05/10/2002 05:38 PM Senate FIN

                                                                                                                                
     CS FOR SENATE BILL NO. 372(TRA)                                                                                            
     "An Act providing  for and relating to the issuance  of general                                                            
     obligation  bonds  in  a  principal  amount  of not  more  than                                                            
     $168,120,000  for  the  purpose of  paying  the cost  of  state                                                            
     transportation projects;  and providing for an effective date."                                                            
                                                                                                                                
                                                                                                                                
This  was the first  hearing  for this  bill in  the Senate  Finance                                                            
Committee.                                                                                                                      
                                                                                                                                
Co-Chair  Kelly announced  no substantive action  would be  taken on                                                            
this bill at this hearing.                                                                                                      
                                                                                                                                
Co-Chair  Donley  spoke  to  this  bill,  sponsored  by  the  Senate                                                            
Transportation  Committee, which would present a general  obligation                                                            
bond  proposal  for  voter  approval  during  the  upcoming  general                                                            
election.  He  pointed  out  the State  has  not  issued  a  general                                                            
obligation bond for approximately  20 years. He stated that previous                                                            
general  obligation  bonds  for  road  projects  have  received  the                                                            
highest percentage of votes.                                                                                                    
                                                                                                                                
Co-Chair Donley  indicated his intent  to further review  the matter                                                            
of a general  obligation  bond package during  the remainder  of the                                                            
legislative session.                                                                                                            
                                                                                                                                
Senator  Austerman  asked  if the  issuance  of  Grant Anticipation                                                             
Revenue Vehicle  (GARV) bonds  was under  discussion in relation  to                                                            
general obligation bonds.                                                                                                       
                                                                                                                                
Co-Chair Kelly  responded that legislation pertaining  to GARV bonds                                                            
would likely be heard at the next Committee meeting.                                                                            
                                                                                                                                
The bill was HELD in Committee.