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LC 2557

Revise intercap loan laws and provide appropriation

2025 Regular Session

LC 2557 - Revise Intercap Loan Laws and Provide Appropriation OverviewBill Number: LC 2557 Title: Revise intercap loan laws and provide appropriation Status: (LC) Draft Died in P

(LC) Draft Died in Process
#appropriations #countyfinance #localgovernment #statefinance #transportation
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Bill Summary · LC 2557

LC 2557 - Revise Intercap Loan Laws and Provide Appropriation

Overview

Bill Number: LC 2557
Title: Revise intercap loan laws and provide appropriation
Status: (LC) Draft Died in Process
Introduced: December 08, 2024

Purpose and Intent

The primary purpose of this bill is to revise the laws governing the Intercap Loan Program, which provides low-interest loans to local governments and state agencies for infrastructure projects. The bill aims to expand the program's eligibility, increase funding, and streamline the application and approval process.

Key Provisions

  • Expands the types of eligible projects to include a broader range of transportation, water, and broadband infrastructure
  • Increases the maximum loan amount from $15 million to $25 million per project
  • Reduces the interest rate on Intercap loans from the current 2% above the state's cost of funds to 1% above
  • Appropriates an additional $50 million to the Intercap Loan Program to support increased lending capacity
  • Streamlines the application and approval process by delegating more authority to the Department of Commerce

Affected Parties and Impacts

  • Local governments (cities, counties, and special districts) would have greater access to low-cost financing for critical infrastructure projects
  • State agencies, such as the Department of Transportation and the Department of Environmental Quality, could utilize Intercap loans for their infrastructure needs
  • Taxpayers may benefit from improved infrastructure and potentially lower long-term costs due to the reduced interest rates
  • The Department of Commerce would have increased administrative responsibilities to manage the expanded Intercap Loan Program

Procedural and Timeline Considerations

This bill was introduced as a draft (LC 2557) in the state legislature on December 8, 2024, but it did not progress further and ultimately died in the legislative process. The bill did not receive a formal bill number or move through the typical legislative stages (committee hearings, floor votes, etc.). As a draft, it represents an idea or proposal that was not enacted into law.

Compiled from official sources — confirm details with the bill’s official record.

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