HB 1051 -- State Highway Toll Facilities

Co-Sponsors:  Seigfreid, Klindt, Gaw, Fitzwater, Relford,
Berkowitz, Kreider, Summers

This bill enables the Highways and Transportation Commission to
fund, construct, and operate toll roads, toll bridges, and other
facilities connected with toll roads and bridges.  It is
contingent upon the approval of a constitutional amendment
authorizing the commission to fund, construct, and operate toll
facilities.

The commission is authorized to issue revenue bonds and
refunding bonds for toll facilities.  No more than $500 million
in such bonds may be outstanding at any one time.  The bill
exempts the proceeds and interest from such bonds from taxation
by the state except for the estate tax.

Construction, operation, and retirement of debt in connection
with toll facilities will be handled in three funds.

The State Toll Facility Construction Fund will receive the
proceeds from the sale of state road revenue bonds and moneys
from other sources to be used to pay for the construction of
toll facilities.

The State Toll Facility Revenue Fund will receive state revenue
from toll facilities.

The State Toll Facility Bond and Interest Sinking Fund will
receive funds from the State Toll Facility Revenue Fund which
are in excess of what is needed to operate toll facilities.
These funds will be used to pay principal and interest on the
bonds.  If there are insufficient funds to do that, the
commission is given authority to transfer moneys from the State
Road Fund sufficient to make such payments.

The commission will establish segregated accounts within the
various funds to keep the financing of projects separated from
each other.  It has authority to make transfers between funds
and accounts.

When the bonds issued for a particular toll facility are paid
off, the facility will continue in the state transportation
system as a free facility.