, and that single-family and homeless programs are also heavily subscribed. Members discussed the agency’s local loan servicing workload, interest-rate benefits, down payment assistance, and the need to coordinate housing discussions with Commerce and site-preparation efforts. The agency asked that HIF, single-family, and homeless funding be maintained or increased, and committee members emphasized accountability and statewide access for homeless prevention and rapid rehousing funds. The Department of Mineral Resources then presented its budget and agency initiatives. Staff reported that the department is on track financially, that most of the five new reclamation-related FTEs are hired, and that litigation costs tied to oil and gas matters are expected to continue appearing late in the biennium. The director reviewed ongoing modernization and organizational efforts, including the North Star IT project, succession planning, training, and rulemaking for oil and gas and critical minerals. Members asked about longer laterals, spacing, and production trends; the department said operators are increasingly drilling three-, four-, and even an initial five-mile lateral, which is helping keep North Dakota oil production relatively flat even as rig counts ease. The director also discussed oil price volatility tied to Middle East conflict, hedging practices among producers, gas capture remaining around 95%, and the likelihood that current production levels will stay near flat unless prices or geopolitical conditions change significantly. An update on the enhanced oil recovery grant program followed. The Industrial Commission’s grant administrator said the full $25 million appropriation was allocated in the fall to six projects, and because the oil and gas research fund also had carryover and biennial tax revenue, total awards reached about $45.1 million. The projects are expected to run two to four years, with meaningful results not likely until mid-2026 or later. Members questioned whether the public would have access to the research findings and how accountability would be maintained; staff said the grants are reimbursement-based, require regular status reports, and will culminate in public final reports. The committee also heard from the North Dakota Pipeline Authority, which updated members on natural gas transmission projects, especially WBI Energy’s proposed Bakken East pipeline. The authority said the project has advanced through a nonbinding and then binding open season, with WBI now securing survey permissions and moving through regulatory and landowner processes, while other related gas transmission projects near Minot and Epping are also in development.

Transcript Highlights:

• hopeful that we will see this uh bonding hopeful that we will see this uh bonding project<00:53:
• MMB last sold bonds for the months.
• So, it's a little bit like revenue bonds, but not because revenue bonds have a payment in place for them
• , but not because don't revenue bonds, but not because don't revenue bonds<01:06:46.559> have<
• bonds have a payment in place for them? bonds have a payment in place for them?

Keywords: 1187, senate, all

Transcript Highlights:

• We received the form of the ground lease and the infrastructure allocation and reciprocating easement
• and the uh infrastructure allocation and the uh infrastructure allocation reciprocating<00:51:04.359
• <00:51:28.480> financing Commercial financing and bond financing.
• We’re using bond counsel and bond underwriters to do such, so you need to get working on those financial
• We're using bond counsel and bond underwriters to do such, so you need to get working on those financial

