DIGEST OF INTRODUCED BILL
Bonds for highways and local roads. Authorizes the transportation finance authority to issue bonds or notes secured by lease rentals relating to highway improvement projects and anticipated to be paid from receipt in the current federal fiscal year or a future federal fiscal year of federal transportation revenues. Limits the total amount of the lease rentals securing those bonds or notes during any state fiscal year 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. Authorizes the transportation finance authority to issue bonds or notes for local road projects that are secured by lease rentals payable by cities, towns, and counties. Provides that when issuing the bonds or notes, the authority is subject to certain rules concerning minority and women's business participation.