Transcript Highlights:

• or bond obligations that they may have.
• Or bond obligations that they may have.
• For them to not default on some of these loans or some of these bonds.
• You know, of bonds.
• We do know that it's going to have an impact on our bonds.

Keywords: 999, senate, all

Transcript Highlights:

• You know, how many of our residents own stocks and bonds, municipal bonds, or, you know, this is projected
• You know how many of our residents own stocks and bonds, municipal bonds, or, you know, this is projected
• The bonding companies.
• <01:19:49.920> company's portfolio that that bonding company's portfolio that that bonding
• Even bond strategies have not been immune, since investing in Treasury bonds would have still seen a

Keywords: 928, house, all

Summary: The House Commerce Committee opened a public hearing on House Bill 310, sponsored by Representative Keith Ammon, which would create a study commission to develop a legal framework for stable tokens and tokenized real-world assets. Ammon described stable tokens as blockchain-based digital tokens backed by U.S. dollars or treasuries, and tokenized real-world assets as representations of ownership in items such as gold, real estate, or artwork. He said the bill is intended to help New Hampshire get ahead of emerging financial markets while waiting to see how federal legislation develops. Committee members asked about the purpose of the bill, the difference between this proposal and Bitcoin, whether state regulation could be preempted by federal law, and whether the commission could be balanced and avoid becoming a vehicle for fraud or money laundering. Ammon said the proposal is blockchain-agnostic, could apply to multiple networks, and is meant to regulate asset-backed tokens rather than create a state-issued coin. He emphasized that the state would not be guaranteeing the underlying assets, but would set rules requiring audits, proof of reserves, and honest representation of backing, with the Secretary of State’s securities office involved in oversight. Several members raised concerns about the risks of stablecoins, including money laundering, tax evasion, and possible harm to the dollar or confusion about whether the state was endorsing a new currency. Ammon responded that the bill would not undermine the dollar and argued that tokenization could actually expand demand for U.S. currency by making it easier to use globally. He also said the state would not be in the business of weighing assets or directly valuing them, only ensuring a valid audit trail and one-to-one backing. The discussion ended with general agreement that the subject is complex and that a commission could help develop future legislation, but no vote or final action was taken in the hearing.

Transcript Highlights:

• The district had to bond for the other $16 million, and that is why we're here.
• We had originally came to both the House and the Senate for some bonding, and we fully understand that
• The district had to bond for the other $16 million, and that is why we're here.
• The district had to bond for the other $16 million, and that is why we're here.
• We had originally came to both the House and the Senate for some bonding, and we fully understand that

Keywords: 1187, senate, all

Transcript Highlights:

• When we did the last reform, we actually were bonded for quite a bit of money, and we're still paying
• those bonds.
• Cities across Arizona bonded $1.84 billion to pay off their debt.
• They bonded at 2% to 2.5%. So basically, they save the taxpayers that difference there.
• The original bill, which I was not involved in a couple years ago, allocated $2 million to DPS.

Bills: SB1041, SB1050, SB1131, SB1138, SB1249, SB1267, SB1272, SB1317, SB1461, SB1488, SB1504, SB1517, SB1523, SB1580, SB1582, SB1584, SB1585, SB1602, SB1630, SB1654, SB1672, SB1673, SB1718, SB1761, SB1819, SB1826, SB1827

Keywords: electronic monitoring, nursing care, assisted living, resident rights, privacy, consent, surveillance, veterans, lifetime pass, state parks, Arizona, access, disabled veterans, cardiac arrest, defibrillators, school safety, emergency response, CPR training, Arizona education funding, automated license plate readers