Keywords: 912, senate, all

Summary: The committees considered a large number of Senate bills, with many measures advanced either unamended or with technical or substantive amendments. Early action included SB 88 and SB 11 SD1, both passed unamended, and SB 562 SD1 and SB 642 SD1, which were passed with amendments reflecting agency testimony. SB 1133 SD1 was amended to remove duplicative county requirements and clarify tax credit carry-forward eligibility, while SB 1569 SD1 on sports wagering was deferred. Later, SB 933 on nonprofit/federal funding support drew strong testimony from nonprofit and health advocates emphasizing the risk of federal funding freezes and the importance of protecting services such as early learning, domestic violence support, housing, and workforce supports; the committee recommended amendments to define eligible organizations, require reporting, and include the Judiciary. SB 934 and SB 935 were also amended, with SB 934 tying mass transit funding to Honolulu project milestones and SB 935 revising retirement-system language to change “fewer than five years” to “five or more years.” The committees then took up additional measures with targeted amendments. SB 1033 was amended to clarify that the bill applies to legal entities, not individuals, though members noted concerns about closely held family corporations and asked that the issue be reflected in the committee report. SB 1166, SB 1249, and SB 1256 were advanced with amendments or committee-report notes reflecting concerns from the Attorney General, Hawaii Cattlemen’s Council, and Hawaii Farmers Union United, respectively. SB 1432 and SB 137, both relating to electric utilities, were amended to require retention of covered employees after mergers or acquisitions and to direct the PUC to consider whether proposed transactions further state policy goals. SB 157 on antitrust was narrowed to focus on coordinator conduct in rental housing markets, SB 252 on invasive species received a defective effective date, and SB 336 on defense of state employers and employees passed unamended. SB 536 on the Hawaii Community Development Authority was deferred to a later hearing, and SB 1064 on medical cannabis was heavily amended to authorize cultivator licenses with limits on canopy size, license counts, physician fees, and a special-fund appropriation for enforcement. In the Ways and Means portion, the committee passed several bills unamended, including SB 19, SB 124, SB 264, SB 345, SB 422, and SB 741 and SB 747 later in the agenda. SB 361 was amended to remove references to the attorney general and delete an appropriation section, SB 438 was amended to redefine buffer zones and landfill-unit language, and SB 441 and SB 494 were amended to blank appropriations and, in SB 494, assign charter-school audit responsibility to the state auditor. SB 659 was substantially amended to promote local procurement, including county-level geographic preferences and higher thresholds for locally sourced purchases, and SB 732 was amended to adjust film tax credit provisions, including the streaming-platform definition and sunset-related language. SB 819 was amended to replace references to “educators” with “teachers.” Throughout, most measures were adopted without recorded opposition, though several members noted reservations on particular bills.

Transcript Highlights:

• This is reflected in the bond sale each year.
• that bond sale, right?
• , we can then move it to another allocation.
• You have to pay off the bonds to which it’s obligated.
• Obviously, through our annual plan, we allocate those dollars; they're fully allocated in each annual

Keywords: 965, house, all

Summary: The Ways and Means Committee held an informational hearing on the state capital outlay process, with Roger Husser and Matt Baker of the Division of Administration’s Office of Facilities Planning and Control (FPNC) presenting a detailed review of House Bill 2 and proposed improvements. They said FPNC administers about 54% of the bill, while other agencies administer the rest, and emphasized that the capital outlay program has improved significantly over the last few years, with project expenditures more than doubling due to better cash-flow management, staffing changes, and more efficient project administration. They also explained how the bill is structured by priorities, how the priority-one cash line of credit is capped and adjusted for construction inflation, and how the bill has grown into a much larger, longer-range plan than a true five-year program, especially on the non-state side. A major theme was that the bill contains too many dormant, legacy, and low-priority projects, which creates false expectations and ties up funding. Committee members pressed the presenters on culture change, third-party project management, staffing shortages, and the use of technology and statutory interpretation to speed projects without sacrificing compliance. Husser and Baker said they had reduced internal bureaucracy, used staff augmentation because of hiring difficulties, delegated smaller projects to agencies when appropriate, and improved cash-flow analysis so projects can move forward with less money up front. They also discussed overappropriations, dormant projects, and the need to reappropriate unused funds to projects that can actually spend them. The presenters offered several recommendations and considerations: limit the number and size of new projects, reduce scope creep, require more regular endorsement of long-running projects, consider caps on priority-five funding, impose time limits and reporting requirements on non-state grant projects, and possibly require non-state entities to escrow or otherwise demonstrate their match earlier. They also suggested bundling related projects together, expanding that approach beyond the current pilot, and improving transparency by showing full project funding history and the first year each project appeared in the bill. No votes were taken, and the meeting remained informational, with members generally supportive of the efficiency reforms while also raising concerns about false hope, dormant projects, and the need for clearer expectations and accountability.

