5/13/05-A bill that sought to borrow about $193 million from grant-anticipated revenue vehicle bonds to pay for roadwork has died.
HB275, sponsored by Rep. Kevin Meyer, R-Anchorage, remained in a Senate panel at the close of the session, effectively killing it for the year.
The bill would have authorized the state treasurer to borrow money through the special class of bonds – commonly known as GARVEE bonds – to help finance 23 transportation projects listed in the bill.
Many of the projects are part of Gov. Frank Murkowski’s road priority list. Among the projects listed are extending the Glacier Highway in Juneau north to the proposed Kensington mine and granting $10 million to pave a road between Hollis and Klawock on Prince of Wales Island in the panhandle.

5/10/05-A bill before the Senate Finance Committee would borrow about $193 million from grant-anticipated revenue vehicle bonds to pay for roadwork.
HB275, sponsored by Rep. Kevin Meyer, R-Anchorage, previously passed the House.
The bill would authorize the state treasurer to borrow money through the special class of bonds – commonly known as GARVEE bonds – to help finance 23 transportation projects listed in the bill.
Many of the projects are part of Gov. Frank Murkowski’s road priority list. Among the projects listed are extending the Glacier Highway in Juneau north to the proposed Kensington mine and granting $10 million to pave a road between Hollis and Klawock on Prince of Wales Island in the panhandle.
The funding program allows the state to borrow money against the federal transportation dollars that come each year to pay for construction. The sale is based on the assumption that federal funding in future years would pay off the bonds. This allows the state to get money needed for the project up front.
For bill status, call (217) 782-5799.

5/4/05-The House has approved legislation to borrow about $193 million from grant-anticipated revenue vehicle bonds to pay for roadwork.
HB275, sponsored by Rep. Kevin Meyer, R-Anchorage, would authorize the state treasurer to borrow money through the special class of bonds – commonly known as GARVEE bonds – to help finance 23 transportation projects listed in the bill.
Many of the projects are part of Gov. Frank Murkowski’s road priority list. Among the projects listed are extending the Glacier Highway in Juneau north to the proposed Kensington mine and granting $10 million to pave a road between Hollis and Klawock on Prince of Wales Island in the panhandle.
The funding program allows the state to borrow money against the federal transportation dollars that come each year to pay for construction. The sale is based on the assumption that federal funding in future years would pay off the bonds. This allows the state to get money needed for the project up front.
The bill must still pass a reconsideration vote in the House, which is not expected to change the outcome, before moving on to the Senate.
For bill status, call (217) 782-5799.