Transportation: authorities; transformational projects authority; create. Creates new act. TIE BAR WITH: HB 5770'24, SB 0559'23, SB 0562'23

This bill creates a new Transformational Projects Authority within the state Department of Transportation to oversee and fund major transportation initiatives. The authority will be led by a five-member board appointed by the governor, with specific requirements for expertise in public transportation and balanced representation from different legislative leaders. It grants the power to award financial assistance, such as grants and loans, to public transportation providers and local governments for projects that meet specific eligibility criteria based on regional population sizes. The legislation also establishes the rules for how the authority operates independently of the department director while remaining under the director's overall budget and procurement supervision.