Transcript Highlights:

• reallocation from the county allocation reallocation from the county allocation pool<00:31:55.360
• Center revenue bonds 2016 series A in Center revenue bonds 2016 series A in accordance<00:48:32.319><
• refunding of of an existing bond. refunding of of an existing bond.
• and then tendering bonds as well to try and get holders, investors of those bonds to tender them back
• and then tendering bonds as well to try and get holders, investors of those bonds to tender them back

Keywords: 00:02 Call to Order and Roll Call 00:45 Approval of Minutes 01:01 Information Items 06:25 Project Rpt from Postsecondary Institutions-KCTCS 10:50 Project Rpt from Finance and Admin Cabinet 18:08 Lease Rpt from Finance and Admin Cabinet 27:12 Rpt from OFM – KY Infrastructure Authority 33:56 Rpt from OFM – CED EDF Grants 47:20 Rpt from OFM – Office of Financial Mgmt 56:53 Adjournment, 958, all

Summary: The committee first handled routine business, including approval of the February meeting minutes and several information items. Those items covered university equipment purchases, school district and transportation-related debt issuances, Northern Kentucky University’s planned construction-manager/general-contractor delivery method for the medical examiner/crime lab relocation project, a lease-space advertisement, postsecondary asset preservation allocations, and lease-law compliance reports. Members then discussed the Northern Kentucky crime lab project in more detail; staff explained that the memorandum of agreement would cover the construction portion while the lease would cover operations, and members were told the project should move forward without procurement problems. The committee approved a Kentucky Community and Technical College System project to modify the fire academy maintenance building after the related dormitory project was set aside because of major cost overruns. KCTCS said the dormitory would be about $3 million over budget, so it would not be bid; instead, the maintenance building would be expanded to add showers and restroom/locker facilities, bringing that project from $2 million to about $3.2 million. The committee also approved a Transportation Cabinet project for the Hardin County I-65 southbound commercial motor vehicle station relocation, with members asking about the estimate, the lack of a direct prior example, and the fact that the loadometer equipment itself would be purchased separately and was not included in the construction estimate. Finance and Administration Cabinet lease items were then considered. The committee approved a Department of Public Advocacy lease in Christian County and a Transportation Cabinet vehicle regulation lease in Kenton County, both negotiated down from initial asking prices and both including utilities. Two lease modifications were reported without action: a Department of Revenue fit-up in Jefferson County and an expanded vehicle regulation lease in Adair County. Members also approved a package of Kentucky Infrastructure Authority items, including four loans and six Cleaner Water Program grant reallocations, covering sewer and water projects such as MSD’s Patty’s Run flood pumping station, Paducah-McCracken County’s wastewater treatment plant, Mount Washington’s lift station replacement, and Eminence’s wastewater plant expansion. Finally, the committee heard a batch of Kentucky Product Development Initiative economic development grants and approved the action items in one vote. The projects included due diligence and infrastructure work for industrial and site-development projects in multiple counties, with local match requirements and KEDFA approvals described for each. The committee also received three line-item water grants from House Bill 1 that required no action, and the meeting ended after the grant presentations and approvals.

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.
• portion of the mortgage revenue bonds for the single family.
• that we are going to receive on July 1 from the severance tax bond capacity.

Transcript Highlights:

• Right now, the agency has fully allocated all of the current housing infrastructure bonds.
• 00:35:27.119> essential infrastructure bonds are also essential infrastructure bonds are also
• We support Senate File 3839 and the allocation of $200 million for housing infrastructure bonds to move
• We support Senate File 3839 and the allocation of $200 million for housing infrastructure bonds to move
• <01:00:17.040> each uh by its 9.9 million allocation each uh by its 9.9 million allocation

Keywords: 1187, senate, all

Transcript Highlights:

• allocating the money there? allocating the money there?
• update on the bond market. update on the bond market.
• Um, this includes all state general obligation bonds, state appropriation bonds, other state agency bonds
• Um, this includes all state general obligation bonds, state appropriation bonds, other state agency bonds
• Um, this includes all state general obligation bonds, state appropriation bonds, other state agency bonds

Keywords: 1183, house

Transcript Highlights:

• We allocate money to Ruidoso's campus goes through the main campus, and then they disperse the allocation
• Where they used up all their IGE money that they received, and then they got a new allocation.
• From reality for the allocation of January. Yeah, so we're getting them out now.
• In the bonding IG, it usually includes more language regarding the bonds and the expenditures, but the
• When it was from the six months from the allocation, it took us so long to get the IGAs.

