Signed by Governor Butch Otter

Vote Smart's Synopsis:

Vote to pass a bill that authorizes the Idaho Housing and Finance Association to issue up to $82 million in Grant Anticipation Revenue Vehicle (GARVEE) bonds to finance highway transportation projects.

Highlights:

-Prohibits the Idaho Transportation Board and Transportation Department from adding new highway projects or increasing the size or scope of the projects approved for GARVEE bond financing (Sec. 3). -Requires the new bonds be tax exempt, disbursed at prevailing market rates of interest, and issued on an "as needed" basis as determined by the Idaho Transportation Board (Sec. 5). -Specifies that it is the intent of the Legislature that the first priority of expenditures shall be for construction, followed by expenditures for right-of-way acquisition, followed by other necessary project-related costs (Sec. 6). -Authorizes the Idaho Transportation Board to transfer up to $4 million from the State Highway Account to the GARVEE debt service fund to pay the state's portion of the GARVEE bonds, as required by federal law (Sec. 8). -Requires the Idaho Transportation Board to submit annual progress reports concerning current and pending construction projects to the Legislature by September 30 of each year (Sec. 9).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that authorizes the Idaho Housing and Finance Association to issue up to $82 million in Grant Anticipation Revenue Vehicle (GARVEE) bonds to finance highway transportation projects.

Highlights:

-Prohibits the Idaho Transportation Board and Transportation Department from adding new highway projects or increasing the size or scope of the projects approved for GARVEE bond financing (Sec. 3). -Requires the new bonds be tax exempt, disbursed at prevailing market rates of interest, and issued on an "as needed" basis as determined by the Idaho Transportation Board (Sec. 5). -Specifies that it is the intent of the Legislature that the first priority of expenditures shall be for construction, followed by expenditures for right-of-way acquisition, followed by other necessary project-related costs (Sec. 6). -Authorizes the Idaho Transportation Board to transfer up to $4 million from the State Highway Account to the GARVEE debt service fund to pay the state's portion of the GARVEE bonds, as required by federal law (Sec. 8). -Requires the Idaho Transportation Board to submit annual progress reports concerning current and pending construction projects to the Legislature by September 30 of each year (Sec. 9).

Full Bill Text