Transcript Highlights:

• It's a loan. The industry payday. It's a loan.
• And loan EWA and payday loan use.
• </c> loans to $100 and allows multiple loans loans to $100 and allows multiple loans a<01:10:42.000><
• Um, paying $50 a week in fees on their loans. Um, and I had to take out loans on loans.
• Um and I had to take out loans on loans.

Bills: HF2400 , HF1724 , HF3437 , HF4333 , HF2874 , HF4052

Committee: House Commerce Finance and Policy

Keywords: real estate, appraisers, disciplinary actions, sanction matrix, Minnesota Statutes, direct primary care, healthcare agreements, medical services, patient care, health insurance, mortgage fees, residential loans, commercial loans, finance regulations, investment properties, insurance, supplemental health insurance, short-term care, home health care, nursing care

Transcript Highlights:

• So allowing them to use longer-term TIFIA loans... increased costs.
• So does Sound Transit plan on doing a five-year deferment on this loan?
• So under the loans, they let you pay off all bondholders first.
• So TIFIA loan, Sound Transit currently can only borrow 33% of the project for a TIFIA loan.
• So TIFIA loan, Sound Transit currently can only borrow 33% of the project for a TIFIA loan.

Bills: SB6148

Committee: House Transportation

Keywords: regional transit authority, RTA, transit bonds, general obligation bonds, revenue bonds, bond maturity, debt limit, 25-year cap, regional mobility grant program, public transit financing, transportation funding, Washington RCW, bond issuance, municipal finance, infrastructure finance

Transcript Highlights:

• The details of the loan are that CalSTA is required to loan up to this $590 million amount to the Metropolitan
• It is a 12-year loan term with the first two-year loan... Program, or TIRCP.
• It is a loan, not a bailout. There have been needs identified.
• Why in particular are we doing it here specifically for this loan?
• Hence, the important aspect of this being a net-neutral loan.

Committee: House Budget

Transcript Highlights:

• </c> happens when a borrower um when a loan happens when a borrower um when a loan is<00:10:36.079><c
• And it could be something where um loan.
• </c> by and tack it on to the end of the loan by and tack it on to the end of the loan or<00:10:50.480
• ,</c><00:10:51.920><c> lower</c> or stretch it out over the loan, lower or stretch it out over the loan
• Mortgages are expensive loans to lose.

Bills: SF0114 , SF0102 , SF0117

Committee: House Corporations, Elections & Political Subdivisions

Transcript Highlights:

• But again, try to put the cost and saying it's, oh, it's a low-interest loan. It's still a loan.
• </c> for a loan. for a loan.
• But again, try to put the cost and saying it's, oh, it's a low-interest loan. It's still a loan.
• But again, try to put the cost and saying it's, oh, it's a low-interest loan. It's still a loan.
• Chair votes I, I vote I. ...it's, oh, it's a low-interest loan. It's still a loan.

Bills: HB1618

Committee: Senate Agriculture and Environment

Summary: The committees held a joint hearing on HB 1618 HD1, which would create and fund a cesspool conversion revolving loan fund administered by the Hawaii Green Infrastructure Authority to help homeowners upgrade, convert, or connect cesspools. Testimony was overwhelmingly in support from state agencies and advocacy groups, with witnesses emphasizing that cost is the main barrier to cesspool conversion and that recent Kona flooding underscored the public health and pollution risks of cesspools. One testifier suggested the fund should actively pursue outside funding sources, and another urged an effective date that would allow counties to contribute sooner. A member raised concerns about whether loans would be affordable and whether other financing tools, such as tax credits, should also be considered; another member opposed the bill as not adequately addressing district-level sewer and septic issues. The committees ultimately recommended passage with amendments, including changing the effective date to July 1, 2050, and the motion was adopted. The joint Judiciary and Ways and Means committees then considered HB 2592 on the Mauna Kea Stewardship and Oversight Authority. The chair outlined amendments to clarify that the authority would assume property and liability associated with transferred assets, preserve existing liability rules, transfer conditional use permits if not already transferred, allow lease extensions before transfer, and set reversion triggers if the authority fails to adopt a management plan by June 30, 2028, or administrative rules by December 31, 2029. Members asked about preserving the public trust and whether the amendments would keep the Board of Land and Natural Resources’ role intact; the chair confirmed the fee and board role would remain unchanged. The committees voted to pass the bill with amendments, and the recommendation was adopted. The committees also took up HB 2033, making further amendments to clarify the definition of state, delay certain effective dates, allow rental and U-Drive lessors to avoid liability by identifying renters, delete one section, and add administrative hearing language and bus-camera clarifications. HB 1888 was amended to expand protections for educational workers to include sports officials, define sports official, make intentional bodily harm a felony with enhanced penalties for repeat offenses, and authorize the attorney general to assist with restraining orders. Both measures were recommended for passage with amendments and adopted. Later, several bills were moved with little or no discussion: HB 1515, HB 1713, HB 1718, HB 2022, and HB 2385 were recommended for passage unamended; HB 2375 was deferred; and HB 1741 was amended to reflect Honolulu’s concerns, narrow study requirements, add exemptions and a delayed implementation date, and was recommended for passage with amendments. The committees adopted the recommendations on these measures, with some members noting reservations or prior opposition on certain bills.

