2006 Legislation
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HOUSE BILL NO. 854 – Hwy projects, bonding authority

HOUSE BILL NO. 854

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Bill Status



H0854.....................................................by APPROPRIATIONS
HIGHWAY PROJECTS - BONDING AUTHORITY - Approves the bonding authority for
the issuance of GARVEE bonds for highway transportation projects; states
legislative intent regarding obligations of future legislatures or
governors and provides for financing of specific projects; authorizes a
transfer of funds; states legislative intent regarding adjustment of
allocation of GARVEE bond proceeds among projects; states the desire of the
Legislature regarding use of federal funds; and provides that the Idaho
Transportation Board and future governors may request future bonding
authority.
                                                                        
03/27    House intro - 1st rdg - to printing
03/28    Rpt prt - Held at Desk
03/31    Ref'd to Transp
04/11    Rpt out - rec d/p - to 2nd rdg
    Rls susp - PASSED - 49-19-2
      AYES -- Anderson, Andrus, Barraclough, Bastian, Bedke, Bell, Bilbao,
      Black, Block, Boe, Bolz, Brackett, Cannon, Chadderdon, Clark,
      Collins, Deal, Edmunson, Ellsworth, Eskridge, Field(18), Field(23),
      Garrett, Hart, Harwood, Henbest, Henderson, Kemp, Martinez, McKague,
      Miller, Moyle, Nonini, Pasley-Stuart, Pence, Ring, Ringo, Rusche,
      Sali, Sayler, Shepherd(2), Shepherd(8), Shirley, Skippen, Smith(30),
      Smylie, Snodgrass, Stevenson, Wills
      NAYS -- Barrett, Bayer, Bradford, Crow, Denney, Lake, LeFavour,
      Loertscher, Mathews, McGeachin, Mitchell, Nielsen, Raybould, Roberts,
      Rydalch, Schaefer, Smith(24), Wood, Mr. Speaker
      Absent and excused -- Jaquet, Trail
    Floor Sponsor - Skippen
    Title apvd - to Senate
04/11    Senate intro - 1st rdg
    Rls susp - PASSED - 34-1-0
      AYES -- Andreason, Brandt, Broadsword, Bunderson, Burkett,
      Burtenshaw, Cameron, Coiner, Compton, Corder, Darrington, Davis,
      Fulcher(Fulcher), Gannon, Geddes, Goedde, Hill(Moeller), Jorgenson,
      Kelly, Keough, Langhorst, Little, Lodge, Malepeai, Marley, McGee,
      McKenzie, Pearce, Richardson, Schroeder, Stegner, Stennett, Sweet,
      Werk
      NAYS -- Williams
      Absent and excused -- None
    Floor Sponsor - McGee
    Title apvd - to House
04/12    To enrol - Rpt enrol - Sp signed - Pres signed
    To Governor
04/14    Governor signed
         Session Law Chapter 457
         Effective: 04/14/06 with authorized bonds
         being issued by 07/01/07

Bill Text


                                                                        
                                                                        
  ]]]]              LEGISLATURE OF THE STATE OF IDAHO             ]]]]
 Fifty-eighth Legislature                  Second Regular Session - 2006
                                                                        
                                                                        
                              IN THE HOUSE OF REPRESENTATIVES
                                                                        
                                     HOUSE BILL NO. 854
                                                                        
                                BY APPROPRIATIONS COMMITTEE
                                                                        
  1                                        AN ACT
  2    RELATING TO HIGHWAY TRANSPORTATION PROJECTS; APPROVING  BONDING  AUTHORITY  TO
  3        FINANCE CERTAIN HIGHWAY TRANSPORTATION PROJECTS; PROVIDING A LIST OF HIGH-
  4        WAY TRANSPORTATION PROJECTS TO BE FINANCED WITH BOND PROCEEDS; AUTHORIZING
  5        A  TRANSFER OF FUNDS FOR DEBT SERVICE; PROVIDING LEGISLATIVE INTENT AUTHO-
  6        RIZING THE STATE TRANSPORTATION BOARD TO ADJUST ALLOCATION  OF  BOND  PRO-
  7        CEEDS;  EXPRESSING  LEGISLATIVE  DESIRE  THAT THE DEPARTMENT USE A FEDERAL
  8        APPROPRIATION ON PROJECTS WITH THE GREATEST PUBLIC SAFETY NEEDS; PROVIDING
  9        THAT THIS ACT DOES NOT PROHIBIT FUTURE  REQUESTS  FOR  BONDING  AUTHORITY;
 10        DECLARING  AN  EMERGENCY AND PROVIDING THAT BONDS AUTHORIZED BE ISSUED NOT
 11        LATER THAN JULY 1, 2007.
                                                                        
 12    Be It Enacted by the Legislature of the State of Idaho:
                                                                        
 13        SECTION 1.  The Idaho Legislature hereby approves  bonding  authority  for
 14    the issuance of Grant Anticipation Revenue Vehicle (GARVEE) bonds by the Idaho
 15    Housing  and  Finance  Association in a principal amount sufficient to finance
 16    the highway transportation projects listed in Section 2  of  this  act  in  an
 17    amount up to $200,000,000.
                                                                        