Summary: The committee first considered Senate Bill 1630, which would direct AHCCCS to seek federal approval for a home- and community-based services program for adults determined to be seriously mentally ill, with quarterly implementation updates, stakeholder input, and a cap on enrollment. The sponsor and advocates from Arizona Mad Moms argued the bill would create an assisted-living-style Medicaid option for the most disabled SMI individuals, improve continuity of care, and reduce state general fund costs by shifting some expenses to federal Medicaid funding. Access testified neutral, estimating a total fiscal impact of $27.7 million, including $5.83 million general fund, and explained the need for CMS approval. The committee adopted an amendment reducing the initial cap to 250 members, changing reporting frequency, and adjusting eligibility and expansion conditions, then passed SB 1630 as amended on a 10-0 vote. The committee next heard Senate Bill 1131, which originally required school districts and charter schools to adopt cardiac emergency response plans and appropriated $1 million for implementation. An amendment replaced the mandate with a reporting requirement on AED counts, CPR/AED-trained staff, and whether schools have a plan, while keeping a grant component for AEDs and prioritizing rural schools. The American Heart Association supported the amended approach as a way to gather baseline data and target resources, and members discussed AED training, school preparedness, and whether the funding should favor rural or high-population schools. The committee adopted the amendment and passed SB 1131 as amended on a 9-1 vote, with Senator Kuby voting no and several members explaining concerns about funding and priorities. The committee then took up Senate Bill 1582, which concerned the school safety interoperability fund. An amendment shifted the appropriation from the Department of Education to the Department of Administration and allocated funds to specific county sheriff offices for continuing operation and maintenance of existing interoperability systems, while narrowing the program to public safety agencies and school districts and requiring twice-yearly testing. Sheriffs, a county school superintendent, and the Arizona Sheriffs Association described the systems as useful for drills and real emergencies, improving communication between schools and first responders; one speaker noted the program had been used in drills and at least one live deployment. Some members questioned the audit findings, the focus on rural counties, and whether the program was a good use of funds, while supporters emphasized its value for school safety. The committee adopted the amendment and passed SB 1582 as amended on a 6-4 vote. Finally, the committee began hearing Senate Bill 1504, which would change retirement rules for Tier 2 and Tier 3 public safety personnel by allowing earlier normal retirement and shortening the COLA waiting period, with an amendment exempting the changes from the statutory pre-funding requirement. Supporters from firefighter and police groups said the bill would improve recruitment and retention and let employees receive earned benefits sooner, while city, county, and taxpayer representatives warned it would add substantial unfunded liabilities and undermine the 2016 pension reforms. Actuarial testimony estimated significant costs, including tens of millions in annual or upfront impacts depending on how the change is funded, and members debated whether the amendment would shift costs onto future taxpayers or simply spread them over time. The transcript ends during continued testimony and discussion on SB 1504, before a final vote is reached.

Transcript Highlights:

• One thing to notice: the allocation basically starts at the beginning of the biennium.
• . ...our housing unit to pay for those bonds.
• of a CFO while you're in a bonding process can impact that funding.
• We should be sure that we're allocating resources in a way that we can prioritize students.
• So of $610 million, about $120 million is allocated based on economies of scale.

Keywords: 908, all

Transcript Highlights:

• And I came to think of it as bonding.
• um would come in and ask for bonding um would come in and ask for bonding projects<00:28:18.240>
• My favorite Mary Murphy speech was one I think she did in favor of a bonding bill.
• She said, "We cannot just build a vanilla bonding bill.
• We need to have some flavor to the bonding bill."

Keywords: 1183, house

Transcript Highlights:

• with this particular program, there are certainly challenges that still persist within the capital allocation
• There's statutory requirements that often prevent the effective and equitable access of capital allocation
• And some of the capital allocations, oftentimes the facilities will have HVAC systems or kitchens or
• And here you see that we analyzed the past 10 years of bonds and levies, and we could see a trend of
• So we did analyze at least the last 10 years of bond and levy data to try and figure out what is that

Summary: The Capital Budget Committee heard presentations from the Department of Commerce, the Recreation and Conservation Office (RCO), and a consultant on the School Construction Assistance Program (SCAP) study. Commerce officials described their agency’s role in housing, energy, local government, broadband, and other capital programs, and reported on a $5 million pilot under Senate Bill 5200 that used trusted community messengers and technical assistance to help historically excluded organizations prepare for capital funding. They said 18 organizations received direct support and 79 smaller projects were also funded, but emphasized that statutory match rules, reimbursement-based payments, site-control requirements, insurance and audit costs, and extensive contracting rules remain major barriers. Commerce outlined efforts to expand outreach, digital modernization, internal contracting improvements, tribal MOUs, and innovation centers, and members asked about small business support, housing program placement, and outreach to Eastern Washington and communities of color. RCO described its grant programs for recreation, conservation, education, and salmon/orca recovery, and reviewed equity work done before and after a 2021-23 proviso. The agency had already created a small-communities carve-out in youth athletic facilities, piloted stipends for advisory committee members, and reduced match requirements where allowed. Under the proviso, RCO completed an equity review and a planning program that funded 54 projects across 34 counties, with many applicants being new or long-absent grantees. Staff said the review led to changes in scoring criteria, clearer application guidance, more objective data measures, expanded technical assistance, and targeted community engagement. Members asked about application burden, project sizes, outreach, and how the agency is broadening participation and representation on advisory committees. The final presentation summarized a planning study on SCAP, which examined rising construction costs, fragmented grant programs, local funding barriers, and uneven district capacity. The report recommended nine major changes, including stronger planning support, a new minor-modernization category, a mechanism to use unused funds more quickly, an education-specification prototype, a SCAP enhancement program for low-capacity districts, acceptance of non-SCAP funds, phased modernization, streamlined D-form and reimbursement processes, and revisions to the SCAP formula to better account for grade-band differences, enrollment projections, and regional cost factors. Additional recommendations included ongoing monitoring and evaluation, facilities-impact reviews, matching SCAP increases to construction-cost inflation, earlier locking of funding estimates, flexible program spaces, and updated statewide building-condition assessments. No votes were taken during the meeting.

