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 acquire or improve buildings and equipment. Additionally, the bill allows the state to borrow an extra 2.5% of the total amount specifically to cover the costs of issuing the bonds. Once sold, the money must be used strictly for these authorized infrastructure purposes and is backed by the state's full faith and credit.