HEA 1002 Summary

• Amends the Major Moves Construction Fund to clarify its purposes and fund composition, including distributions from toll road and next generation trust funds, appropriations, gifts, grants, and toll revenue.

• Modifies the Major Moves 2020 Trust Fund to allow the budget agency (instead of requiring the auditor of state) to direct transfers of up to $200 million from the state general fund before July 1, 2015.

• Creates a new mechanism allowing the budget agency to transfer up to $200 million from the Major Moves 2020 Trust Fund to the Major Moves Construction Fund, subject to budget committee review.

• Specifies that fund money cannot be invested in equity securities and must be appropriated by the General Assembly before expenditure.

• Declares an emergency for the act, making it effective immediately upon passage.