Key Votes
S 1186 - Highway Project Financing - Key Vote
Idaho Key Votes
Stages
- April 16, 2009 Executive Signed
- April 10, 2009 House Bill Passed
- April 7, 2009 Senate Bill Passed
- April 3, 2009 Introduced
Family
Issues
Stage Details
Legislation - Signed (Executive) - April 16, 2009
Title: Highway Project Financing
Signed by Governor Butch Otter
Legislation - Bill Passed (House) (39-29) - April 10, 2009 (Key vote)
Title: Highway Project Financing
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).
Legislation - Bill Passed (Senate) (28-6) - April 7, 2009 (Key vote)
Title: Highway Project Financing
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).
Legislation - Introduced (Senate) - April 3, 2009
Title: Highway Project Financing
Committee Sponsors
- Finance (Sponsor)
Sponsors
- George E. Eskridge (ID - R)
- James C. 'Jim' Hammond (ID - R) (Out Of Office)
