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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
]]]] 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 |
| 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 |