Transcript Highlights:

• <00:02:48.959> Uh<00:02:49.200> which housing infrastructure bonds.
• Uh which housing infrastructure bonds.
• Yes, we are allocating $6 million for construction for greater Minnesota.
• 00:10:28.160> construction allocating $6 million for construction allocating $6 million for construction
• bonds, workforce home ownership<00:27:07.760> challenge.

Keywords: 1183, house

Transcript Highlights:

• That often meant going out to the broader national bond market.
• We used money from bond proceeds, and we expected the payments to ultimately make those bonds whole.
• The funding that they receive is different; they can't go out for GEO bonds.
• Obviously, the $10 million that was allocated can only handle a portion of those needs.
• NMFA funds is that they can bond. They can go out to the public for a bond.

Transcript Highlights:

• That's roughly what we think of as sort of the equilibrium on the 10-year bond rate.
• That is the calculated amount of principal and interest on all bonds issued and outstanding, all bonds
• authorized and unissued, and all bonds being proposed in the executive budget.
• c> presentation with a bond sitting around presentation with a bond sitting around 10%<01:59:04.520><
• We do not issue bonds based upon the projects that you do; we issue bonds based upon how the state spends

Keywords: 910, house, all

Summary: The Committee on Finance held its first informational briefing for 2025, beginning with member introductions and then hearing an economic outlook presentation from Dr. Eugene Tian of the Department of Business, Economic Development and Tourism. Dr. Tian said Hawaii’s economy was in relatively good shape in several areas, especially construction, which he described as at a historical high, with construction employment above 40,000 monthly and building permit values and contracting tax base both up sharply. He also noted real estate sales had rebounded in 2024, the labor market had stabilized with unemployment around 2.9%, and initial unemployment claims were below 2019 levels. At the same time, he highlighted challenges including inflation running above the national rate, a shrinking labor force, lower employment compared with 2023, and continued weakness in visitor spending and arrivals. He said future growth would likely come from health care, professional services, construction, tourism recovery, and diversified sectors such as renewable energy, aquaculture, creative industries, and technology. Dr. Tian also discussed Hawaii’s economic structure and recovery, saying the state remains more concentrated in a few industries than the U.S. overall, with government and hospitality making up larger shares of the economy. He said non-tourism sectors had recovered, but tourism-related jobs and output were still below pre-pandemic levels, with Maui and the visitor industry still affected by the wildfire and COVID-19 impacts. He projected tourism and non-agricultural wage and salary jobs would not fully recover until 2027, and said population trends remain a concern because of aging, the likelihood of deaths outpacing births in coming years, and reliance on in-migration. After his presentation, the chair said questions would be taken later and the committee took a short break. After the break, Dr. Carano of the Hawaii Executive Director’s office presented a second outlook, saying Hawaii’s economy in 2025 looked better than 2024 overall, though he emphasized substantial uncertainty tied to the incoming federal administration. He said possible changes to tariffs, tax policy, immigration, and federal spending could raise inflation and keep interest rates higher than previously expected, which would affect housing, consumer debt, the dollar, and Hawaii’s visitor industry. He noted that U.S. visitors account for roughly three-quarters of visitor spending in the state, making federal policy especially important. He also said deregulation could be a long-term positive but would not likely have much effect in 2025 or 2026. As an additional risk, he pointed to bird flu and its effect on livestock, poultry, and egg prices. No votes or formal actions were taken during the briefing.

Transcript Highlights:

• These are things that are already allocated in there, and this is basically how we're going to focus.
• That doesn't mean that the full billion dollars will be allocated right off the bat.
• Typically, they're funded in larger amounts in general obligation bond years.
• Under the funding from the RFC framework, where you have $164.5 million in tax bonds for wildfire, can
• Technology bonding. And we had not. We did.

