SB 1351 Summary

• Creates the Transportation Improvement Fee Finance Committee consisting of the Treasurer, Controller, and Director of Finance to authorize issuance of revenue bonds backed by transportation improvement fee revenues.

• Authorizes issuance of up to $5,000,000,000 in revenue bonds on a tax-exempt or taxable basis to finance or refinance state highway projects that have completed environmental clearance and design work.

• Establishes the State Highway and SHOPP TIF Account to receive transportation improvement fee revenues and the State TIF Revenue Bond Fund to receive net proceeds from bond sales.

• Designates the revenues as continuously appropriated to the Treasurer for bond issuance purposes and to the Department of Transportation for state highway maintenance, with 50% of remaining revenues going to cities and counties.

• Provides that revenue bonds are not a state debt or pledge of full faith and credit, with repayment solely from pledged transportation improvement fee revenues, and includes a covenant against materially adverse amendments to related law while bonds are outstanding.