Transcript Highlights:

• I love special obligation bonds versus general obligation bonds.
• The language in there was worked on with our Council of Presidents in the higher ed bonding capital bond
• I think it's important to make a distinction between the '08 bond bill and this bond bill.
• I think it's important to make a distinction between the '08 bond bill and this bond bill.
• I think it's important to make a distinction between the '08 bond bill and this bond bill.

Keywords: 995, all

Summary: The committee heard testimony on the BRIGHT Act, a higher education capital bill that would use Fair Share surtax revenue to fund major repairs, modernization, and decarbonization projects across UMass, state universities, and community colleges. UMass leadership described a $4.8 billion deferred maintenance backlog, aging buildings, and the need to modernize facilities, improve accessibility, and reduce emissions. Administration officials said the bill would authorize $2.5 billion in capital funding, split roughly 50-50 between UMass and the rest of public higher education, plus additional targeted funding for housing planning, smaller modernization projects, campus master plans, and workforce skills grants. They emphasized that the financing structure is modeled on the Commonwealth Transportation Fund and would not raise student costs, while also supporting affordability through financial aid and free community college. Members raised questions about regional equity, the distribution of funds among the five UMass campuses and the 24 state university/community college campuses, project labor agreements, whether the bill would unlock private or federal matching funds, and how the system is preparing for AI and changing workforce needs. UMass officials said project selection is data-driven, based on deferred maintenance, safety, accessibility, sustainability, and programmatic needs, and that the flagship campus in Western Massachusetts would likely receive a large share because of its size and needs. They also said UMass Boston would receive its own share and would not be shortchanged by the Bayside project. On labor, they said PLAs are commonly used and they would follow existing board and building authority policies. On affordability, they said the university has shifted hundreds of millions into need-based aid and that the state’s recent support has helped keep tuition low for many students. DCAMM and higher education officials said the state’s public campuses account for a large share of state-owned building space and a disproportionate share of operational carbon emissions, making decarbonization a major driver of the bill. They said the legislation would allow larger, more comprehensive projects that can address deferred maintenance, energy efficiency, and program needs at the same time, while also making some projects shovel-ready through the Fair Share supplemental funding already appropriated. A later panel from the State Universities Council of Presidents argued the bill’s authorization is still too small to meet long-term needs and urged the committee to increase the bond cap and ensure a more equitable distribution among segments. No votes or final actions were taken in the portion of the meeting provided.

Transcript Highlights:

• In the local Senate bond initiatives.
• going to be funding legislative bond going to be funding legislative bond initiatives<00:44:10.440
• President, put in bond initiative, Mr.
• The<01:04:04.160> original<01:04:04.680> allocation The original allocation The original
• Maryland Academic Facilities Bonding Maryland Academic Facilities Bonding Authority.<01:16:54.280

Keywords: Senate streaming session for Tuesday, March 24, 2026, 960, senate, all

Summary: The Senate convened with 42 members present and a quorum, opened with an invocation by Pastor Jaylen Robinson, and recognized several guests and honorees. Early floor remarks included a welcome to students from Forest Oak Middle School, a young Senate shadow from Woodlawn High School, and guests from Charles H. Flowers High School. The chamber also noted a doctor of the day and announced that panoramic photos in the Senate lounge were available for order by March 27, with eye exams available in the State House. The main legislative business was Senate Bill 283, the President’s Maryland Consolidated Capital Bond Loan of 2026. The Senate Budget and Taxation Committee presented 291 amendments, described as funding priorities for jobs, infrastructure, and reliability while staying within debt affordability limits. The amendments covered school construction, natural resources, higher education, housing, Maryland Environmental Service, miscellaneous grants, local Senate bond initiatives, jails and detention centers, and pre-authorizations for fiscal 2028. Four amendments were separated for individual roll calls: 30, 35, 46, and 241, all of which were adopted. The remaining committee amendments were adopted without objection, and the favorable committee report as amended was then taken up. During debate on the capital budget amendments, one senator raised concerns about the bill and the difficulty of tracking the amendments on the electronic system, prompting discussion about technical issues and the availability of the documents on the website and in paper form. The chair said the committee had been working on the bill for months and urged the body to proceed. A question was raised about Amendment 264, which deauthorized a Willing Helper Society renovation project in Charles County; the chair explained the money had not been spent, was about to expire, and was repurposed to a Boys and Girls Club of Southern Maryland project to keep the funding in Charles County.