Transcript Highlights:

• And ultimately, most of those are occurring as both a grant and a loan: 90% grant, 10% loan for all the
• It can't exceed more than 10% of the loan. On an equipment loan, it can be 100%.
• So we have Just a couple of loans.
• We've made 20 loans. We've made three loans from that over time, totaling about $12.5 million.
• We actually identified the Child Care Revolving Loan Fund because we'd only made one loan of $50,000,

Committee: House New Mexico Finance Authority Oversight Committee

Transcript Highlights:

• </c><00:08:46.320><c> debt</c> that supports student loan debt that supports student loan debt Counseling
• </c><00:26:35.279><c> repayment</c> it works like um other loan repayment it works like um other loan
• They um from... provides loan repayment for provides loan repayment for um<00:31:58.679><c> public</c
• So, the largest loan repayment program that we administer is the shortage loan repayment program.
• </c> program this program provides loan program this program provides loan repayment<00:47:15.720><c>

Committee: House Higher Education Finance and Policy

Transcript Highlights:

• Is this being thought of as a 0% loan or what kind of loan are we talking about? Talking about?
• For those who would have loans with interest associated with whatever loans they already took out.
• Be the entity paying the current loan regardless of the loan, if it's a private loan, a parent loan,
• a student loan, any kind of loan?
• We had combined one of our loans. We had a parent loan.

Transcript Highlights:

• And so it may be working with them to decrease the loan size, which then obviously decreases the loan
• the nature of those loans, is, I think, very commendable.
• , given the nature of those loans, right around 2%, which, given the nature of those loans, is, I think
• You do track loan activity by region or by county, right? Yes.
• , and we guarantee those loans.

Committee: Senate Rules

Transcript Highlights:

• Is it a loan?
• The payoff of that loan will end in June, and so we won't be pulling any money off of this loan until
• This loan, this specific $4.7 million, what are you using those loan proceeds for?
• The payoff of that loan will.
• This loan, this specific $4.7 million, what are you using those loan proceeds for?

Committee: All ALC-PEER

Summary: The committee met with a quorum, opened with a prayer recognizing the death of Reverend Jesse Jackson, and then worked through a series of appropriation and transfer requests. In Section B, it approved a $273,000 temporary appropriation for the Department of Labor and Licensing. In Section C, it approved two Infrastructure Investment and Jobs Act requests: $280 million for the Department of Transportation and $195 million for the State Broadband Office to support Arkansas BEAD broadband grants, including an extra help position. Members questioned the broadband awards, provider amendments, buildout timelines, accountability, and the status of unawarded locations; the broadband director said no provider had requested speed changes, awards would be monitored with milestone-based payments, and remaining locations would be addressed later as federal guidance is received. The committee also approved transfers in Section D, including $458,000 for the Department of Correction, $25 million for Department of Education programs such as declining enrollment and teacher incentive funding, and $229,000 for Shared Administrative Services project management support. In Section E, the committee considered a $4.7 million budget stabilization trust fund loan for the Office of State Technology to implement ServiceNow and related IT modernization, cybersecurity, and governance tools. Members pressed agency officials on repayment, cost savings, and whether the loan would simply roll over existing costs; officials said repayment would come through agency rates over a five-year period and that the new payment would be lower than the current loan being retired. The committee voted to give favorable advice to the Governor on the loan request. In Section F, the committee reviewed cash fund requests for wage and hour claims, unclaimed property, and a heritage grant; in Section G, it reviewed a $1.1 million federal grant to expand college and career coaching in rural districts; in Section H, it reviewed pay plan and performance fund requests totaling millions across multiple agencies; and in Section I, it reviewed budget manual formatting changes. The latter part of the meeting focused on reports, especially the Medicaid trust fund. DHS and DFA officials reported the fund balance had declined from prior years and was down to about $394 million after seven months, with further decline expected by year-end. Senators and representatives asked about the appropriate reserve level, the impact of pending Medicaid rules and legislation, FMAP changes, and whether additional funding would be needed in the upcoming budget. Officials said projections are updated regularly, more than 10 rule packages remain pending with CMS, and the governor and legislative leaders will discuss additional capital needs during budget development. Members also discussed the importance of balancing Medicaid spending with new federal funding and maintaining flexibility for critical areas such as labor and delivery. The committee then adjourned without further action on the reports.

