Rural Infrastructure Act

This act creates a state-level infrastructure authority governed by a board of directors and headed by a director, and establishes a dedicated infrastructure fund to finance projects in rural and underserved areas. The authority is empowered to make loans and provide other financial assistance to eligible entities, entering into financing agreements that may be secured and are exempt from state and local taxation, with provisions governing defaults by borrowers and limiting the liability of the authority and its officers and employees. It also sets rules for capitalizing the fund, depositing and investing its money, retaining investment earnings, and reporting annually with audited accounts.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.