SB 855 - This act enables the Highways and Transportation Commission to fund, construct, and operate toll roads, toll bridges, and other facilities connected with toll roads and bridges. It is contingent upon the approval of a constitutional amendment authorizing the Commission to fund, construct, and operate toll facilities.

The Commission is authorized to issue revenue bonds and refunding bonds for toll facilities. No more than $500 million in bonds may be outstanding at any one time. The act exempts the interest on the bonds from taxation by the state.

Construction, operation, and retirement of debt in connection with toll facilities will be handled in three funds. The State Toll Facility Construction Fund will receive the proceeds from the sale of state road revenue bonds and moneys from other sources to be used to pay for the construction of toll facilities. The State Toll Facility Revenue Fund will receive state revenue from toll facilities. The State Toll Facility Bond and Interest Sinking Fund will receive funds from the State Toll Facility Revenue Fund which are in excess of what is needed to operate toll facilities. These funds will be used to pay principal and interest on the bonds. If there are insufficient funds to do that, the commission is given authority to transfer moneys from the State Road Fund sufficient to make such payments. The commission will establish segregated accounts within the various funds to keep the financing of projects separated from each other. The Commission has authority to make transfers between funds and accounts. When the bonds issued for a particular toll facility are paid off, the facility will continue in the state transportation system as a free facility.

This act is similar to SB 193 (2003).
STEPHEN WITTE