Senate Bill 1206 Summary

• Authorizes Idaho Housing and Finance Association to issue up to $300 million in GARVEE (Grant Anticipation Revenue Vehicle) bonds to finance highway transportation projects listed in Section 40-315, with bonds repaid from federal highway funds.

• Prohibits the Idaho Transportation Board and Department from increasing the scope or extending the listed transportation projects beyond their original corridors.

• Establishes a new Transportation Expansion and Congestion Mitigation Program and fund to be financed by 1% of sales tax revenue and use tax distributions from Section 63-2520 and Section 63-3638.

• Modifies the Strategic Initiatives Program to allocate funds 60% to Idaho Transportation Department districts and 40% to local units of government after May 30, 2017, and extends the program's funding sunset to May 31, 2019.

• Requires management services agreements for bond-funded projects to be fully transparent to the public and legislature to the extent possible; most provisions effective July 1, 2017.