SB 22-215

Senate Bill 22-215 creates a new fund called the "Infrastructure Investment and Jobs Act" cash fund, which will receive $80.25 million from the state treasurer. This money is intended to help Colorado apply for federal infrastructure grants by providing matching funds required by the federal government. The governor's office must set up a process to review applications and distribute these funds to various departments for projects like roads, bridges, and other critical infrastructure improvements. Since the bill has been signed into law, it means that this fund is now active and ready to support state and local governments in securing federal funding for infrastructure projects.

Official 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.)

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