SB 688

Current law authorizes the state to contract public debt in an amount not to

exceed $225,000,000, in the form of general obligation bonds, for purposes of funding

major interstate bridge projects. A major interstate bridge project is defined to mean

"a project involving the construction or reconstruction of a bridge on the state trunk

highway system, including approaches, that crosses a river forming a boundary of

the state and for which this state's estimated cost share is at least $100,000,000."

Under current law, the Department of Transportation may not encumber or expend

any funds collected under this bonding authorization unless the state receives

federal funds that are designated by the federal government for a major interstate

bridge project and that cover at least $75,000,000 of the state's share of the project's

cost.

This bill increases the general obligation bonding authorization for major

interstate bridge projects to $300,000,000 and eliminates the requirement that the

state receive federal funds covering a portion of the project's cost before expending

or encumbering funds collected under the bonding authorization.