Transcript Highlights:

• We take a very active role in, because we are an allocator.
• We also have bond proceeds. We can do both pre-event bonding and post-event bonding.
• We do pre-event bonding. We issue a CAT bond. It's for a varying duration.
• When those bonds come to maturity, we pay off the bonds.
• We can go back and issue more bonds if we'd like to.

Summary: The Government Operations Subcommittee met with a quorum and began with member introductions and remarks from the chair emphasizing the committee’s focus on government efficiency, accountability, and oversight of executive branch agencies. Members shared their districts and backgrounds, with several noting hurricane recovery in their communities and a shared interest in reducing bureaucracy and improving service to Floridians. The committee’s only presentation was from Chris Spencer, Executive Director of the State Board of Administration, who gave an overview of the SBA’s governance structure, investment responsibilities, and divestment policies. He explained the SBA’s management of more than $257 billion in assets, including the Florida Retirement System, the Florida Hurricane Catastrophe Fund, and Florida PRIME, and reviewed the Protecting Florida’s Investments Act restrictions covering Northern Ireland, Cuba, Venezuela, Israel, Sudan, Iran, and China. He also described the implementation of HB 7071, including the required divestment from direct holdings in Chinese companies, and said the SBA had reduced its direct Chinese holdings from 33 companies totaling over $172 million to 13 companies totaling about $64 million, with completion expected ahead of the September 1, 2025 deadline. Members asked detailed questions about the Israel boycott list, Morningstar and MSCI, how the SBA gathers information, whether Cuba’s federal designation changes affect Florida law, how companies are removed from scrutinized lists, and whether divestment timing could affect returns. Spencer said the SBA uses public and paid research sources, gives companies a 90-day cure period in some cases, and brings list changes to the trustees for approval. He also explained that the China benchmark change is intended to reduce passive exposure while still allowing active investment decisions, and said the PFIA restrictions have had a modestly positive overall effect on pension performance. The chair also asked about the Florida Retirement System funded ratio and the CAT Fund’s capacity; Spencer said the pension fund is at 80.7% funded, that actuarial assumptions are reviewed regularly, and that the CAT Fund currently has more than $10.5 billion in liquid claims-paying capacity and is expected to remain well positioned for hurricane losses. No votes were taken, and the meeting adjourned after the presentation and questions.

Transcript Highlights:

• The 2025 bonding bill appropriated $31 million in general obligation bonds for this program, with $11
• The funding provided in the bonding bill last year has all been allocated and, as of October 2025, requests
• million in state bridge bonds. million in state bridge bonds.
• are set by council policy to allocate are set by council policy to allocate funds.<01:15:47.920>
• ,<01:16:07.040> but so it's a independent allocation, but so it's a independent allocation

Keywords: 1183, house

Transcript Highlights:

• taxpayer funds at risk since the bonds taxpayer funds at risk since the bonds are<00:40:55.599><
• So we allocated all the U bond cap capacity until 2028.
• It's in, we actually allocated it already. So until 2028, bond cap capacity already.
• Chair also notes that the special revenue bond has been allocated for housing until 2028.
• > allocated<01:17:22.640> for has been allocated on um allocated for has been allocated

