SB 50

This bill increases the legislature's role in approving the expenditure of federal

economic stimulus funds during the 2008-09 fiscal year and the 2009-11 fiscal

biennium. Under the bill, "federal economic stimulus funds" are defined to mean

federal moneys received by the state beginning on the bill's effective date and ending

on June 30, 2011, pursuant to federal legislation enacted during the 111th Congress

for the purpose of reviving the economy of the United States.

Under the bill, as soon as practical after the receipt of any federal economic

stimulus funds by the state, the governor must submit to the Joint Committee on

Finance (JCF) a plan for the expenditure of the funds. After receiving the plan, the

cochairpersons of JCF must determine whether the plan is complete. If the

cochairpersons determine that the plan is complete, JCF must meet and either

approve or modify and approve the plan within 14 days after the cochairpersons

determine that the plan is complete. The governor must then implement the plan

as approved by JCF.

The bill further provides that JCF must develop guidelines for the timely

completion of all projects proposed in the governor's plan and must require the

governor to submit, on a periodic basis, a status report on all work undertaken on the

projects. If for any reason a project cannot be completed on a timely basis, or if federal

economic stimulus funds cannot be expended as proposed in the plan, the governor

must submit a revised plan to the cochairpersons of JCF. The revised plan may only

be implemented if approved by JCF using the process described above.