Repairing Our Aging Roads Act - Authorizes the Secretary of Transportation (DOT) to issue Transportation Bonds in the aggregate of up to $2 billion to each state for transportation infrastructure projects.
Establishes in the Treasury 50 separate State Transportation Trust Funds consisting of amounts derived from the sale and issuance of Transportation Bonds to construct or improve state transportation infrastructure.
Requires an offsetting reduction, equal to the dollar amount of bonds issued, in any discretionary account in any appropriation Act.
[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4945 Introduced in House (IH)]
113th CONGRESS
2d Session
H. R. 4945
To authorize the Secretary of the Treasury to issue Transportation
Bonds to fund transportation projects in each State, and for other
purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
June 24, 2014
Mr. Bentivolio introduced the following bill; which was referred to the
Committee on Ways and Means, and in addition to the Committees on
Appropriations and Transportation and Infrastructure, for a period to
be subsequently determined by the Speaker, in each case for
consideration of such provisions as fall within the jurisdiction of the
committee concerned
_______________________________________________________________________
A BILL
To authorize the Secretary of the Treasury to issue Transportation
Bonds to fund transportation projects in each State, and for other
purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Repairing Our Aging Roads Act''.
SEC. 2. TRANSPORTATION BONDS AND TRUST FUNDS.
(a) Authority To Issue Transportation Bonds.--Section 3102 of title
31, United States Code, is amended by adding at the end the following
new subsection:
``(f) Transportation Bonds.--
``(1) In general.--The Secretary is authorized to issue
bonds under this section, to be known as `Transportation
Bonds'. Transportation Bonds shall be issued for each of the 50
States and shall be separately identified with respect to each
State.
``(2) Limitation.--The aggregate amount of Transportation
Bonds issued with respect to each State shall not exceed
$2,000,000,000.
``(3) Form.--Except as provided in paragraph (3), the bonds
authorized by paragraph (1) shall be in such form and
denominations, and shall be subject to such terms and
conditions of issue, conversion, redemption, maturation,
payment, and rate of interest as the Secretary may prescribe.
``(4) Maximum rate of interest.--The rate of interest on
any bond authorized by paragraph (1) shall not exceed the rate
of interest which is 0.25 percentage points less than the rate
of interest which would apply with respect to an otherwise
substantially identical bond authorized under subsection
(a).''.
(b) Transportation Trust Funds.--
(1) Establishment of trust funds.--There is established in
the Treasury of the United States 50 separate trust funds,
consisting of such amounts as may be appropriated, credited, or
transferred to each such trust fund as provided in this section
or other provision of law. Such trust funds shall be
established with respect to each of the 50 States and each
shall be known as the ``State Transportation Trust Fund''
(where the name of the corresponding State is substituted for
``State''). For purposes of this subsection, any reference to
``each State Transportation Trust Fund'' shall be treated as a
reference to each of the 50 trust funds established under this
paragraph.
(2) Transfers to trust funds.--There are hereby
appropriated to each State Transportation Trust Fund amounts
equivalent to all revenues derived from the sale and issuance
of Transportation Bonds issued under section 3102 of title 31,
United States Code, with respect to the corresponding State.
(3) Expenditures from trust funds.--Amounts in each State
Transportation Trust Fund shall be available, without need of
further appropriation, for monthly disbursement to the
corresponding State with respect to such Trust Fund. Such
monthly disbursements shall be used by the corresponding State
only for purposes of making expenditures to construct or
improve transportation infrastructure in the corresponding
State.
(c) Prevention of State Participation in Transportation Bonds
Program.--
(1) In general.--The Secretary of the Treasury shall not
issue any Transportation Bond under section 3102(f) of title
31, United States Code, as added by subsection (a), to any
State or political subdivision thereof.
(2) Denial of state benefit from indirect acquisitions.--
Appropriations to any State Transportation Trust Fund under
subsection (b)(2) shall be reduced by the amount of any
revenues derived from the sale or issuance of any
Transportation Bond to any person if such bond was acquired by
such person with funds provided directly or indirectly by any
State or political subdivision thereof.
SEC. 3. OFFSETTING REDUCTION IN DISCRETIONARY SPENDING.
(a) Calculation.--On the last day of the first quarter during which
Transportation Bonds are issued under section 3102(f) of title 31,
United States Code (as added by subsection (a)), and on the last day of
each quarter thereafter, the Secretary of the Treasury shall calculate
the dollar amount of bonds issued during any such quarter.
(b) Rescission.--On the first day of the quarter immediately
following any quarter with respect to which a calculation is made under
subsection (a), there is hereby rescinded an amount equal to the
calculated dollar amount of--
(1) the budget authority provided for any discretionary
account in any appropriation Act for the fiscal year in which
such first day occurs; and
(2) the budget authority provided in any advance
appropriation for any discretionary account in any prior year
appropriation Act.
(c) Proportionate Application.--Any rescission made by subsection
(b) shall be applied proportionately--
(1) to each discretionary account and each item of budget
authority described in such subsection; and
(2) within each such account and item, to each program,
project, and activity (with programs, projects, and activities
as delineated in the appropriation Act or accompanying reports
for the relevant fiscal year covering such account or item, or
for accounts and items not included in appropriation Acts, as
delineated in the most recently submitted President's budget).
<all>
Introduced in House
Introduced in House
Referred to the Committee on Ways and Means, and in addition to the Committees on Appropriations, and Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Ways and Means, and in addition to the Committees on Appropriations, and Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Ways and Means, and in addition to the Committees on Appropriations, and Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Subcommittee on Highways and Transit.
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