Mechanisms For Federal Infrastructure Funding

Existing law allows money expended from the "Infrastructure Investment and Jobs Act" (IIJA) cash fund (cash fund) to be used as matching nonfederal money for infrastructure projects pursuant to requirements of the IIJA as well as for grant writing support, project planning support, and administrative needs. The act clarifies that, with respect to the project planning support for which money from the fund is already authorized to be expended, the Governor's office (office) may specifically expend money from the fund for project planning support for federal funding opportunities in connection with the IIJA and related federal funding opportunities including funding opportunities from the "Inflation Reduction Act". The act requires the state treasurer to transfer $84 million from the general fund to the cash fund on July 1, 2023. Additionally, the act changes the annual reporting requirement of the office to a quarterly reporting requirement beginning on July 1, 2023. The act also requires the state treasurer to transfer $5 million from the general fund to the state highway fund on July 1, 2023, for use by the department of transportation to develop comprehensive operational capacity to maximize utilization and implementation of federal infrastructure funding. The board of trustees of the Colorado school of mines (board of trustees) has been authorized to lease real or personal property, or both, to state or federal governmental agencies, among other entities, for terms not to exceed 80 years. The act expands this authorization to allow the board of trustees to lease such property for terms not to exceed 99 years. The act appropriates $84,000,000 for state fiscal year 2023-24 from the "Infrastructure Investment and Jobs Act" cash fund to the office and principal departments of the executive branch of state government. Any portion of the appropriation that is not spent during state fiscal year 2023-24 is further appropriated through state fiscal year 2026-27. APPROVED by Governor May 22, 2023 EFFECTIVE May 22, 2023 (Note: This summary applies to this bill as enacted.)