SB 1256 Summary

• Amends the apportionment of motor vehicle registration fees and taxes to redirect funding from the General Revenue Fund to a new High Priority State Bridge Revolving Fund, beginning July 1, 2012

• Establishes a phased reduction in General Revenue Fund allocations, decreasing from 29.84% (2009-2011) to 24.84% (2016 and beyond) in annual 1% increments

• Creates the High Priority State Bridge Revolving Fund with initial allocations of 1% (FY2012), increasing by 1% annually to reach 5% (FY2016 and beyond) of motor vehicle revenue collections

• Fund resources directed specifically for construction and reconstruction of bridges on the state highway system identified as highest priority by the Transportation Commission

• Includes emergency clause for immediate implementation upon passage and approval