Establishes a defeasement trust fund to allow private use of state facilities financed by tax-exempt bonds.

The bill creates a defeasement trust fund within the Department of Budget and Finance to manage appropriations for defeasing tax-exempt bonds. This fund will enable the private use of state facilities financed by such bonds, promoting economic development. The fund will be terminated once all obligations under the bonds are paid, with any remaining moneys lapsing to the general fund. The bill also appropriates funds for fiscal year 2026-2027 to be deposited into the defeasement trust fund for this purpose.

Establishes a defeasement trust fund to allow private use of state facilities financed by tax-exempt bonds.

The bill creates a defeasement trust fund within the Department of Budget and Finance to manage appropriations for defeasing tax-exempt bonds. This fund will enable the private use of state facilities financed by such bonds, promoting economic development. The fund will be terminated once all obligations under the bonds are paid, with any remaining moneys lapsing to the general fund. The bill also appropriates funds for fiscal year 2026-2027 to be deposited into the defeasement trust fund for this purpose.