ID H0285

Approves bonding authority for Idaho Housing and Finance Association to issue up to $162,000,000 in highway transportation (GARVEE) bonds to be repaid from continuing federal appropriations in the State Highway Account.

Prohibits the Idaho Transportation Board and Department from increasing the scope, adding specific projects, or extending the listed transportation projects financed by the bonds.

Directs bonds to be issued on an "as needed" basis to delay debt service until funds are obligated for right-of-way acquisition, construction, and project-related costs while avoiding arbitrage violations.

Establishes expenditure priorities for bond revenue: first priority to contract construction, second to right-of-way acquisition, third to other project-related costs, with cost savings applied to remaining projects and scheduled debt service.

Authorizes transfer of up to $4,000,000 from the State Highway Account to the GARVEE Debt Service Fund for fiscal year 2012 state match requirements and requires annual reports to the Legislature by September 30 on construction projects and planned financing.