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SB22-215

Infrastructure Investment And Jobs Act Cash Fund

Concerning the creation of the "Infrastructure Investment and Jobs Act" cash fund to be used for nonfederal match funding requirements for infrastructure projects eligible to receive federal funding under the federal "Infrastructure Investment and Jobs Act", and, in connection therewith, making an appropriation.
Session:
2022 Regular Session
Subjects:
State Government
State Revenue & Budget
Bill Summary

The act creates the "Infrastructure Investment and Jobs Act" cash fund (fund) and requires the state treasurer to transfer $80,250,000 to the fund. The money in the fund is subject to annual appropriation by the general assembly to the office of the governor (office) and to departments. Money in the fund is to be used, subject to approval by the governor, as the nonfederal matching funding necessary for the state or a local government to be eligible to receive federal approval and federal funds for certain categories of infrastructure projects allowed under the federal "Infrastructure Investment and Jobs Act". The office must establish a process for receiving, reviewing, and approving applications and awarding and distributing money from the fund. The office, as well as state departments receiving money from the fund, are subject to annual reporting requirements.

$60 million is appropriated from the fund to the office and to a department, as defined in the act, for the 2021-22 state fiscal year, and any money appropriated and not expended prior to July 1, 2022, is further appropriated through the 2026-27 state fiscal year.


(Note: This summary applies to this bill as enacted.)

Status

Introduced
Passed
Became Law

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Bill Text

Email addresses for the Colorado legislature are changing from the @state.co.us domain to the @coleg.gov domain on December 1, 2022. Details