SB 2790

Abstract

Amends the General Obligation Bond Act. Provides that the State may issue an additional $1,000,000,000 in bonded indebtedness for certain transportation and infrastructure purposes. Provides that, beginning on January 1, 2015, the taxes on motor fuel and gasohol shall be imposed at the rate of 3.426%. Makes changes concerning the distribution of proceeds. Provides that, each month, the Department shall pay into the Distressed Roads and Bridges Fund the sum of $8,340,000 from the proceeds of the taxes collected under those Acts during the preceding month from the sale and use of motor fuel and gasohol. Amends the State Finance Act to create the Distressed Roads and Bridges Fund. Provides that moneys in the Fund shall be used for the purpose of paying the principal and interest on bonded indebtedness incurred for transportation and infrastructure. Effective immediately.