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SPECIAL SESSION OF THE IDAHO TRANSPORTATION BOARD
May 11, 2012
Idaho Transportation Board Chairman Jerry Whitehead called a special session of the Idaho Transportation Board at 1:30 PM on Friday, May 11, 2012. The following principals were present at the Idaho Transportation Department in Boise, Idaho:
Jerry Whitehead, Chairman
Jim Coleman, Vice Chairman – District 1
Julie DeLorenzo, Member – District 3
Dwight Horsch, Member – District 5
Brian W. Ness, Director
Scott Stokes, Chief Deputy
Larry Allen, Deputy Attorney General
Sue S. Higgins, Executive Assistant and Secretary to the Board
The following participated via teleconference or videoconference:
Janice B. Vassar, Member – District 2
Jim Kempton, Member – District 4
Lee Gagner, Member – District 6
GARVEE Program Overview and Options. GARVEE Program Administrator Amy Schroeder and Strategic Funding Specialist (SPS) Dave Tolman provided an overview on the federal GARVEE Program. To date, $857,044,675, including interest, in bonding authorizations have been approved by the Idaho Legislature. As of December 2011, $736,686,591 have been committed. Options to fund the SH-16, I-84 to South Emmett project; frontage roads in the US-95, Garwood to Sagle corridor; and right-of-way contingencies were presented utilizing bonds, federal formula funds, or a combination of those funding sources. Since 2009, the bonding philosophy has been to ensure there is a minimum of nine months’ cash flow requirements on hand; award construction contracts in advance of securing bonds, or size the bonds based on the need; sell bonds within 90 days of exceeding $25 million in cumulative contracts; and issue bonds based on the ability to meet the Internal Revenue Services’ spend-down requirements.
Discussion followed on the funding options, including bonding the additional $120 million authorized by the legislature. Some of the comments and concerns included uncertainty with future federal funds; because of the poor economy and good bids received recently, now is an opportune time to construct projects; which additional projects would be funded using either additional bond proceeds or formula funds; and additional state transportation revenue is needed.
WHEREUPON the special session of the Transportation Board adjourned at 3:25 PM.
Jerry Whitehead, Chairman
Read and Approved
June 15, 2012