Introduced
by
To cap the amount of debt service the state may pay on money borrowed for transportation purposes. The cap would be no more than 10% of the revenue deposited in a state “trunk line” road repair fund the previous year (this refers primarily to fuel tax and vehicle registration tax revenues). In other words, interest and principle payments would not be allowed to consume more 10 percent of this annual road tax revenue; under current law up to half of this annual revenue can be taken to repay past borrowing.
Referred to the Committee on Transportation