Keywords: 910, house, all

Summary: The joint hearing covered several bills focused on economic development, tourism, business climate, and related policy areas. On HB 1943, which would support a DBEDT office in Korea, DBEDT and the Retail Merchants of Hawaii testified in support, emphasizing Korea’s importance as a market for investment, trade, and tourism and the value of helping small and midsize Hawaii businesses access Asian markets. A later witness also tied the proposal to broader free-trade and APEC-related goals. The committees heard no opposition on that measure. The committees then heard HB 1612 and HB 1614, both supported by multiple organizations and agencies. Testimony for HB 1612 stressed Hawaii’s weak business climate and the need for policies that improve economic growth and competitiveness; the Hulamua Collaborative cited survey results showing only 19% of respondents viewed Hawaii as a good place to do business. HB 1614 also drew support, with HTC saying its focus is on economic growth. For HB 1968 and HB 1967, the Office of Planning and Sustainable Development, the University of Hawaii, the Chamber of Commerce, and Hulamua Collaborative largely stood on written testimony in support; the hearing notes reported nine supporters and one opponent on HB 1968, and seven supporters with one comment on HB 1967. A substantial portion of the hearing focused on HB 1589, a bill to create dementia training and recognition for businesses. Testifiers included a private citizen sharing a personal family story, the Alzheimer’s Association, and DBEDT. Supporters said the measure would help families affected by dementia, reduce stigma, and make businesses more dementia-friendly. DBEDT said the issue would be better handled by an agency with dementia expertise, while the Alzheimer’s Association said it could provide training at no cost and suggested amendments to shift implementation toward the Executive Office on Aging and to use the term “dementia business champion.” The final major topic was HB 1608, involving a space-related project and financing. Phoenix Space testified that the bill would help launch responsive space access operations at Hilo International Airport, create local jobs, and support partnerships with Hawaii institutions, while another supporter said the project could diversify the economy. A committee member raised a timing concern, noting bond cap capacity was already allocated through 2028, and the witness said they were willing to work on a solution. The hearing also included HB 1850 on capital gains taxation, where supporters argued the bill would make the tax system fairer by increasing taxes on investment income, while the Chamber of Commerce opposed it. No votes or final committee actions were taken during the hearing.

Transcript Highlights:

• And then Highway 85, which is a bond of $155 million.
• able to the bond payment, which we'll get into further.
• Section 5 authorizes the bonding for Highway 85 of $155 million.
• of $55 million and $55 million of the bond.
• Because it's allocated that in percentage. Mr.

Keywords: 908, all

Summary: The committee met to consider Senate Bill 2012, the Department of Transportation budget, with Representative Brandenburg presenting a detailed House amendment package and Speaker Robin Weisz explaining the overall funding strategy. The discussion focused on restructuring transportation funding streams, including moving Prairie Dog money into a flexible transportation fund, adjusting gas tax distributions, increasing the legacy earnings transfer from 7% to 8%, and authorizing a $155 million bond for Highway 85. Members also discussed DOT operations, bridge funding, rest areas, electronic titling, and the use of funds for grants to counties, cities, and townships. A separate provision would let the DOT consider whether local ordinances or policies unreasonably restrict permitted agriculture or energy projects when scoring grant applications, which drew significant debate about local control and whether the language was punitive. Testimony from Brandenburg and Weisz emphasized that the plan was intended to provide more predictable funding, preserve the ability to match federal dollars, and direct money where needs are greatest through a grant process. Weisz said the package was designed to simplify multiple revenue buckets, ensure DOT can meet federal match requirements, and free up money for the general fund while still supporting transportation needs. Several members raised concerns about whether cities, counties, and townships would receive as much as under the prior Prairie Dog structure, whether the bridge allocation was correctly reflected in the bill, and whether the local-policy language would penalize subdivisions that oppose energy projects. Supporters argued the state needed to protect revenue tied to energy development and that local governments would still receive distributions plus additional grant opportunities. The committee adopted the House amendment to SB 2012 by a vote of 19-1-3, then rejected an amendment to remove the local-policy language on a 5-15-3 vote. The committee then passed SB 2012 as amended on a 20-0-3 vote, with Representative Brandenburg designated as the carrier. The chair announced that Senate Bill 2014 would not be taken up at that time and the committee recessed until called back.

Transcript Highlights:

• these bonds, to review how good of these bonds, to review how good of stewards<00:00:53.840> we
• sold<00:33:07.279> on<00:33:07.519> a bond issue is being sold on a bond issue
• asked for your approval of this bond asked for your approval of this bond issuance. weather.<00:
• And we did ask bond council on this one.
• facility construction commission bonds. facility construction commission bonds.

