,i  #aaf? ,,congress  #b;d ,session  ,h4
 ,r4 #hche  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,septemb] #bd1        
#bjbj,mr4 ,la,hood introduc$ ! foll[+   
bill2 :i* 0 ref]r$ to ! ,committee on   
,ov]sight & ,re=m  ,a ,,bill  ,to       
e/abli% ! ,taxpay] ,protection ,program 
to provide =givable loans to ,/ate1     
t]ritory1 ,tribal1 & local gov]nm5ts1 & 
= o!r purposes4  #a4 ,%ort title ,?is   
,act may be cit$ z ! ,taxpay]           
,protection ,act ( #bjbj4  #b4 ,taxpay] 
,protection ,program  7a7 ,e/abli%m5t ,!
 ,secret>y ( ! ,treasury %all e/abli% ! 
,taxpay] ,protection ,program to provide
 =givable loans to ,/ate1 t]ritory1     
,tribal1 & local gov]nm5ts1 9 accordance
 ) ?is section4  7b7 ,application ,any  
,/ate1 t]ritory1 ,tribal1 or local      
gov]nm5t t seeks to receive a loan "u ! 
,program %all submit an application 9   
su* =m & mann]1 & conta9+ su* in=mation1
 z ! ,secret>y may require4  7c7        
,appropriation2 loan am\nts  7#a7       
,appropriation ,out ( any money 9 !     

,treasury n o!rwise appropriat$1 !re are
 appropriat$ to ! ,secret>y to c>ry out 
! ,program1 #ahf1jjj1jjj1jjj4  7#b7     
,/ate loan am\nts  7,a7 ,9 g5]al ,(     
am\nts appropriat$ "u p>agraph 7#a71 !  
,secret>y %all use #ajj1jjj1jjj1jjj to  
c>ry out ! ,program ) respect to !      
,/ates4  7,b7 ,res]v$ am\nt ,! ,secret>y
 %all res]ve #hce1jjj1jjj ( ! am\nt     
describ$ "u subp>agraph 7,a7 = ea*      
,/ate4  7,c7 ,rema9d] ,! ,secret>y %all 
apportion ! rema9+ #eh1bej1jjj1jjj to ! 
,/ates bas$ on a ,/ate's relative       
population proportion am\nt1 calculat$ 9
 ! mann] describ$ "u section            
#fja7;c77#c7 ( ! ,social ,security ,act4
  7#c7 ,t]ritories ,( am\nts appropriat$
 "u p>agraph 7#a71 ! ,secret>y %all use 
#c1jjj1jjj1jjj to c>ry out ! ,program ) 
respect to ! ,di/rict ( ,columbia & !   
t]ritories ( ! ,unit$ ,/ates1 ) ea* su* 
,di/rict or t]ritory receiv+ an am\nt   
bas$ on ! relative population proportion
 am\nt1 calculat$ 9 ! mann] describ$ "u 
section #fja7;c77#f7 ( ! ,social        

,security ,act4  7#d7 ,tribal gov]nm5ts 
,( am\nts appropriat$ "u p>agraph 7#a71 
! ,secret>y %all use #h1jjj1jjj1jjj to  
c>ry out ! ,program ) respect to ,tribal
 gov]nm5ts1 ) ea* ,tribal gov]nm5t      
receiv+ an am\nt bas$ on increas$       
exp5ditures1 calculat$ 9 ! mann]        
describ$ "u section #fja7;c77#g7 ( !    
,social ,security ,act4  7#e7 ,local    
gov]nm5ts  7,a7 ,9 g5]al ,( am\nts      
appropriat$ "u p>agraph 7#a71 !         
,secret>y %all use #ge1jjj1jjj1jjj to   
c>ry out ! ,program ) respect to local  
gov]nm5ts ( ,/ates4  7,b7 ,aggregate    
res]vation = local gov]nm5ts ( a ,/ate  
,) respect to a p>ticul> ,/ate1 !       
,secret>y %all res]ve a p]c5tage ( !    
am\nt ( money describ$ "u subp>agraph   
7,a7 = ! local gov]nm5ts ( ! ,/ate1 9 ! 
aggregate1 equal to ! p]c5tage ( ! am\nt
 describ$ "u p>agraph 7#b77;,b7 t is    
res]v$ = su* ,/ate4  7,c7 ,res]vation = 
metropolitan cities ,! ,secret>y %all   
res]ve #bf1bej1jjj1jjj ( ! am\nt        
describ$ "u subp>agraph 7,a7 =          

