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Nelson Asks Washington For Cat Fund Help

March 23rd, 2009 by flanews

US Senator Bill Nelson is asking private investors to help rebuild Florida if a major hurricane strikes the coast.

Nelson will file legislation allowing the federal government to backup investors who loan the state money after a storm. Many fear the states Catastrophe fund isnt strong enough to handle a major storm in some of the states more populated areas. Nelson said Florida will need help sooner or later.

So one of the things today that Im going to file is an act and it is that there would be a federal guarantee for private sector loans to be repaid at fair market value interest rates so that an institution like the Florida cat fund not just in this state but in any state where the cat fund would have the ability of that backup, said Nelson.

Nelson is also asking the Secretary of the US Treasury if current law would allow Florida to take out federal loans to back up the state catastrophe fund.

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