Transcript Highlights:

• and the nurse loans?
• Most loan recipients continue to experience Payments on their loan.
• And how does that impact future loans? So it does mean that we're not getting the loans repaid.
• How does that impact future loans? So it does mean that we're not getting the loans repaid.
• So it does mean that we're not getting the loans repaid.

Transcript Highlights:

• The second loan, F25-00005S, in the amount of $4,432,924, will be a 20-year loan with a 1.25% interest
• The second loan, F25-00005S, in the amount of $4,432,924, will be a 20-year loan with a 1.25% interest
• </c> 4,432,924 and will be a 20-year loan 4,432,924 and will be a 20-year loan with<00:29:48.240><c>
• </c><00:29:54.559><c> for</c> was provided as two separate loans for was provided as two separate loans
• Both loans were treatment process.

Summary: The meeting began with routine business, including a quorum call, approval of the April minutes, and several informational reports. Those information items covered upcoming general obligation debt for Bullitt, Jefferson, and Warren counties; Kentucky Communications Network Authority updates tied to House Bill 6; Eastern Kentucky University asset preservation reallocations under House Bill 1; and School Facilities Construction Commission debt activity, including 20 prior debt issues totaling about $386 million with roughly 85% locally supported debt service and 15% SFCC participation. Members then discussed concerns about a Kentucky Communications Network Authority project, focusing on a reported discrepancy between an appropriation of $12.927 million and an apparent payment of about $8.532 million on a project with a cost estimate of $12.449 million. Several members asked for more detailed written information before the next Capital Projects meeting, noting that a lawsuit is pending and that they wanted to better understand the basis for the request and the spending to date. The committee also heard and unanimously approved a donor-funded Northern Kentucky University project to renovate tennis courts, with possible pickleball additions, after questions about why approval was needed, the project’s estimated $3 million cost, and its expected minimal ongoing operating costs. The committee next received Kentucky State University pool allocation reports for three projects: a $2 million McCullen Hall renovation, a $1.75 million walkway and miscellaneous repairs project, and a $2 million academic services building roof-and-window project. A member asked specifically about curb cuts and accessibility in the walkway project, and Kentucky State said existing curb cuts would be repaired and additional accessibility issues would be reviewed by engineers. The lease report from the Finance and Administration Cabinet included one lease modification requiring approval for the Attorney General’s office in Franklin County and one no-action modification for the Board of Cosmetology; the Attorney General lease was approved by roll call vote. Finally, the Kentucky Infrastructure Authority presented five loans and 37 grants, with action taken on the loan and grant items. The loans included a Hodgenville wastewater treatment plant increase, a Grant County sewer district treatment plant loan, a Mount Sterling dam rehabilitation loan, and two Morganfield drinking water loans for granular activated carbon treatment, one with full principal forgiveness. Members asked about the Morganfield project’s purpose and were told it was a remediation effort for a water-quality concern, and they also raised questions about engineering fees, which KIA said are compared against a U.S. Rural Development fee schedule that is industry accepted. The committee also reviewed cleaner water program grant reallocations from county allocation pools.

Transcript Highlights:

• </c> consequences of lingering student loan consequences of lingering student loan balances<00:02:01.640
• A certified student loan counselor assists them in gathering loan details and balances.
• </c><00:05:05.240><c> and</c> child or adult child student loans and child or adult child student loans
• For student loan funding, this is specifically for student loan repayment counseling.
• For student loan funding, this is specifically for student loan repayment counseling.

Committee: Senate Higher Education

Transcript Highlights:

• And then finally, on graduate student loans, Congress eliminated the Graduate PLUS Loan Program for new
• borrowers and changed annual and aggregate loan limits in the federal Direct Loan Program, depending
• Applying a 50% pro rata average to these loans means a loss of $97 million in loan borrowing annually
• Applying a 50% per ration average to these loans means a loss of $97 million in loan borrowing annually
• As such, we are not eligible for loans.

