- Perfected -

SB 243 - This act creates the "State Property Preservation Fund". Moneys in the fund would be used for the purpose of repairing or replacing state-owned or leased property damaged from natural or man-made events.

Subject to appropriations, the fund would pay claims for property loss for state-owned or leased buildings. In order for the fund to make payment for property loss, a notice of coverage must be issued by the Office of Administration for the property and the state must be contractually obligated to provide insurance for such property.

The act limits the aggregate amount of money to be paid out of the fund to not exceed the cost of repairing or restoring the building or the defeasance of outstanding debt secured by the property. Payments from the fund comes only after other insurance policies have been exhausted.

The fund shall satisfy all covenants requiring the state to provide property insurance for state-owned or leased buildings.

This act is similar to SCS/SB 1148 (2002).