House Bill 1019

Chair's Name: Vance Smith

Committee: Transportation

House Sponsor: John Lunsford

HB 1019 creates the Georgia Transportation Infrastructure Bank. The bank will be part of the State Road and Tollway Authority and the purpose of the bank will be to assist in the financing of public highways and other transportation facilities. The bank will maintain at least four accounts: State and Local roadway account, state and local nonroadway account, federal roadway account and federal nonroadway account. The bank board will have the power necessary to fund, operate, and administer the bank and these powers are detailed in the new 32-10-124. The bank will be capitalized by appropriations by the General Assembly, federal funds, government and private contributions, interest, and proceeds from bonds and other lawful sources. The bank will provide loans and other financial assistance to government units for qualified projects. This process is described in detail in 32-10-127-132. At the close of each fiscal year, the bank will submit a report of its activities to the Governor, Lt. Governor, and speaker, as well as the appropriate federal agencies.

Chairman Smith’s Opinion of the legislation:

This legislation creates a State Infrastructure Bank designed to fund transportation projects.  It will address some of the shortfall in Transportation funding in this state by allowing governmental units to apply for and pay back loans.

This committee substitute comes to the Floor under the Modified Structured Rule.

Further Action

Amendments that were added in the Senate committee were removed on the Senate Floor. Because the bill is back in the form passed by the House, the House Sponsor will move to agree.