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LB 1092 - Authorizes Highway Commission to Issue Bonds - Nebraska Key Vote

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Title: Authorizes Highway Commission to Issue Bonds

Vote Smart's Synopsis:

Vote to pass a bill that authorizes the Nebraska State Highway Commission to issue bonds to fund highway construction projects.

Highlights:

  • Authorizes the Nebraska State Highway Commission to issue bonds up to $200 million for highway construction projects (Secs. 1-2 & 13).
  • Requires the bonds issued under the provisions of this bill to have a fixed interest rate below 5 percent and to mature on or prior to July 1, 2033 (Secs. 1 & 2).
  • Prohibits the issuance of bonds under the provisions of this bill after June 30, 2017 (Sec. 2).
  • Authorizes the state to pay for the bonds issued under the provisions of this bill using any lawfully available funds (Sec. 3).
  • Requires the funds collected from the motor vehicle fuel tax to be used for bonds issued by the provisions of this bill after July 1, 2014  (Sec. 16).

NOTE: THIS VOTE WAS TAKEN WITH THE EMERGENCY CLAUSE STRICKEN AFTER HAVING FAILED TO RECEIVE THE REQUIRED 2/3 MAJORITY IN THE PREVIOUS VOTE WITH THE EMERGENCY CLAUSE INCLUDED.

Full Bill Text

NOTE: A BILL WITH AN EMERGENCY CLAUSE REQUIRES A SEPARATE TWO-THIRDS VOTE OF THE LEGISLATURE FOR THE CLAUSE TO PASS. IF THE CLAUSE IS PASSED, THE BILL GOES INTO EFFECT IMMEDIATELY UPON THE GOVERNOR'S SIGNATURE.

Title: Authorizes Highway Commission to Issue Bonds

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