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 $134 million in Grant Anticipation Revenue Vehicle (GARVEE) bonds to finance specific highway transportation projects.

Highlights:

-Limits financing using bond revenue to the following projects (Sec. 2):

-US-95, SH-1 to Canadian Border; -US-95, Garwood to Sagle; -US-95, Worley to Setters; -US-95, Thorn Creek to Moscow; -US-95, Smoky Boulder to Hazard Creek; -SH-16, Ext., South Emmett to Mesa with Connection to SH-55; -SH-16, Ext., I-84 to South Emmett; -I-84, Caldwell to Meridian; -I-84, Orchard to Isaacs Canyon; -US-93, Twin Falls alternate route and new Snake River crossing; -SH-75, Timmerman to Ketchum; -US-20, St. Anthony to Ashton; and -US-30, McCammon to Soda Springs.

-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 $3.3 million from the State Highway Account to the GARVEE Service Fund to pay the state's portion of the GARVEE, 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 (Sec. 9).

Full Bill Text