Transfer of Money in Refinance Discretionary Account

The refinance discretionary account (account) created in the ARPA refinance state money cash fund consists of state money credited to the account when, during the 2024 legislative session, the general assembly exchanged money that the state received pursuant to the "American Rescue Plan Act of 2021" (ARPA) with state money. The governor has discretion to designate any department as a recipient of money from the account to be used for any allowable purpose under ARPA.

The bill requires the state treasurer to transfer, within 3 days of the effective date of the bill, the unexpended and unencumbered balance of money in the account that did not originate from the money the state received from the coronavirus state fiscal recovery fund from the account to the health insurance affordability cash fund.

(Note: This summary applies to this bill as introduced.)