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SF 2995 Senate Long Description

Creating a road improvement and bottleneck reduction fund for construction and improvement of trunk highways in the metropolitan area to improve traffic flow and expand highway capacity and outside the metropolitan area for at risk interregional corridors as designated by the commissioner of transportation (DOT) and for other trunk highway projects qualifying as major transportation projects; requiring projects financed with money from the fund to be included in reports submitted by the commissioner to the major transportation projects commission; providing for investment of the fund by the state board of investment; authorizing and providing for the commissioner of finance to issue state revenue bonds to fund the road improvement and bottleneck reduction fund to be backed by tobacco settlement fund annual payments, specifying certain limits and establishing a special revenue fund for deposit of the settlement payments and a special debt service fund for the payment of principal and interest on the bonds, authorizing the commissioner to enter into covenants and agreements to facilitate the sale of the bonds (mk)