- Introduced -

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 be used only for construction and shall not be used to pay administrative, planning or design expenses.

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 30 calendar days of receipt of the plan. Thus, if both houses do not reject the plan, the plan is deemed accepted. The bonds shall be issued for a period of 15 years.

This bill is similar to HB 1742 (2000).

STEPHEN WITTE