Brief Description: Authorizing bonds for transportation funding.

Sponsors: Representatives Murray and Simpson.

Hearing Date: 4/11/05

Staff: Gary Lebow (786-7304).

Background:

Bonds have been issued in the past to fund transportation projects that have a long term expected life span. The bonds must be authorized by the Legislature and the proceeds from the sale of the bonds must be appropriated for transportation projects.

Summary of Bill:

Authorization is provided for the sale of $5.1 billion of general obligation bonds for transportation improvements. The bonds are backed by the motor fuel tax and the full faith and credit of the state.

Appropriation: None.

Fiscal Note: Not requested.

Effective Date: The bill takes effect on July 1, 2005.