HF2664

Purpose of the Bill

The bill aims to fund a flood mitigation project through the sale of state bonds. This project, known as the Redpath impoundment, is designed to prevent or reduce flood damage.

Main Provisions

• Appropriation: The bill allocates $13,700,000 from the bond proceeds fund to the commissioner of natural resources. This funding will support flood hazard mitigation grants for public projects.
• Project Prioritization: The commissioner of natural resources will prioritize projects based on need and can reallocate funds if a project is not ready to proceed or does not use all its allocated money.
• Levee Standards: Projects must aim to meet a standard of three feet above the 100-year flood elevation to be considered in compliance with state standards.
• Local Share Provision: If a project's cost exceeds two percent of the combined income measure for a community, the appropriation will also cover the local share of costs.

Significant Changes to Existing Law

• The bill authorizes the sale and issuance of state bonds to fund the flood mitigation project.
• It specifies guidelines for reallocating unused or unexpended funds to other prioritized projects.

Relevant Terms

flood hazard mitigation, Redpath impoundment, state bonds, commissioner of natural resources, levee projects, flood damage prevention, community income measure.