HB 389

Abstract

Hurricane and Flooding Risk Reduction and BondRating Protection Act of 2020; report. Establishes the Hurricaneand Flooding Risk Reduction and Bond Rating Protection Act of 2020,which establishes the Commonwealth of Virginia as a nonfederal sponsorof hurricane and flooding risk reduction projects. There is alsoestablished the Virginia Hurricane and Flood Risk Reduction Authority(the Authority) and a board of directors (the Board) of the Authority.The Board shall exercise for the Governor executive authority overall phases of hurricane and flood risk reduction programs, includinginvestigations, construction, operations, and maintenance. The Authorityshall be established to fulfill the directives of the Board. TheAuthority shall be hosted by a department of the Commonwealth asdesignated by the Governor. That department shall provide supportto 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 assessthe increased state and local tax flows in Louisiana that resultedfrom post-Katrina federal spending, including spending for civilworks storm and flooding risk reduction projects. The bill requiresJLARC to report to the General Assembly no later than November 1,2020, on the results of its initial assessment.