The Louisiana Legislature is considering a bill that would approve the sale of GARVEE bonds. Late in May the Senate Commmittee on Revenue and Fiscal Affairs approved SB 80 which authorizes the State Bond Commission to issue GARVEES on behalf of the Louisiana Department of Transportation and Development (LDTD). The LDTD intends to use the GARVEEs to accelerate the implementation of the state's aggressive $2.3 billion transportation improvement program. The proposed law provides that the aggregate amount of principal and interest on all bonds issued under this authority shall not exceed 10 percent of annual federal highway funds received by the state. Louisiana current receives approximately $400 million per year from the federal government. The bill will now move on for a vote by the full senate. The current version of the bill is avaialbe on the Lousiana State Website, by searching for SB 80.