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DIGEST OF INTRODUCED BILL
Grant anticipation revenue bonds. Authorizes the transportation finance authority to issue bonds or notes secured by lease rentals relating to highway improvement projects and anticipated to be paid by the department of transportation from federal transportation revenues received in the current federal fiscal year or to be received in a future federal fiscal year. Limits the total amount of the lease rentals securing the bonds or notes to 50% of the increase in the amount of federal transportation revenues received by the state since the federal fiscal year ending September 30, 2004. Provides that when issuing the bonds or notes, the authority is subject to certain rules concerning minority and women's business participation. Makes conforming changes.