SB5955-amendment for 20240130 local government exec session-267640

• Creates the port district equity fund for purposes of making grants to port districts to supplement noise mitigation programs; • Provides a one-time appropriation for FY 2025 to the port district equity fund: o Following this one-time appropriation, revenues generated from sales and use taxes collected on capital construction projects within the district must be appropriated to the port district equity fund. The Legislature may appropriate up to $10 million of this revenue to the port district equity fund each fiscal year; • Provides that a qualifying port district may commit to matching, from port district funds, at least one half of the total funding provided by the Legislature for purposes of noise mitigation; • Removes the language that a qualifying port district may use a portion of the levy revenue for purposes of a noise mitigation program; o This was removed for consistency with change noted above - language added to Sec 5 provides that a qualifying port district may commit to matching, from port district funds, at least one half of the total funding provided by the Legislature for purposes of noise mitigation; • Provides that a qualifying port district may apply to the port equity fund for resources to facilitate the assessment and inspection of sound mitigation equipment that is no longer working or is reported to have caused additional hazards or structural damage to the property; o If a certified building inspector that has contracted with the port identifies that a property’s sound mitigation equipment…
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