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2019 SESSION

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SB 1389 Hurricane and Flooding Risk Reduction and Bond Rating Protection Act of 2019; created, report.

Introduced by: Frank W. Wagner | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Hurricane and Flooding Risk Reduction and Bond Rating Protection Act of 2019; report. Creates the Hurricane and Flooding Risk Reduction and Bond Rating Protection Act of 2019, establishing the Commonwealth of Virginia as a nonfederal sponsor of hurricane and flooding risk reduction projects. The bill establishes the Virginia Hurricane and Flood Risk Reduction Authority (the Authority) and an 11-member board of directors (the Board) of the Authority. The bill provides that the Board shall exercise for the Governor executive authority over all phases of hurricane and flood risk reduction programs, including investigations, construction, operations, and maintenance, and that the Authority, which shall be hosted by a department of the Commonwealth as designated by the Governor, shall fulfill the directives of the Board. The bill sets out the membership and powers and duties of the Board and the departmental support to be provided to the Authority, including budgeting, work facilities, administrative management, logistics, human resources, legal, contracts, and information resources. The Joint Legislative Audit and Review Commission (JLARC) shall consult with Louisiana's Legislative Fiscal Office to assess the increased state and local tax flows in Louisiana that resulted from post-Katrina federal spending, including spending for the civil works storm and flooding risk reduction project. The bill requires JLARC to report to the General Assembly no later than November 1, 2019, on the results of its initial assessment.


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