 18        SECTION  2.  The  Legislature finds that the bonding authority provided in
 19    Section 1 of this act should be used in a manner that does not obligate future
 20    legislatures or governors for additional  bonding.  Further,  the  Legislature
 21    finds  that  the bonding authority provided in Section 1 of this act should be
 22    used to finance those projects which are of the highest critical need based on
 23    safety, traffic volume or projected demand. The bonding authorized in  Section
 24    1  of  this act shall be used to finance the following projects, providing the
 25    amounts listed below for construction, engineering, right-of-way  acquisition,
 26    program management costs and bond financing costs:
                                                                        
 27    (1)  U.S. Highway 95, Worley to Setters............................$45,600,000
 28    (2)  Interstate Highway 84, Caldwell to Meridian...................$70,000,000
 29    (3)  U.S. Highway 30, McCammon to Soda Springs.....................$30,500,000
 30    (4)  Interstate Highway 84 to South Emmett.........................$ 5,000,000
 31    (5)  U.S. Highway 95, Garwood to Sagle.............................$35,000,000
 32    (6)  Interstate Highway 84, Orchard to Isaacs Canyon...............$13,900,000
                                                                        
 33        SECTION  3.  The Idaho Transportation Board is hereby authorized to trans-
 34    fer up to $688,000 from within the State Highway Account to  the  GARVEE  debt
 35    service fund to pay the state match as required for federal funds committed to
 36    pay the annual scheduled debt service on GARVEE bonds for fiscal year 2007.
                                                                        
 37        SECTION 4.  It is the intent of the Legislature that the Idaho Transporta-
 38    tion  Board  has  the authority to adjust GARVEE bond proceeds allocated among
 39    the projects as listed in Section 2 of this act, provided that such an adjust-
 40    ment is necessary due to unanticipated reasons; and provided further  that  no
                                                                        
                                       2
                                                                        
  1    proceeds shall be used for any projects not listed in Section 2 of this act.
                                                                        
  2        SECTION  5.  The  Legislature  acknowledges  that the Idaho Transportation
  3    Board has a federal appropriation of over $291,000,000 at its  discretion  and
  4    it  is  the  desire of the Legislature that, to the extent possible, the Idaho
  5    Transportation Department focus on those projects  with  the  greatest  public
  6    safety needs, as defined by the Idaho Transportation Board.
                                                                        
  7        SECTION  6.  Nothing  in  this  act  shall be construed as prohibiting the
  8    Idaho Transportation Board and future governors from requesting future bonding
  9    authority.
                                                                        
 10        SECTION 7.  An emergency existing  therefor,  which  emergency  is  hereby
 11    declared to exist, this act shall be in full force and effect on and after its
 12    passage  and  approval.  The  bonds described herein shall be issued not later
 13    than July 1, 2007.

Statement of Purpose / Fiscal Impact


Statement of Purpose
RS16292

This bill provides bonding authority for the issuance of Grant Anticipation Revenue Vehicle (GARVEE) bonds in a principal amount to finance up to $200,000,000 for six highway transportation projects. This bill authorizes the use of bond proceeds for six separate transportation projects and allocates a set amount for each project. The projects and amounts include the following: U.S. Highway 95, Worley to Setters–$45,600,000; Interstate Highway 84, Caldwell to Meridian–$70,000,000; U.S. Highway 30, McCammon to Soda Springs–$30,500,000; Interstate Highway 84 to South Emmett–$5,000,000; U.S. Highway 95, Garwood to Sagle–$35,000,000; and Interstate Highway 84, Orchard to Isaacs Canyon–$13,900,000.

The bill also authorizes the transfer of $688,000 from the State Highway Account to provide the state match portion on bond debt service in FY 2007. Legislative intent language authorizes the Transportation Board to adjust the allocated amounts among the listed six projects when necessary due to unanticipated circumstances. Intent language also provides that no bond proceeds may be used on any transportation project not listed in this bill. Additional legislative intent language encourages the Transportation Department to use its federal appropriation to focus on projects with the greatest public safety needs, as defined by the Transportation Board. Also, intent language affirmatively states that nothing in this bill prohibits future requests for additional bonding authority. The bill includes an emergency clause which allows this bill to take effect on its passage and approval.

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Fiscal Note

This bill approves bonding authority for the issuance of Grant Anticipation Revenue Vehicle (GARVEE) bonds in a principal amount sufficient to finance six highway transportation projects in an amount up to $200,000,000. It also authorizes the transfer of $688,000 from the State Highway Account to pay the required state match for the initial debt service payment in FY 2007. This transfer from the State Highway Account constitutes one-half of a full-year’s state match for debt service. The first full-year state match for debt service will be due in FY 2008.

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Contact: Eric Milstead 334-4746

Legislative Services Office, Budget & Policy Analysis

Statement of Purpose/Fiscal Note Bill No. H854