Adds to, amends and repeals existing law to authorize GARVEE bonding to finance highway transportation projects, to provide distribution from the sales tax account for certain transportation projects, and to revise distributions from the strategic initiatives program.

This legislation approves bonding authority to issue highway transportation (GARVEE) bonds by the Idaho Housing and Finance Association (IHFA) in a principal amount sufficient to finance the highway transportation projects listed in the legislation in an amount up to $300 million. Such bonds are expected to be paid from federal highway apportionments and a small State match. Project selection and allocation of GARVEE bond proceeds shall be the sole responsibility and duty of the Idaho Transportation Board. This legislation creates the Transportation Expansion and Congestion Mitigation Fund in ITD. Thislegislationextendsfor2yearsthesurpluseliminatorin2015'sH312aaSaaS,providingforasplitof60% for state and 40% for local units of government. The 40% local split would be put in a newly created fund called local strategic initiatives fund. LHTAC will work with local units of government to select projects. This legislation redirects the unallocated portion of the cigarette tax to the Transportation Expansion and Congestion Mitigation Fund.