The Senate convened the third Special Session of 2017 this afternoon and quickly passed Senate Bill 3001, which would issue road bonds yearly until 2021. The legislation would formally authorize the state to proceed with the sale of up to $1.6 billion in road bonds.
During the fiscal year beginning July 1, 2017, $800 million would be released for road construction and highway maintenance. That figure would be reduced to $400 million in fiscal year 2018 and $200 million in both fiscal years 2019 and 2020. Any amount not sold in a fiscal year may be carried over and issued in any subsequent year before July 1, 2021. These funds would be matched by federal dollars. Provisions in the bill clarify funds can only be used for state road employees and state road projects.
The legislation is currently being considered in the House of Delegates.
The Senate is in recess until 5 p.m.
UPDATE:
The Senate met briefly Monday evening, adopting SCR 301. The resolution provides for the issuance of bonds under the Roads to Prosperity Amendment of 2017.
The Senate has adjourned the 3rd Extraordinary Session of 2017, Sine Die.
