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|
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.
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.
Contact: Eric Milstead 334-4746
Legislative Services Office, Budget & Policy Analysis
|Statement of Purpose/Fiscal Note||Bill No. H854|