AB 790

This bill creates a new nonlapsible trust fund, designated as the water fund for our future, to consist of a onetime transfer of $250,000,000 from the general fund. Under the bill, the Joint Committee on Finance may at any time transfer any amount of the unencumbered balance from the fund to the budget stabilization fund, if the budget stabilization fund has been fully expended.

The bill also creates the Joint Committee for the Oversight of the Water Fund for Our Future, composed of three majority party and two minority party senators and three majority party and two minority party representatives to the assembly, appointed as are the members of standing committees in their respective houses; the secretary of health services or his or her designee; and the secretary of natural resources or his or her designee. Under the bill, the committee receives applications for making expenditures from the fund and makes recommendations to JCF regarding use of the fund.

Under the bill, the committee may also recommend to JCF an amount to transfer to a rapid response account created within the water fund for our future, which may be used by the Department of Natural Resources and the Department of Health Services to respond to natural disasters and public health emergencies. Funds from the rapid response account may be used for the costs of remediation and to notify, relocate, and assist individuals affected by the natural disaster or public health emergency.

The bill also allows DNR and the Department of Justice to seek reimbursement from responsible parties for funds expended from the water fund for our future.

In addition, the bill allows any agency to submit a request to JCF for supplemental funds from the water fund for our future. JCF may approve the request after considering any recommendation from the Joint Committee for the Oversight of the Water Fund for Our Future. Under the bill, if a member of JCF objects to a request for supplemental funds, the name of each objecting member, as well as the reason for each objection, must be recorded and made publicly available.