The Senate convened the third Special Session of 2017 this afternoon and quickly passed Senate Bill 3001, which would issue road bonds yearly until 2021. The legislation would formally authorize the state to proceed with the sale of up to $1.6 billion in road bonds.
During the fiscal year beginning July 1, 2017, $800 million would be released for road construction and highway maintenance. That figure would be reduced to $400 million in fiscal year 2018 and $200 million in both fiscal years 2019 and 2020. Any amount not sold in a fiscal year may be carried over and issued in any subsequent year before July 1, 2021. These funds would be matched by federal dollars. Provisions in the bill clarify funds can only be used for state road employees and state road projects.
The legislation is currently being considered in the House of Delegates.
The Senate is in recess until 5 p.m.
The Senate met briefly Monday evening, adopting SCR 301. The resolution provides for the issuance of bonds under the Roads to Prosperity Amendment of 2017.
The Senate has adjourned the 3rd Extraordinary Session of 2017, Sine Die.
The House of Delegates met this afternoon to convene for a third Extraordinary session of the 2017 Legislature.
The House took up Senate Bill 3001 after it was passed by the Senate. The bill would issue road bonds over the course of four years ending in 2021. It would be matched by federal dollars, decreasing amounts each year. The first year would release $800 million to go towards road and highway maintenance. Definitions in the bill clarify that the money can only be used for state road employees and/or state road projects.
The bonds would benefit all 55 counties, according to Delegate Eric Nelson.
The House passed SB 3001 with no amendments.
The House is in recess until 5:30 p.m.
The House adopted SCR 301 - Providing for issuance of bonds under Roads to Prosperity Amendment of 2017.
The House adjourned its 2017 third Extraordinary session.