|SB 1017||Authorizes the issuance of $2 billion in bonds to finance highway construction and maintenance|
|LR Number:||4430S.03P||Fiscal Note:||4430-03|
|Last Action:||04/27/00 - Referred H Transportation Committee||Journal page:||H1122|
|Effective Date:||August 28, 2000|
SB 1017 - This act allows the General Assembly to authorize the Highway and Transportation Commission to issue $2 billion in bonds from the fiscal years 2001 to 2005. The principal amount of the bonds shall not exceed $500,000,000 in any one fiscal year. Proceeds from the bonds shall only be used for construction engineering and construction costs and shall not be used to pay administrative, planning or design expenses. Contracted design shall not be considered an administrative expense, but shall not exceed 7% of any project.
In order to obtain funding, the Commission must annually submit a proposed plan by the tenth legislative day to the General Assembly. The General Assembly may reject the plan by concurrent resolution by simple majority of both houses within 45 calendar days of receipt of the plan. Thus, if both houses do not reject the plan, the plan is deemed accepted. Any such resolution must be submitted to a vote of the membership of the House of Representatives and the Senate within the 45 days of introduction or receipt from the other chamber. The bonds shall be issued for a period of 15 years. All projects funded by the bonding authorization shall be funded in conformity with the priorities established in the 1992 plan developed by the Transportation Department.
This act also requires the Department of Transportation to forward copies of any contract or letter of intent (over $100,000) entered into by the Department to the Attorney General's office for approval. The Attorney General shall review and approve the contract within days of its receipt. If the Attorney General does not approve the contract, he or she shall return the contract with additional provisions which may be necessary to protect the state's legal interests. The review shall be limited to the legal form of the contract and not the subject matter, economic terms or parties of the contract.
This act is similar to HB 1742 (2000).