Keywords: 00:01 Call to Order and Roll Call 01:49 Approval of Minutes 02:06 Information Items 03:48 Project Rpt from Finance and Admin Cabinet 14:38 Lease Rpt from Finance and Admin Cabinet 18:50 OFM – Ky Infrastructure Authority 26:40 OFM – Cabinet for Economic Development 31:50 Office of Financial Management 40:40 Remaining 2025 Meeting Dates 41:25 Adjournment, 958, all

Summary: The meeting opened with prayer and a quorum call, then the committee approved the prior meeting minutes. Staff reported several informational items, including University of Kentucky medical and research equipment purchases, school district debt issues, leasehold improvements, and Kentucky Community and Technical College System bond allocations. The committee then approved a line-item appropriation increase of $350,000 in federal funds for the Department of Fish and Wildlife Resources’ Cumberland Forest Conservation Program, along with two Department of Military Affairs projects: the Ashland Readiness Center window replacement and the MATES HVAC replacement at Fort Knox. It also approved four larger maintenance-pool projects without further action: HVAC and smoke evacuation work at the Kentucky State Penitentiary, HVAC and hot water tank replacements at Oakwood, a Green Bank energy-savings performance project across state facilities, and roof replacement at Lake Barkley Lodge. Members asked about the prison project, the roof procurement process, and whether minority-owned firms receive special bidding preference; staff said capital projects are awarded through open low-bid procurement with qualification and warranty requirements, and that minority participation is preferred but not a bidding criterion. Two lease modifications were approved for Franklin County agencies: an expansion and renovation for the Auditor of Public Accounts and a downsizing and renovation for the Kentucky Workers Compensation Funding Commission. The committee also approved Kentucky Infrastructure Authority items, including a Monticello sewer loan, several Cleaner Water Program grants and reallocations, and a House Bill 1 water grant that required no action. Members questioned engineering costs and were told the KIA board reviews technical details and anomalies before approval. Finally, the committee approved six economic development grants: one EDF grant for V Simple in Jefferson County and five KPDI EDF grants for projects in Breckinridge, Erlanger, Todd, and Washington counties. The last action item was approval of Western Kentucky University’s up-to-$10 million general receipts revenue bond issue for athletic facilities. An informational Kentucky Housing Corporation multifamily bond item prompted concern from members about rising per-unit costs for affordable housing, and they requested further explanation from the housing corporation at a future meeting.

Transcript Highlights:

• General obligation bond debt service.
• FAA to estimate debt service on commercial paper and bonds.
• And that concludes General Obligation Bond Debt Service. Members, any questions?
• You're not having to allocate that fund.
• You're just having to allocate the authority for us to. to collect it if it becomes necessary.

Keywords: 1184, house, all

Transcript Highlights:

• You do a lot of bonds, and bonds took a bath in 2022, long bonds in particular, because the federal funds
• It goes to paying off our bond funds.
• It goes to paying off the bond obligation.
• So your last bond, your statute, or the bond ends in—if we did in 2029, 2031?
• They have been allocated that money.

