Florida Senate - 2024 SM 1536 By Senator Torres 25-00698-24 20241536__ 1 Senate Memorial 2 A memorial to the Congress of the United States, 3 urging Congress to pass H.R. 490, which creates a 4 Federal Infrastructure Bank to finance urgently needed 5 infrastructure projects in this state and across the 6 nation. 7 8 WHEREAS, the American Society of Civil Engineers gave the 9 United States a grade of C- in its 2021 Report Card for 10 America’s Infrastructure and reported that investments of more 11 than $5.9 trillion would be needed through 2029 to restore the 12 nation’s infrastructure to good condition, yet current 13 investments only total $3.35 trillion, leaving approximately 14 $2.5 trillion in needed investments over the next 6 years to 15 bridge that gap, and 16 WHEREAS, 13 percent of Florida’s roads are in poor 17 condition, causing Florida drivers to spend roughly $425 per 18 year to maintain their vehicles in good working order, and 15 19 percent of Florida’s bridges are at least 50 years old, with 2.9 20 percent of this state’s bridges rated as structurally deficient, 21 and 22 WHEREAS, Florida has serious water infrastructure problems, 23 and this state’s drinking water needs are estimated to total 24 $21.9 billion, wastewater needs are estimated to total $18.4 25 billion, and stormwater management needs are estimated to total 26 $1.1 billion, and 27 WHEREAS, the National Low Income Housing Coalition reports 28 a shortage of 384,743 affordable rental dwellings available for 29 extremely low-income renters, and Florida International 30 University, in its report titled “Miami’s Housing Affordability 31 Crisis,” has documented that 3 out of every 5 employed adult 32 residents of Greater Miami spend more than 30 percent of their 33 income on housing, which is the highest rate of any large 34 metropolitan area in the nation, and 35 WHEREAS, on January 24, 2023, H.R. 490, the Federal 36 Infrastructure Bank Act of 2023, was introduced in Congress and 37 would create a new infrastructure bank to invest in 38 infrastructure projects, and 39 WHEREAS, the Federal Infrastructure Bank Act of 2023 would 40 provide equity investments, direct loans, indirect loans, and 41 loan guarantees to eligible entities for the planning, 42 predevelopment, design, construction, operation, or maintenance 43 of the nation’s revenue-producing infrastructure projects, with 44 sufficient revenue sources and guarantees to support the 45 interest and principal payments of the bank, and 46 WHEREAS, the Federal Infrastructure Bank Act of 2023 would 47 create a partnership between the Federal Government and state, 48 county, and local governments to help finance Florida’s 49 infrastructure needs, and 50 WHEREAS, the Federal Infrastructure Bank Act of 2023 would 51 build infrastructure, create jobs in rural and urban 52 communities, help reduce poverty, bring broadband connectivity 53 into every area of this state, regardless of cost, help states 54 fix roads not maintained by the United States Department of 55 Transportation, and finance new rail lines, including high speed 56 rail, connecting Florida to the rest of the nation, and 57 WHEREAS, the Federal Infrastructure Bank is modeled on 58 previous banks that helped build much of this nation’s 59 infrastructure under Presidents George Washington, James 60 Madison, Abraham Lincoln, and, more recently, Franklin D. 61 Roosevelt, who helped to bring this nation out of the Great 62 Depression and win World War II, and 63 WHEREAS, the Federal Infrastructure Bank Act of 2023 would 64 enable people who lost their jobs during the COVID-19 pandemic 65 to be trained and hired for jobs to build this necessary 66 infrastructure, NOW, THEREFORE, 67 68 Be It Resolved by the Legislature of the State of Florida: 69 70 That the Congress of the United States is urged to pass 71 H.R. 490, the Federal Infrastructure Bank Act of 2023, to create 72 a Federal Infrastructure Bank to finance urgently needed 73 infrastructure projects in this state and across the nation. 74 BE IT FURTHER RESOLVED that the Secretary of State dispatch 75 copies of this memorial to the President of the United States, 76 to the President of the United States Senate, to the Speaker of 77 the United States House of Representatives, and to each member 78 of the Florida delegation to the United States Congress.