metropolitan cities4  7,d7 ,res]vation =
 non-metropolitan non-c\nty g5]al       
purpose local gov]nm5ts ,! ,secret>y    
%all res]ve #aa1bej1jjj1jjj ( ! am\nt   
describ$ "u subp>agraph 7,a7 = local    
gov]nm5ts t are n metropolitan cities or
 c\nties4  7,e7 ,res]vation = c\nties   
7i7 ,9 g5]al ,! ,secret>y %all res]ve   
#cg1ejj1jjj1jjj ( ! am\nt describ$ "u   
subp>agraph 7,a7 = c\nties1 ) ea* c\nty 
receiv+ an am\nt bas$ on ! relative     
population ( ! c\nty comp>$ to !        
aggregate population ( c\nties describ$ 
"u ?is subp>agraph ) respect to ! ,/ate 
9 :i* ! c\nties are locat$4  7ii7       
,non-inclusion ( metropolitan city      
population ,9 calculat+ ! population ( a
 c\nty "u clause 7i71 ! population ( !  
c\nty %all n include any resid5t ( !    
c\nty t is also a resid5t ( a           
metropolitan city4  7d7 ,use ( funds    
,loan am\nts receiv$ "u ?is section--   
7#a7 may be us$-- 7,a7 to cov] rev5ue   
losses caus$ by bus9ess int]ruptions1   
unemploym5t1 or o!r economic h>d%ip     

directly caus$ by ! ,,covid-#ai p&emic2 
&  7,b7 = infra/ructure or ess5tial     
gov]nm5t s]vice exp5ditures1 includ+ all
 g5]al op]at+ exp5ses2 &  7#b7 may n be 
us$ = ! s]vice ( any debt obligation or 
unfund$ liability = employee retirem5t  
b5efits4  7e7 ,transp>5cy ,ea* recipi5t 
( a loan "u ! ,program %all comply ) !  
foll[+3 7#a7 ,acc\nt+ ,loan funds %all  
be acc\nt$ = sep>ately f all o!r rev5ue 
s\rces4  7#b7 ,website  7,a7 ,9 g5]al ,!
 recipi5t %all ma9ta9 a publicly        
available website t prom95tly displays1 
ei!r on its homepage or on a page l9k$  
directly f ! homepage1 a record ( !     
foll[+3 7i7 ,! doll> am\nt ( ea*        
exp5diture ( funds receiv$ "u !         
,program4  7ii7 ,! v5dor or recipi5t (  
ea* su* exp5diture ( funds4  7iii7 ,!   
purpose & date ( ea* su* exp5diture (   
funds4  7,b7 ,tim+ ,! in=mation describ$
 "u subp>agraph 7,a7 %all be made       
available on ! website )9 #cj days ( !  
relat$ exp5diture4  7f7 ,disbursem5t2   
t]ms & int]e/ rates  7#a7 ,disbursem5t  

7,a7 ,9 g5]al ,loans "u ! ,program %all 
be disburs$ qu>t]ly1 9 accordance )     
subp>agraph 7,b71 until ! e>li] (-- 7i7 
! date on :i* ! full loan disbursem5t   
has be5 made2 or  7ii7 ,june #cj1 #bjbb4
  7,b7 ,limitation on qu>t]ly           
disbursem5ts ,a recipi5t ( a loan "u !  
,program may n receive a disbursem5t )  
respect to a p>ticul> qu>t] t is m ?an !
 decrease 9-- 7i7 ! recipi5t's own-s\rce
 rev5ue collections ov] ! previ\s fiscal
 qu>t]1 f  7ii7 ! recipi5t's own-s\rce  
rev5ue collections = ! same fiscal qu>t]
 9 #bjai4  7#b7 ,int]e/ rate ,!         
,secret>y %all set int]e/ rates on loans
 "u ! ,program bas$ on ! cr$it /r5g? ( !
 recipi5t1 us+ ! same calculation us$ by
 ! ,municipal ,l5d+ ,facility ( ! ,bo>d 
( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em4  
7#c7 ,repaym5t ,) respect to a loan made
 "u ! ,program t is n =giv51 ! recipi5t 
%all be requir$ to repay ! loan 9       
qu>t]ly paym5ts beg9n+ on ,june #cj1    
#bjbb4  7g7 ,loan =giv5ess  7#a7 ,9     
g5]al ,! ,secret>y %all =give a loan    

