4/18/05-A bill that sought to fund roadwork in the state with grant-anticipated revenue vehicle bonds, or GARVEE bonds, has died.
HB1729, sponsored by Rep. Jeff Espich, R-Uniondale, was held up in the Senate Appropriations Committee waiting for a possible fuel tax amendment that never materialized. It previously passed the House.

3/30/05-The House passed a bill 94-5 that would fund roadwork in the state with grant-anticipated revenue vehicle bonds, or GARVEE bonds. The bill has been forwarded to the Senate for consideration.
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.
HB1729, which is in the Senate Appropriations Committee, was held up for a possible fuel tax amendment to be added later.