In January 2005, the Chesapeake Executive Council issued Directive 04-1 in response to the recommendations set forth by the Blue Ribbon Finance Panel. That directive instructed the Principals’ Staff Committee "to convene a Committee of federal, state, and regional finance and legal experts to provide a specific proposal" for a regional financing authority that would help finance and implement programs to restore and protect water quality throughout the Chesapeake watershed. This Report of the Committee of experts outlines the conceptual framework for a Chesapeake Bay Regional Financing Authority. Four core deliverables include: (1) Governance structure for an authority; (2) Regulatory and/or legislative changes necessary (state and federal); (3) Specific examples of funding mechanisms that could generate necessary revenue streams; (4) Decision-making mechanisms relative to the allocation of loan and grant funds.