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Fiscal Note

SB0239 - Transportation Revisions

State Impact:
Provisions of this bill are estimated to increases revenue to the Transportation Investment Fund of 2005 in FY 2010 and FY 2011 by $53,000,000. The Legislation authorizes issuance of General Obligation Bonds, which are backed by the full faith and credit of the State, for construction of state highways. Assuming all of the bonds are issued in the first year, with a standard fifteen year repayment period and flattened payments at today's rates, debt service will require approximately $181,540,000 per year with first year interest cost of $56,584,000. Actual debt service will vary according to interest rates at the time of issuance, the structure of the bonds, and the number of issuances. Assuming $100,000,000 of this authorization will be issued in FY 2009 and $500,000,000 will be issued in FY 2010, current debt service appropriations will cover all but $1,400,000 in FY 2009 and $20,300,000 in FY 2010, and $77,925,000 in FY 2011.

Funding SourceFY 2009
Approp.
FY 2010
Approp.
FY 2011
Approp.
FY 2009
Revenue
FY 2010
Revenue
FY 2011
Revenue
Transportation Fund Restricted$1,400,000$20,300,000$77,925,000$0$53,000,000$53,000,000
   Total
$1,400,000

$20,300,000

$77,925,000

$0

$53,000,000

$53,000,000

Individual, Business and/or Local Impact:
Enactment of this bill will result in direct, measurable costs for individuals and businesses with the increase of motor vehicle registration fees. It is unlikely that local governments will be benifited or have measurable costs with enactment of this bill.

3/11/2009, 5:31:36 PM, Lead Analyst: Bleazard, M.Office of the Legislative Fiscal Analyst