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H 336 - Highway Project Financing - Idaho Key Vote

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Title: Highway Project Financing

Vote Smart's Synopsis:

Vote to pass a bill that approves the issuance of up to $250 million in highway transportation (GARVEE) bonds by the Idaho Housing and Finance Association to fund six highway transportation projects.

Highlights:

- Establishes ranges for the allocation of bond revenue as follows (Sec. 2):

    - $23 million to $77.1 million for US-95 from Garwood to Sagle; - $11.2 million to $12 million for US-95 for Worley North; - $4.3 million to $17 million for SH-16 from Junction I-84 to Emmett; - $58.1 million to $126 million for I-84 from Caldwell to Meridian; - $28 million to $30 million for I-84 from Orchard to Isaacs Canyon; and - $38.4 million to $40 million for US-30 from McCammon to Lava Hot Springs.

- Restricts the Idaho Transportation Department and Idaho Transportation Board from altering the projects or adding additional transportation projects (Sec. 3). - Allows the Idaho Transportation Department to adjust the allocation of bond proceeds among the highway projects if it is necessary to accomplish the overall development as a result of unforeseen reasons or circumstances, or to accommodate federally approved alternate and innovative approaches (Sec. 8). - Grants sole responsibility of the allocation of GARVEE bond revenue to the Idaho Transportation Board beginning July 1, 2008 to distribute amongst the thirteen projects listed under Section 40-315 of the Idaho Code (Sec. 13). - Authorizes the transfer of $7 million from the State Highway Account to the GARVEE Debt Services Fund to pay the state match as required for federal funds disbursed to pay for debt services on GARVEE bonds for fiscal year 2008 (Sec. 9).

Full Bill Text

See How Your Politicians Voted

Title: Highway Project Financing

Vote Smart's Synopsis:

Vote to pass a bill that approves the issuance of up to $250 million in highway transportation (GARVEE) bonds by the Idaho Housing and Finance Association to fund six highway transportation projects.

Highlights:

- Establishes ranges for the allocation of bond revenue as follows (Sec. 2):

    - $23 million to $77.1 million for US-95 from Garwood to Sagle; - $11.2 million to $12 million for US-95 for Worley North; - $4.3 million to $17 million for SH-16 from Junction I-84 to Emmett; - $58.1 million to $126 million for I-84 from Caldwell to Meridian; - $28 million to $30 million for I-84 from Orchard to Isaacs Canyon; and - $38.4 million to $40 million for US-30 from McCammon to Lava Hot Springs.

- Restricts the Idaho Transportation Department and Idaho Transportation Board from altering the projects or adding additional transportation projects (Sec. 3). - Allows the Idaho Transportation Department to adjust the allocation of bond proceeds among the highway projects if it is necessary to accomplish the overall development as a result of unforeseen reasons or circumstances, or to accommodate federally approved alternate and innovative approaches (Sec. 8). - Grants sole responsibility of the allocation of GARVEE bond revenue to the Idaho Transportation Board beginning July 1, 2008 to distribute amongst the thirteen projects listed under Section 40-315 of the Idaho Code (Sec. 13). - Authorizes the transfer of $7 million from the State Highway Account to the GARVEE Debt Services Fund to pay the state match as required for federal funds disbursed to pay for debt services on GARVEE bonds for fiscal year 2008 (Sec. 9).

Full Bill Text

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