SJR 012 Increases the motor fuel tax by four cents to retire state road bonds authorized by the General Assembly
Sponsor:Mathewson Co-Sponsor(s)
LR Number:0667S.05I Fiscal Note:0667-05
Last Action:03/18/03 - Hearing Conducted S Transportation Committee Journal page:
Effective Date:Voter Approval
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Current Bill Summary

SJR 12 - This proposed constitutional amendment raises the gas tax an additional four cents. The proceeds from the additional gas tax are subject to appropriation by the General Assembly and shall be used exclusively for the payment of principal and interest on state road bonds in an amount not to exceed $2.25 billion as authorized by the general assembly prior to June 30,2006. The tax will terminate whenever the Commissioner of Administration determines that the proceeds of the tax are sufficient to retire the road bonds or December 31, 2026, whichever is earlier.