SB 1006 - Bond Authorization Increases Summary

• Increases bond authorization for community and economic development projects from $1.159 billion to $1.259 billion, with $50 million effective July 1, 2012.

• Raises school building and construction project bond authorization from $8.039 billion to $9.146 billion, with $584 million effective July 1, 2012.

• Increases environmental and water pollution control project bonds from $1.041 billion to $1.228 billion general obligations, and from $1.953 billion to $2.425 billion revenue bonds, with additional funding effective July 1, 2012.

• Creates new intertown capital equipment purchase incentive program authorizing $20 million in bonds ($10 million effective July 1, 2012) to provide grants to municipalities for joint equipment and vehicle acquisition.

• Transfers energy services project funding administration from multiple departments to Department of Energy and Environmental Protection and reallocates bond proceeds for renewable energy and efficiency improvements in state buildings.