Florida Senate - 2024 SM By Senator Torres 25-00698-24 20241536__ CODING: Words stricken are deletions; words underlined are additions. Senate Memorial A memorial to the Congress of the United States, 2 urging Congress to pass H.R. 490, which creates a Federal Infrastructure Bank to finance urgently needed infrastructure projects in this state and across the nation. 6

WHEREAS, the American Society of Civil Engineers gave the United States a grade of C- in its Report Card for America’s Infrastructure and reported that investments of more than $5.9 trillion would be needed through to restore the nation’s infrastructure to good condition, yet current investments only total $3.35 trillion, leaving approximately 13 $2.5 trillion in needed investments over the next years to bridge that gap, and

WHEREAS, 13 percent of Florida’s roads are in poor condition, causing Florida drivers to spend roughly $425 per year to maintain their vehicles in good working order, and 15 percent of Florida’s bridges are at least years old, with 2.9 percent of this state’s bridges rated as structurally deficient, 20 and

WHEREAS, Florida has serious water infrastructure problems, 22 and this state’s drinking water needs are estimated to total 23 $21.9 billion, wastewater needs are estimated to total $18.4 billion, and stormwater management needs are estimated to total 25 $1.1 billion, and

WHEREAS, the National Low Income Housing Coalition reports a shortage of 384,743 affordable rental dwellings available for extremely low-income renters, and Florida International Florida Senate - 2024 SM 1536 25-00698-24 20241536__ CODING: Words stricken are deletions; words underlined are additions. University, in its report titled “Miami’s Housing Affordability Crisis,” has documented that out of every employed adult residents of Greater Miami spend more than percent of their income on housing, which is the highest rate of any large metropolitan area in the nation, and

WHEREAS, on January 24, 2023, H.R. 490, the Federal Infrastructure Bank Act of 2023, was introduced in Congress and would create a new infrastructure bank to invest in infrastructure projects, and

WHEREAS, the Federal Infrastructure Bank Act of would provide equity investments, direct loans, indirect loans, and loan guarantees to eligible entities for the planning, 41 predevelopment, design, construction, operation, or maintenance of the nation’s revenue-producing infrastructure projects, with sufficient revenue sources and guarantees to support the interest and principal payments of the bank, and

WHEREAS, the Federal Infrastructure Bank Act of would create a partnership between the Federal Government and state, 47 county, and local governments to help finance Florida’s infrastructure needs, and

WHEREAS, the Federal Infrastructure Bank Act of would build infrastructure, create jobs in rural and urban communities, help reduce poverty, bring broadband connectivity into every area of this state, regardless of cost, help states fix roads not maintained by the United States Department of Transportation, and finance new rail lines, including high speed rail, connecting Florida to the rest of the nation, and

WHEREAS, the Federal Infrastructure Bank is modeled on previous banks that helped build much of this nation’s Florida Senate - 2024 SM 1536 25-00698-24 20241536__ CODING: Words stricken are deletions; words underlined are additions. infrastructure under Presidents George Washington, James Madison, Abraham Lincoln, and, more recently, Franklin D. 60 Roosevelt, who helped to bring this nation out of the Great Depression and win World War II, and

WHEREAS, the Federal Infrastructure Bank Act of would enable people who lost their jobs during the COVID-19 pandemic to be trained and hired for jobs to build this necessary infrastructure,

NOW, THEREFORE, 66

Be It Resolved by the Legislature of the State of Florida: 68 That the Congress of the United States is urged to pass H.R. 490, the Federal Infrastructure Bank Act of 2023, to create a Federal Infrastructure Bank to finance urgently needed infrastructure projects in this state and across the nation. 73 BE IT FURTHER RESOLVED that the Secretary of State dispatch copies of this memorial to the President of the United States, 75 to the President of the United States Senate, to the Speaker of the United States House of Representatives, and to each member of the Florida delegation to the United States Congress. 78