made to a recipi5t "u ! ,program if !   
recipi5t is-- 7,a7 a local gov]nm5t o!r 
?an a c\nty-- 7i7 ) a population ( less 
?an #bej1jjj2 or  7ii7 ) a population ( 
#bej1jjj or m t has s\nd p5sion funds2  
7,b7 a c\nty-- 7i7 ) a population ( less
 ?an #ejj1jjj2 or  7ii7 ) a population (
 #ejj1jjj or m t has s\nd p5sion funds2 
or  7,c7 a ,/ate t1 z ( ,june #cj1      
#bjbb-- 7i7 has s\nd p5sion funds2  7ii7
 has a truly balanc$ budget2  7iii7 has 
ra9y-day fund protections2 &  7iv7 does 
n use a fix$ co/ ( liv+ adju/m5t )      
respect to any p5sion sy/em adm9i/]$ by 
! ,/ate4  7#b7 ,treatm5t ( gov]nm5ts    
e/abli%+ s\nd p5sion funds  7,a7 ,9     
g5]al ,) respect to a ,/ate1 a local    
gov]nm5t describ$ "u p>agraph           
7#a77;,a77ii71 or a c\nty describ$ "u   
p>agraph 7#a77;,b77ii7 t does n h s\nd  
p5sion funds at ! "t ( application =    
assi/ance "u ! ,program1 su* ,/ate1     
local gov]nm5t1 or c\nty %all only be   
eligible to receive loan =giv5ess "u    
p>agraph 7#a7 if-- 7i7 ! ,/ate1 local   

gov]nm5t1 or c\nty has s\nd p5sion funds
 be=e su* =giv5ess2 &  7ii7 any *anges  
made to employ] contributions s*$ules to
 a*ieve s\nd p5sion funds d n result 9 a
 contribution s*$ule :i* increases      
e/imat$ future actu>ially det]m9$       
employ] contributions relative to !     
contribution s*$ule 9 place on ,july #a1
 #bjbj4  7,b7 ,actu>ially det]m9$       
employ] contributions ,= purposes (     
subp>agraph 7,a77ii71 actu>ially det]m9$
 employ] contributions %all foll[       
g5]ally accept$ actu>ial pr9ciples1 z   
def9$ by ! ,secret>y4  7h7 ,f9d+s & s5se
 ( ,congress relat$ to ,/ate b5efit     
plans  7#a7 ,f9d+s ,! ,congress f9ds !  
foll[+3 7,a7 ,secur+ ! heal?1 safety1   
welf>e & prop]ty (1 & ! pursuit (       
happ9ess by1 resid5ts is ea* ,/ate's    
supreme obligation4  7,b7 ,/ate report$ 
unfund$ p5sion liabilities among !      
sev]al ,/ates at ! end ( fiscal ye>     
#bjah total$ #a1bcg1gia1cgb1jjj4  7,c7  
,! economic impact ( ! ,,covid-#ai      
p&emic is likely to fur!r increase !    

unfund$ liabilities ( employee b5efit   
plans ( ! ,/ates & increase ! annual co/
 ( ^! sy/ems1 creat+ fiscal t5sion      
betwe5 fund+ ess5tial gov]nm5t s]vices &
 s]vic+ unfund$ liabilities4  7,d7 ,!   
,,covid-#ai p&emic has caus$ r$uctions 9
 expect$ rev5ues ( ! ,/ates :ile at !   
same "t increas+ public dem& = ess5tial 
gov]nm5t s]vices4  7#b7 ,s5se (         
,congress ,x is ! s5se ( ! ,congress t  
if & to ! ext5t a ,/ate's legislature   
det]m9es t p]=mance ( its supreme       
obligation is impair$ by fund+ o!rwise  
requir$ "u any heal?1 welf>e1 retirem5t1
 or o!r b5efit plan (f]$ to its         
employees1 !n t ,/ate's legislature1 )  
its ,gov]nor's cons5t1 may *ange ! t]ms 
( any su* b5efit plan to ! ext5t x 0 n  
contemporane\sly fund$ 9 any mann] x    
det]m9es to be necess>y & prop]1 not)/&+
 ! t]ms ( any ,/ate law or con/itution  
to ! contr>y4  7i7 ,def9itions ,9 ?is   
section3 7#a7 ,indian ,tribe ,! t]m     
,indian ,tribe has ! mean+ giv5 t t]m 9 
section #d7;e7 ( ! ,indian              

