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Download Zipped Introduced WP 6.1 SB0273S1.zip
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Passage of this bill will authorize the issuance of general obligation bonds up to $6,000,000, for Highway Improvement Funding. The estimated annual interest payments of $300,000 will be paid as a project cost within the $6,000,000 bond limitation. The bonds may not be issued until a developer whose projects benefits from the improvements accepts liability for project costs and provides certainty that the new development will generate at least $6,000,000 in new tax revenue. The new revenues will be used to repay the debt, rather than accrue to the General Fund. Based on the construction of a large sales tax generating development, the state can expect at least $4.2 million in new sales tax revenue from construction. Additional sales tax revenue of at least $2.1 million would arise from increased retail sales.
| FY 01 Approp. | FY 02 Approp. | FY 01 Revenue | FY 02 Revenue | |
| General Fund | $300,000 | $300,000 | $0 | $0 |
| TOTAL | $300,000 | $300,000 | $0 | $0 |
Office of the Legislative Fiscal Analyst
3/1/00 8:14:03 PM
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