Transportation

This bill authorizes local governments to borrow money through "grant anticipation notes" to accelerate local transportation projects already identified for funding under the State Transportation Improvement Program (STIP). To utilize this, a local government must enter into an expedited project agreement with the Department of Transportation (DOT), outlining project details, costs, funding, and a repayment plan. These notes are special obligations, meaning they are repaid solely from the anticipated STIP funding, and the local government's general taxing power is not pledged. The DOT must ensure that any STIP changes do not delay the repayment of these notes, and both the DOT and the Department of the Treasurer are directed to establish rules for their implementation.