Transcript Highlights:

• How do you want to to get allocated?
• And locate when expenses are allocated.
• ,<01:24:48.440> then know, if you require surety bonds, then know, if you require surety bonds
• processes related to surety bonds. processes related to surety bonds.
• It helps address the problems in bond.

Keywords: 1183, house

Transcript Highlights:

• We believe in this asset allocation.
• US bonds in our portfolio are up, and our cash positions have been positive as well.
• US bonds in our portfolio are up, and our cash positions have been positive as well.
• <00:32:36.159> in benefited from that greatly us Bonds in benefited from that greatly us Bonds
• <01:25:10.920> of um considering what the allocations of um considering what the allocations

Keywords: 1187, senate, all

Transcript Highlights:

• House Bill 2, which is also known as the General Appropriation Act, also allocates $60 million to the
• This allocation was made contingent on SB 48 or with SB 48. Next, we have Senate Bill 82.
• SB 401 authorizes the use of severance tax bonds proceeds for education, technology, infrastructure.
• Receive an updated forecast of supplemental severance tax bond proceeds and review the long-term trends
• And we're not leaving money on the table each six months when we have a supplemental severance tax bond

Transcript Highlights:

• > traditionally that's been allocated traditionally that's been allocated through through through uh,
• the the square footage allocated the the square footage allocated affects<00:25:22.680> the
• <00:30:34.720> for additional resources are allocated for additional resources are allocated
• sparsely allocated across the state. sparsely allocated across the state.
• their own schools or towns bonded for their own schools or towns bonded for their<02:42:29.360><

Keywords: 916, all

Transcript Highlights:

• So, that's how we're currently allocated.
• Some funds are better funded; they can probably invest more in bonds that are more stable.
• I'll go back to my first slide, and I showed you where our. asset allocation targets are.
• If you want to talk about bonds, there's interest rate risk.
• I would say that the over-allocation is the result of two things.

Transcript Highlights:

• So basically, New Hampshire was originally allocated around $14.6 million over four years.
• So basically, New Hampshire was originally allocated around $14.6 million over four years.
• So basically, New Hampshire was originally allocated around $14.6 million over four years.
• for a state general obligation bond.
• The question was whether this should be Highway-funded bonds or General-funded bonds.

Keywords: 928, house, all

Summary: The Department of Administrative Services presented its capital budget process and priorities, explaining that it maintains and operates 96 state buildings and uses annual facility walkthroughs, condition assessments, and rough cost estimates to rank projects for the governor’s capital budget. Officials described how requests are triaged, how the governor’s office and Public Works refine estimates, and how the resulting capital budget book serves as legislative intent for approved projects. They also noted that this year the governor’s office asked for estimates on all selected projects, which increased workload but reduced detail. The department highlighted several requested projects, including $1.5 million for the ERP system sustainability fund, which officials said is critical because the state is upgrading its core financial, HR, and budget system to the cloud. Other priorities included courthouse HVAC and boiler work, brick repointing at the State House annex/main building, window replacement at the Spalding building, and elevator replacement on the hospital campus. Officials also said the governor’s proposed capital budget included fewer DAS projects than in past years and asked the committee to consider funding closer to historic levels. The committee then reviewed lapse and reallocation items. DAS said most older projects are still in design, bid, or construction because projects now take four to six years rather than two to three, in part due to ARPA-related workload and post-COVID construction backlogs. Members discussed lapsing $81,000 from the completed Spalding roof project and redirecting small remaining balances from several 2019 projects toward the Hillsboro County South cell block project through the Capital Project Overview Committee. Officials also confirmed ARPA-funded projects are expected to be completed before the December 2026 deadline and explained that the ERP system is the main state IT exception outside DOIT’s usual centralized control, though it still requires DOIT consultation and approval.

Transcript Highlights:

• that is in the bill but is not a general fund item: you'll note on line 40 the extraordinary events bonds
• [Music] Um, going on to so the total changes, the change for the extraordinary events bonds shows up
• The other item I'll note on line 97 is there's also a cost to the PUC for the extraordinary bonds, and
• , the extra extraordinary events bonds, the extra extraordinary events bonds, uh,<00:02:47.440>
• The funding allocated... This investment will have significant and lasting impacts.