Summary: The committee first heard updates from the California State University on its turnaround plans for seven campuses with enrollment declines. CSU said overall enrollment has grown for three straight years, but some campuses—especially in Northern California—continue to face structural declines tied to demographics and community college pipelines. The system described campus-specific strategies such as outreach to stopped-out and adult learners, guaranteed admissions, partnerships with community colleges and high schools, expanded high-demand programs, and cost reductions including hiring freezes, program suspensions, and shared administrative services. The LAO said the plans were reasonable but urged regular reporting so the Legislature can track results. Committee members pressed CSU for ongoing implementation updates, stronger recruiting efforts, and safeguards around AI use; CSU said it would continue regular check-ins and share best practices across campuses. The second item focused on the Bureau for Private Postsecondary Education and its request for a $10 million General Fund appropriation to repay a special fund loan used for litigation costs. DCA and BPPE said the bureau has long had a structural deficit and has already cut positions, streamlined operations, and shifted some costs to the Student Tuition Recovery Fund, but still needs fee increases through the sunset review process. The LAO opposed the General Fund backfill, arguing the bureau can cover near-term costs with its loan, that litigation costs should generally be borne by regulated entities through fees, and that using General Fund money could set a precedent. Finance supported the one-time backfill as a way to avoid larger fee increases on institutions and to isolate the litigation expense from the bureau’s ongoing structural shortfall. Members asked how the bureau would avoid repeating the problem; BPPE said it has updated policies and practices, including disability accommodation procedures and non-discrimination training. The committee then reviewed Cal Grant funding and program updates from CSAC, UC, CSU, and the community colleges. CSAC said the Governor’s budget would increase Cal Grant funding to about $3.2 billion in 2026-27, driven by enrollment growth and higher tuition at UC and CSU, and highlighted efforts to improve payment processing and financial aid data. UC and CSU emphasized that Cal Grants are central to affordability and debt reduction, while also warning that federal changes under H.R. 1 could reduce access to loans and harm graduate and part-time students. Community colleges reported rising aid applications and awards, but said students still face major affordability barriers, especially mixed-status and undocumented students, and asked for more support for aid administration and completion grants. The chair repeatedly asked for data on eligible students who are not receiving Cal Grants and for a phased-in path to implement the Cal Grant Equity Framework; Finance said full implementation would cost hundreds of millions and the state is not currently in a position to fund it. Finally, the committee began discussion of the Middle Class Scholarship Program. CSAC said the program helps low- and middle-income students cover total cost of attendance, not just tuition, and warned that cutting funding by more than half would reduce award coverage from 35% to 17.5% of cost of attendance. CSU and UC said the program is important for reducing student debt and supporting affordability, and CSU noted recent administrative changes have reduced workload and award adjustments. The hearing continued into the next agenda item after these presentations.

Transcript Highlights:

• First, we are seeking to cap the loan amounts and a reduction in the match for the higher loans.
• The loan origination fee would be in addition to, and that is standard with all of the loan programs
• CDFIs do a lot of work to get applicants and loan applicants in shape for the loan, and there's also
• </c> loan to help cover expenses for loan loan to help cover expenses for loan servicing<00:26:52.399
• </c> the loan to help cover expenses for loan the loan to help cover expenses for loan servicing<00:27

Committee: Senate Jobs and Economic Development

Transcript Highlights:

• So does Sound Transit plan on doing a five-year deferment on this loan?
• So under the loans, they let you pay off all bondholders first.
• So TIFIA loan, Sound Transit currently can only borrow 33% of the project for a TIFIA loan.
• Did that help, Representative Zahn, related to the TIFIA loan? Yes, thank you.
• That concludes— for a TIFIA loan.

Summary: The committee heard testimony on Second Substitute Senate Bill 5690, which would require WSDOT to improve coordination with utilities on fish barrier removal projects and utility relocations, provide advance notice when feasible, and seek to maximize federal funding for relocation costs. Staff described the bill’s background, including the federal culvert injunction and WSDOT’s fish barrier work, and noted fiscal impacts tied to grant monitoring and possible revenue changes. Senator McEwen said the bill was narrowed from a prior version to reduce fiscal concerns and cited a district example where poor coordination allegedly wasted public and ratepayer funds. Utility representatives from PUDs testified in support, emphasizing better communication, advance notice for budgeting, and access to federal funds; no opposition was presented on this bill before the public hearing was closed. The committee also heard Senate Bill 6148, which would extend the maximum term for regional transit authority bonds from 40 years to 75 years and remove eligibility for regional mobility grant funds if an RTA uses bonds longer than 40 years. Staff and committee fiscal discussion focused on how longer terms reduce annual debt service but increase total interest paid over time, with examples comparing 25-, 40-, 50-, and 75-year bonds. Supporters, including Sound Transit board members, local officials, labor, and transit advocates, argued the bill would give Sound Transit flexibility to manage inflation, preserve project schedules, and align financing with long-lived infrastructure and the federal TIFIA loan program. Opponents argued the bill would increase long-term costs, shift burdens to future generations, and is premature because Sound Transit is still revising its plan and already has substantial cash and bonding capacity. The hearing ended after questions about debt safeguards, refinancing, and how the proposed authority would interact with TIFIA loans.

