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Session Laws, 1999
Volume 796, Page 1198   View pdf image
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is greater, in the total project cost as
reviewed by the General Assembly during
a prior session, the department shall
prepare a report to notify the budget
committees of the proposed changes. For
each change, the report shall identify the
project title, justification for adding the
new project or modifying the scope of the
existing project, current year funding
levels, and the total project cost estimate
as approved by the General Assembly
during the prior session compared with
the proposed current year funding and
total project cost estimate resulting from
the project addition or change in scope.
Notification of changes in scope shall be
made to the General Assembly concurrent
with the submission of the draft and final
CTP. Notification of new construction
project additions, as outlined in
paragraph (1) above, shall be made to the
General Assembly prior to the
expenditure of funds or the submission of
any contract for approval to the Board of
Public Works.

Consolidated Transportation Bonds may be
issued in any amount provided that the
aggregate outstanding and unpaid
principal balance of these bonds and
bonds of prior issues shall not exceed
$965,000,000 as of June 30, 2000.
Provided, however, that in addition to the
limit established under this provision, the
department may increase its debt
outstanding by not more than
$15,000,000,
so long as (1) notice stating
the specific reason for the additional debt
requirement is provided to the budget
committees and (2) the budget committees
have 45 days to review and comment on
the proposal before publication of a
preliminary official statement including
the debt. The $15,000,000 limit in
additional debt outstanding may be
exceeded if additional funds are necessary
to acquire land, design, construct, or equip


 

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Session Laws, 1999
Volume 796, Page 1198   View pdf image
 Jump to  
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