DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part of the
legislative instrument. The keyword, one-liner, abstract, and digest do not constitute part of the law
or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
HB 756 Original 2015 Regular Session Ourso
Abstract: Provides relative to the authorization of the State Bond Commission to issue Grant
Anticipation Revenue Vehicles (GARVEE bonds).
Present law authorizes the State Bond Commission to issue GARVEE bonds to finance the
accelerated construction of certain state transportation projects.
Proposed law retains present law.
Present law defines "state transportation project" as "any state transportation project other than the
projects enumerated in Act No. 16 of the 1989 First Extraordinary Session of the Louisiana
Legislature." (TIMED projects)
Proposed law adds that "state transportation project" shall also be defined as "including but not
limited a new bridge across the Mississippi River connecting Louisiana Highway 1 to Louisiana
Highway 30."
Present law provides for the pledge of certain federal highway funds received by the state as security
for the bonds.
Present law provides that such bonds shall be issued by the State Bond Commission but only after
the issuance has been approved by the Joint Committee on Transportation, Highways and Public
Works. The Joint Legislative Committee on the Budget also approves expenditures of the proceeds
held by trustee banks. Further provides that the aggregate amount of principal and interest on all
bonds issued under this authority shall not exceed 10% of annual federal highway funds.
Proposed law provides for technical corrections.
(Amends R.S. 48:27(A), (B), (C), (D)(1)(a), (E), (H)(12), and (J))