Bond Issues - As enacted, authorizes the state to issue and sell bonds of up to $87,700,000. -

This bill authorizes the State of Tennessee to issue up to $87.7 million in general obligation bonds to fund transportation projects. The funds are designated for the Department of Transportation to build highways, repair and replace bridges, and construct or improve buildings and equipment. Additionally, the law allows the state to borrow an extra 2.5% of the total amount to cover the costs of issuing the bonds. Once sold, the state pledges its full faith and credit to repay the debt with interest over a period of up to 20 years.