ID S1427

Idaho Legislature approves up to $12,000,000 in GARVEE (highway transportation) bonds to be issued by the Idaho Housing and Finance Association, with bonds to be paid from federal funds in the State Highway Account.

Idaho Transportation Board and Department are prohibited from increasing the scope of, adding specific projects to, or enlarging the transportation projects listed in Idaho Code Section 40-315.

Bonds shall be issued on an "as needed" basis with expenditure priority order: right-of-way acquisition first, construction second, and other project-related costs third; cost savings shall be applied to existing projects.

Idaho Transportation Board authorized to transfer up to $4,000,000 from the State Highway Account to the GARVEE debt service fund to pay the state match for federal funds covering annual debt service on GARVEE bonds for fiscal year 2011.

Idaho Transportation Board must submit a report to the Legislature by September 30 of each year detailing projects currently under construction with bond financing and listing planned projects for the next fiscal year.