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H0697.....................................................by WAYS AND MEANS
GARVEE PROJECTS - Amends existing law relating to powers and duties of the
Idaho Transportation Board and federally-funded highway project financing
(GARVEE) to delete a project from the list of projects from which the board
shall select and designate transportation projects to be funded with bond
proceeds.
04/02 House intro - 1st rdg - to printing
Rpt prt - to Transp
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]] Fifty-ninth Legislature Second Regular Session - 2008IN THE HOUSE OF REPRESENTATIVES HOUSE BILL NO. 697 BY WAYS AND MEANS COMMITTEE 1 AN ACT 2 RELATING TO POWERS AND DUTIES OF THE IDAHO TRANSPORTATION BOARD AND FEDERALLY- 3 FUNDED HIGHWAY PROJECT FINANCING; AMENDING SECTION 40-315, IDAHO CODE, TO 4 DELETE A PROJECT FROM THE LIST OF PROJECTS FROM WHICH THE BOARD SHALL 5 SELECT AND DESIGNATE TRANSPORTATION PROJECTS TO BE FUNDED WITH BOND PRO- 6 CEEDS. 7 Be It Enacted by the Legislature of the State of Idaho: 8 SECTION 1. That Section 40-315, Idaho Code, be, and the same is hereby 9 amended to read as follows: 10 40-315. POWERS AND DUTIES -- FEDERALLY-FUNDED HIGHWAY PROJECT FINANCING. 11 (1) In order to address the increasing need for timely improvements to Idaho's 12 highway transportation infrastructure, the board may: 13 (a) Enter into agreements with the Idaho housing and finance association 14 in connection with the funding of highway transportation projects qualify- 15 ing for reimbursement from federal funds. 16 (b) Approve and recommend federal highway transportation projects to the 17 Idaho housing and finance association for financing by the association. 18 Such federal highway transportation projects shall be eligible for feder- 19 al-aid debt financing under chapter 1, title 23, United States Code, and 20 approval by the federal highway administration as an advanced construction 21 (AC) project thereunder. The board shall select and designate such trans- 22 portation projects to be funded with bond proceeds from the following list 23 of eligible projects: 24 ROUTE PROJECT DESCRIPTION 25 US-95 SH-1 to Canadian border 26 US-95 Garwood to Sagle 27 US-95 Worley to Setters 28 US-95 Thorn Creek to Moscow 29 US-95 Smokey Boulder to Hazard Creek 30SH-16 ExtSouth Emmett to Mesa with connection to SH-5531 SH-16 Ext I-84 to South Emmett 32 I-84 Caldwell to Meridian 33 I-84 Orchard to Isaacs Canyon 34 US-93 Twin Falls alternate route and new Snake River 35 crossing 36 SH-75 Timmerman to Ketchum 37 US-20 St. Anthony to Ashton 38 US-30 McCammon to Soda Springs 39 (c) On and after July 1, 2008, all allocations of GARVEE bond proceeds 40 shall be the sole responsibility and duty of the Idaho transportation 41 board. The legislature shall have authority to approve a total GARVEE bond 42 amount on an annual basis. However, the Idaho transportation board is 43 directed to allocate bond revenue only among the projects listed in sub- 2 1 section (1)(b) of this section. In making its funding allocation for proj- 2 ects, the board shall take into consideration: the cost of the project and 3 whether or not that project could be financed without bonding; whether the 4 project is necessary to facilitate the traffic flow on vital transporta- 5 tion corridors; and whether the project is necessary to improve safety for 6 the traveling public. On and after July 1, 2008, the board shall use due 7 care in selecting projects for bonding and shall balance and coordinate 8 the use of bonding with the use of highway construction moneys. 9 Notwithstanding the provisions of subsection (1)(b) of this section wherein 10 eligible projects are listed for selection and designation by the board, if 11 any of the designated projects are deemed to be ineligible by the board, the 12 board shall have the authority to replace those projects with other projects 13 listed in subsection (1)(b) of this section. 14 (2) Prior to issuance by the Idaho housing and finance association of any 15 bonds or notes to finance highway transportation projects, the board shall 16 certify to the association that sufficient federal transportation funds are 17 available to make any payments required for such bonds or notes. 18 (3) The board shall limit annual, total cumulative debt service and other 19 bond-related expenses as follows: 20 (a) In the 2006 legislative session for the fiscal year 2007 budget, 21 total cumulative debt service and other bond-related expenses on 22 federally-funded highway project financing shall be no more than twenty 23 percent (20%) of annual federal-aid highway apportionments. 24 (b) In the 2007 legislative session for the fiscal year 2008 budget, 25 total cumulative debt service and other bond-related expenses on 26 federally-funded highway project financing shall be no more than twenty 27 percent (20%) of annual federal-aid highway apportionments. 28 (c) In the 2008 legislative session for the fiscal year 2009 budget, 29 total cumulative debt service and other bond-related expenses on 30 federally-funded highway project financing shall be no more than twenty 31 percent (20%) of annual federal-aid highway apportionments. 32 (d) In the 2009 legislative session for the fiscal year 2010 budget, 33 total cumulative debt service and other bond-related expenses on 34 federally-funded highway project financing shall be no more than twenty 35 percent (20%) of annual federal-aid highway apportionments. 36 (e) In the 2010 legislative session for the fiscal year 2011 budget, 37 total cumulative debt service and other bond-related expenses on 38 federally-funded highway project financing shall be no more than thirty 39 percent (30%) of annual federal-aid highway apportionments. 40 (f) Beginning with the 2011 legislative session for the fiscal year 2012 41 budget, or for any year thereafter, the thirty percent (30%) limit may be 42 exceeded, but only by affirmative action of both the house of representa- 43 tives and the senate, and with the approval of the governor. 44 (4) In the event the board selects and designates to be funded with bond 45 proceeds any of the transportation projects listed in subsection (1) of this 46 section, and prior to entering into agreements with the Idaho housing and 47 finance association as provided herein, the Idaho transportation department, 48 as part of its annual budget request prepared pursuant to section 67-3502, 49 Idaho Code, shall include a request for bonding authority as a separate item 50 of its budget request. This request for bonding authority shall include a list 51 of planned highway transportation projects to be financed with such bond 52 financing during the next succeeding fiscal year. 53 (5) By June 30 of each year, the board shall submit a report to the leg- 54 islature concerning projects currently under construction using the bond 55 financing as authorized by the provisions of this section, and shall include a 3 1 list of planned highway transportation projects to be financed with such bond 2 financing during the next succeeding fiscal year.
STATEMENT OF PURPOSE
RS 18171
This legislation will eliminate confusion regarding GARVEE
funding of the proposed Indian Valley Highway.
FISCAL NOTE
There is no fiscal impact to the General Fund.
Contact
Name: Representative Diana Thomas
Phone: (208) 332-1000
STATEMENT OF PURPOSE/FISCAL NOTE H 697