HB 18-1119: Sustainable Rural Highway Building and Maintenance Act

• Requires the Transportation Commission to submit a ballot question to voters at the November 2018 general election authorizing issuance of $3.5 billion in Transportation Revenue Anticipation Notes (TRANs) with maximum repayment cost of $5 billion, without raising taxes.

• Requires at least one-third of TRANs issued within one year of voter approval, two-thirds within two years, and all notes within three years; notes have maximum 20-year repayment term with prepayment without penalty allowed.

• Dedicates 7.5% of state sales and use tax net revenue to the State Highway Fund beginning July 1, 2018 to repay TRANs and fund maintenance of qualified federal aid highways.

• Repeals the lease-purchase agreement requirement enacted by Senate Bill 17-267 and replaces it with the TRANs program as a more cost-effective financing method for transportation projects.

• TRANs net proceeds must be used only for qualified federal aid highway projects included in the Strategic Transportation Project Investment Program designated for tier 1 funding, with at least 25% of funds for projects in counties with populations of 50,000 or less.