Patti Lodge voted Yea (Passage) on this Legislation.
Title: Highway Project Financing
Signed by Governor Butch Otter
Title: Highway Project Financing
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.
- Establishes ranges for the allocation of bond revenue as follows (Sec. 2):
- 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).
Title: Highway Project Financing
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.
- Establishes ranges for the allocation of bond revenue as follows (Sec. 2):
- 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).
Title: Highway Project Financing