S.172

Authorizes local governments to issue notes to accelerate transportation projects funded by the State Transportation Improvement Program.

This bill allows local governments to borrow money through grant anticipation notes to expedite transportation projects funded by the State Transportation Improvement Program. It sets rules for the issuance and repayment of these notes, ensuring they do not exceed 90% of the grant commitment amount. The notes must be repaid within 12 months of the project's completion date. The bill also mandates that the Department of Transportation develop procedures for expedited project agreements and requires the Department of the Treasurer to adopt rules consistent with the act's purposes.