4/18/05-A bill died that sought to borrow money from grant-anticipated revenue vehicle bonds to pay for roadwork.
S1, sponsored by Sen. Dick Sears, D-Bennington, remained in the Senate Transportation Committee at the deadline for bills to move forward, 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 transportation projects.
This federal program allows the state to sell bonds to pay for roadwork. 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.

1/6/05-Sen. Dick Sears, D-Bennington, has offered legislation to borrow money from grant-anticipated revenue vehicle bonds to pay for road work.
The bill – S1 – would authorize the state treasurer to borrow money through the special class of bonds – commonly known as GARVEE bonds – to help finance transportation projects such as the Bennington Bypass.
This federal program allows the state to sell bonds to pay for road work. 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 has been sent to the Senate Transportation Committee. For bill status, call (802) 828-2231.