Transcript Highlights:

• made pursuant to a for paying off a loan made pursuant to a loan<00:02:55.120><c> agreement</c><00:02
• </c> forgivable loan totaling $250 million. forgivable loan totaling $250 million.
• There are all types of the loan.
• </c> into default relative to the loan into default relative to the loan agreement.<00:08:08.080><c>
• </c> they are measured annually when the loan they are measured annually when the loan payments<00:09

Summary: The committee met with a quorum to hear a recap of the 2021 special session legislation, Senate Bill 5, and then receive testimony from the Secretary of Economic Development on the Blue Oval SK project and related economic development issues. Staff explained that Senate Bill 5 appropriated five amounts from the budget reserve trust fund for a project tied to a minimum $2 billion investment: $350 million for forgivable loans through the Kentucky Economic Development Finance Authority, $10,639,600 to pay off a Hardin County loan tied to 47 tracts of property, $20 million for Bluegrass State Skills Corporation training grants, $5 million for KCTCS training grants, and $25 million for a KCTCS on-site training center. Staff also noted there were no job-related requirements in the bill itself. The secretary said the Blue Oval SK incentive was structured as a $250 million forgivable loan rather than the state’s usual pay-as-you-go incentives, with clawback provisions tied to jobs, wages, investment, and changes in ownership or operations. He said the project had already exceeded the $2 billion investment threshold, that corporate guarantees were required from SK On and Ford, and that the agreement’s compliance period begins in December 2026 with payments starting in March 2027 and running through 2038. He said the state’s goal after the joint venture dissolution was to protect taxpayers, support affected workers, and preserve future job creation, while also ensuring the money would be repaid if performance targets are not met. Members asked about the workforce impact, the training programs, and whether the jobs targets would be revised. The secretary said the project had about 1,850 workers at the site, with both production and salaried employees affected, and described state-led job fairs, a job portal, and other rapid-response efforts to help displaced workers find new jobs or training. He said Ford had agreed to continue discussions, invest an additional $2 billion in the site for energy storage solutions, and pursue roughly 2,100 new jobs, while the state sought to keep the company accountable for the full repayment obligation if jobs are not created. One senator raised broader concerns about mega-projects displacing small businesses and creating infrastructure burdens in surrounding communities.

Transcript Highlights:

• That would go towards down payment or closing costs, and it is considered a loan.
• week for 10 years, their loan is forgiven.
• So then if the loan is forgiven, Madam Chair, then if the loan is forgiven, that doesn't—the anti-donation
• If they're staying for 10 years, the loan is forgiven.
• So then if the loan is forgiven, Madam Chair, then if the loan is forgiven, that doesn't, the anti-donation

Committee: House House Government, Elections & Indian Affairs

Transcript Highlights:

• an expenditure for which loan proceeds were used, to provide that the executed loan agreement will obligate
• <00:06:40.160><c> Fund,</c> Loan Fund, Loan Fund, to<00:06:41.320><c> require</c> to require to require
• executed loan to provide that the executed loan agreement<00:07:00.040><c> will</c><00:07:00.200><c>
• </c><00:07:48.880><c> proceeds</c> of expenditure for which loan proceeds of expenditure for which loan
• </c> stand up an emergency revolving loan stand up an emergency revolving loan program<00:16:33.640><

Transcript Highlights:

• We make loans from that, and then after the loans are made, we package them up and reimburse them in
• We've loaned, as I said, we have about $1.8 billion in loans outstanding for about 1,200 borrowers, but
• So we do loan grants.
• It allows us to work with banks, credit unions, and savings and loans to provide internal loan loss reserves
• We've made loans over $280,000 to over $280 million in loans from our Housing Opportunity Fund.

Committee: House House Rural Development, Land Grants And Cultural Affairs