Keywords: 1187, senate, all

Transcript Highlights:

• I guess I'll start here at the end with those allocations.
• <00:36:38.720> uh um that 1% I think that you allocated uh um that 1% I think that you allocated
• funding allocation that was allocated,<01:10:22.560> the<01:10:23.199> 193<01:10:23.760
• up with a very nice uh allocation up with a very nice uh allocation methodology<01:20:59.920>
• <01:35:19.840> tours, on the sending Senate bonding tours, on the sending Senate bonding tours

Keywords: 918, senate, all

Summary: The Select Subcommittee first took up adoption of three previously prepared nonpartisan committee summary reports dated October 15, November 13, and November 21. Senator Rasmusson objected to the lack of advance notice about the day’s testifiers and criticized the practice of having nonpartisan staff summarize what he described as a partisan agenda. The chair responded that the committee’s purpose is to gather information, not hear bills, and that the summaries were intended as neutral resources for the Senate. Senator Coopek moved adoption, the motion was opposed by Rasmusson and another member, and the motion passed. The committee then turned to the day’s hearing on federal impacts on Minnesota, with the chair focusing on federal funding threats and the effect of congressional budget actions on health care, especially in greater Minnesota. The first presentation came from the Minnesota Department of Health on the state’s rural health transformation work. Assistant Commissioner Carol Broom introduced the team and described the rural hospital transformation program as a major opportunity to invest in rural health, while acknowledging longstanding challenges such as demographics, transportation barriers, and the financing of care. Nitha Moibi outlined the state’s rural health chart book and data showing an aging population, workforce shortages, and many health professional shortage areas, and described proposed strategies including workforce pipelines, bridge payments for low-volume birth hospitals, telehealth access points, mental health urgent care, and chronic disease prevention. Acting Assistant Commissioner Anna Ashby of the Minnesota Management and Budget office explained the state’s application to CMS for the Rural Health Transformation Program, which was created in federal law and awarded Minnesota just over $193 million for federal fiscal year 2026. She said the application was shaped by public comments, stakeholder meetings, and legislative outreach, and included initiatives on preventive care, workforce, care access, behavioral health, and provider financial stability. She also reviewed implementation constraints, including a January 30 revised budget deadline, limits on administrative spending, restrictions on using funds to offset Medicaid losses, and the need to show measurable progress to remain eligible for future funding. The presentation noted that most year-one funding would go to rural hospitals, with additional support for federally qualified health centers, community mental health centers, tribal partners, and technical assistance.

Transcript Highlights:

• The bonds do not. There's a hard ceiling at that level.
• The bonds do not. Without the exemption, these deals do not pencil. The bonds do not get issued.
• allocations are real obstacles, and they compound upon each other.
• LiTech tops out at 60, and the state's bond cap caps at 80.
• No LIHTC, no bond cap allocation, no state appropriation.

Keywords: 988, house, all

Summary: The committee heard testimony on several housing-finance and permitting reforms aimed at making affordable and middle-income housing projects “pencil.” The first panel focused on the welfare property tax exemption, with witnesses arguing that annual recertifications are outdated, burdensome, and costly for both residents and operators. They urged streamlining by aligning eligibility rules with TCAC or HCD monitoring, allowing one-time qualification at occupancy, and preserving exemptions for projects that remain in compliance, especially as insurance costs and operating deficits are rising sharply. A major portion of the meeting centered on social housing and community land trusts under SB 555. HCD described the state’s ongoing study, due by December 31, 2026 and to be included in the 2027 annual report, and outlined public engagement already completed with residents and practitioners. Community land trust and policy witnesses argued that social housing will require legislative action beyond the study, including expanded tax abatements, public land use, soft loans, and simpler capital stacks. They emphasized that the model should include mixed-income and “missing middle” households, and several members discussed the stigma around the term “social housing,” suggesting a rebrand toward generational or multi-generational housing to broaden public support. The committee also discussed a proposed certified professional program modeled on Vancouver, Canada, to speed plan checks and inspections by allowing state-certified private professionals to perform certain code-compliance functions under local oversight. The witness said this would reduce delays, repeated reviews, and cost overruns while preserving local authority over zoning and enforcement. Members raised concerns about local control, infrastructure costs, and political resistance, but expressed interest in exploring a pilot and further recommendations. In the final panel, housing advocates supported allowing HCD loan funds to be disbursed during construction rather than only after completion. They said this would reduce interest costs, improve project feasibility, and could produce additional affordable homes without new appropriations. Members agreed the current system is fragmented and outdated, and several speakers and legislators repeatedly called for streamlined, more flexible financing and permitting tools to support housing production.