Summary: The Senate Finance Committee heard budget presentations for the Texas Historical Commission, the Pension Review Board, the Employees Retirement System (ERS), Social Security and benefit replacement pay, the Texas Emergency Services Retirement System (TESSRS), and the Cancer Prevention and Research Institute of Texas (CPRIT). The Legislative Budget Board outlined recommendations and major changes for each agency, including reductions tied to one-time projects at the Historical Commission, continued funding for courthouse grants, heritage trails, and Holocaust/genocide education, as well as new or modified riders and capital items. For the pension-related items, LBB described funding changes for PRB, ERS, Social Security, and TESSRS, including ERS health plan cost growth driven largely by pharmacy costs, the status of pension funding reforms, and TESSRS’s request for additional state support to address its unfunded liability and staffing needs. Members asked extensive questions about the Historical Commission’s one-time funding, unexpended balance authority, courthouse preservation, the Presidio La Bahia and National Museum of the Pacific War projects, and coordination of Texas history messaging across sites such as the Alamo, San Jacinto, Washington on the Brazos, and other heritage locations. The Historical Commission chair emphasized heritage tourism, economic development, and the need for continued investment in historic sites, staffing, IT modernization, and vehicles. On the pension items, senators discussed PRB oversight of local systems, including the Dallas police and fire pension situation, and ERS investment returns, benchmark comparisons, and rising health costs. ERS officials said the plan remains well funded overall, noted a 2021 cash balance reform and a planned supplemental legacy payment, and explained that GLP-1 drugs such as Ozempic and Mounjaro are a major driver of pharmacy spending; they also said the agency is working with the Texas Pharmacy Initiative and that rebates are contractually returned to ERS. For TESSRS, LBB and agency staff said the system serves volunteer and part-paid emergency personnel, is facing an infinite amortization period, and is requesting additional appropriations, staffing, and IT funding, along with a statutory change to allow an actuarially determined state contribution. The agency said it may otherwise need to cut benefits for volunteer firefighters. For CPRIT, LBB reported about $600 million in recommended funding for the biennium and a 10-FTE increase, while the agency described its $6 billion voter-approved program, $3.75 billion in grants awarded to date, and $10.4 million in revenue sharing since 2011. CPRIT’s only exceptional item was a request for a 10% salary increase for two exempt positions. No committee votes or formal actions were taken in the transcript.

Transcript Highlights:

• Cardwell, please continue with the two pool allocations. Will do, thank you.
• Cardwell, please continue with the two pool allocations. Will do, thank you.
• Corporation multi-family conduit bond Corporation multi-family conduit bond uh<00:26:55.840>
• The bonds will be for $5.5 million.
• The bonds will be The<00:27:02.320> bonds<00:27:02.640> will<00:27:02.760> be<00

Keywords: The live stream ended prematurely due to a network issue. A full recording will be uploaded as soon as possible, 958, all

Summary: The committee first discussed and approved a new airport-related project involving two 60-by-80 corporate hangars. Members asked about how the project would generate revenue, and staff explained that hangar rent and fuel sales would help repay the costs, with more than half of the funding coming from the FAA. The project was approved by roll call vote. The committee then approved two large capital pool projects: a $1,715,120 roof replacement and skylight project for the Libraries and Archives building in Frankfort, and a $2,105,400 exterior renovation project for several state buildings, including Health and Family Services, the Kentucky History Center, and the State Office Building. After that, the Kentucky Infrastructure Authority presented one loan increase and five grant reallocations. The loan increase was for Springfield’s wastewater treatment plant project, rising by $262,300 to just over $2.88 million because bids came in higher than estimated. Members asked about the delay between approval and bidding, and staff explained the design, environmental review, and state approval process can take one to two years. The committee approved the six action items, and then received informational updates on additional water projects that required no action. The Cabinet for Economic Development next presented one forgivable loan and 11 KPDI/KPDI EDF grant projects. The loan was a $1 million forgivable loan for the Perry County Economic Development Board to acquire the Coalfields Industrial Building, with repayment forgivable if a project creates at least 75 jobs. The grant projects included site-readiness and industrial development work in Pendleton, Elizabethtown/Hardin, McCreary, Floyd, Marion, Fleming, Graves, Eddyville/Lyon, Caldwell, Mercer, and Johnson counties. Members asked how local match percentages are set and were told they are based on county population and updated every two years; staff also explained that beneficiaries usually provide the match and are reimbursed after submitting costs. The committee approved the action items. Finally, the Office of Financial Management presented two new debt issues and three SFCC debt issues. The new debt items were a Kentucky Housing Corporation bond authorization of up to $600 million for single-family mortgage revenue bonds, including a $100 million initial transaction, and a $5.5 million multifamily conduit bond for 98 apartments in Lexington. Informational items covered University of Kentucky refunding bonds and Turnpike Authority refunding bonds, both of which produced savings. The three SFCC debt issues for Campbell, Edmonson, and Perry counties were then approved by roll call vote. The meeting ended with brief discussion of the upcoming calendar and scheduling before adjournment.