,self-,det]m9ation & ,education         
,assi/ance ,act 7#be ,u4,s4,c4          
#ecjd7;e774  7#b7 ,local gov]nm5t ,)    
respect to a ,/ate1 ! t]m local gov]nm5t
 means a c\nty1 municipality1 t[n1      
t[n%ip1 village1 p>i%1 bor\gh1 or o!r   
unit ( g5]al gov]nm5t bel[ ! ,/ate      
level4  7#c7 ,metropolitan city ,! t]m  
metropolitan city has ! mean+ giv5 t t]m
 "u section #ajb7;a7 ( ! ,h\s+ &        
,community ,developm5t ,act ( #aigd 7#db
 ,u4,s4,c4 #ecjb7;a774  7#d7 ,program ,!
 t]m ,program means ! ,taxpay]          
,protection ,program4  7#e7 ,ra9y-day   
fund protections  7,a7 ,9 g5]al ,)      
respect to a ,/ate1 ! t]m ra9y-day fund 
protections means t ! ,/ate-- 7i7 has a 
fund t-- 7,i7 is int5d$ to be us$ dur+  
em]g5cy p]iods :5 rev5ues decrease1 to  
(fset su* decrease2 &  7,,ii7 is subject
 to safegu>ds to prev5t use ( am\nts 9 !
 funds = nonem]g5cy purposes1 su* z     
requir+ a resolution approv$ by a       
legislative sup]majority t an em]g5cy or
 disa/] has occurr$ be=e am\nts may be  

appropriat$ f ! fund2 &  7ii7 has enact$
 a ,/ate /atute-- 7,i7 sett+ a t>get = !
 fund ( hold+ res]ves ( #e to #aj p]c5t 
( annual g5]al rev5ues2 &  7,,ii7 "u :i*
 am\nts are automatically deposit$ 9 !  
fund 9 ord] to meet su* t>get1 dur+ any 
ye> 9 :i* ! economy is n 9 a decl>$     
recession4  7,b7 ,alt]nate c]tification 
,not)/&+ subp>agraph 7,a71 a ,/ate has  
ra9y-day fund protections if ! ,/ate    
c]tifies to ! ,secret>y t-- 7i7 ! ,/ate 
has protections = ! ,/ate's ra9y-day    
fund t are at lea/ z effective z ^?     
describ$ "u subp>agraph 7,a72 &  7ii7 ! 
,/ate's ra9y-day fund held an am\nt     
equal to m ?an #e p]c5t ( ! ,/ate's     
#bjai annual op]at+ budget 9 res]ve z ( 
,janu>y #a1 #bjbj4  7#f7 ,secret>y ,!   
t]m ,secret>y means ! ,secret>y ( !     
,treasury4  7#g7 ,s\nd p5sion funds ,)  
respect to a recipi5t "u ! ,program1 !  
recipi5t has s\nd p5sion funds if-- 7,a7
 all p5sion funds ( ! recipi5t are bas$ 
on g5]ally accept$ actu>ial pr9ciples1 z
 def9$ by ! ,secret>y1 tak+ into acc\nt 

! ,actu>ial ,/&>ds ( ,practice          
promulgat$ by ! ,actu>ial ,/&>ds ,bo>d2 
&  7,b7 ! amortization or employ]       
contribution s*$ules ( su* plans t>get a
 #ajj p]c5t p5sion fund+ ratio ov] no m 
?an #be ye>s4  7#h7 ,t]ritory ,! t]m    
t]ritory means ! ,di/rict ( ,columbia1  
,pu]to ,rico1 ! ,u4,s4 ,virg9 ,isl&s1   
,guam1 ! ,nor!rn ,m>iana ,isl&s1 &      
,am]ican ,samoa4  7#i7 ,tribal gov]nm5t 
,! t]m ,tribal gov]nm5t means !         
recogniz$ gov]n+ body ( an ,indian      
,tribe4  7#aj7 ,truly balanc$ budget ,) 
respect to a ,/ate1 ! t]m truly balanc$ 
budget means t-- 7,a7 ! ,/ate has a     
con/itutional or /atutory requirem5t t--
 7i7 op]at+ budgets a*ieve end ( ye>    
balance2 &  7ii7 deficits may n be c>ri$
 ye> to ye>2 &  7,b7 = purposes (       
calculat+ rev5ues to det]m9e :e!r !     
,/ate's op]at+ budget has a*iev$ an end 
( ye> balance1 su* rev5ues may only     
include actual monies receiv$1 & d n    
include transf]s f o!r ,/ate funds or   
borr[+ proce$s4